Official Name: The Republic of Albania
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Albania
Albania is a country located in Southeast Europe, bordering the Adriatic and Ionian Seas. It has a rich history, culture, and economy, as well as a complex political landscape.
History:
Albania has a long and fascinating history, dating back to the ancient Illyrian tribes who lived in the region. In the 15th century, Albania was conquered by the Ottoman Empire, and remained under Ottoman rule for almost 500 years. In 1912, Albania declared its independence from the Ottoman Empire, but its sovereignty was short-lived. During World War II, Albania was occupied by Italian and German forces, and after the war, it became a communist state under the leadership of Enver Hoxha. The country underwent a series of reforms and political upheavals in the decades that followed, including a peaceful transition to democracy in the 1990s.
Culture:
Albania has a rich and diverse culture, shaped by its history, geography, and religion. The country is known for its traditional music and dance, which often feature intricate footwork and colorful costumes. Albanian cuisine is also popular, featuring dishes such as fërgesë (a stew made with peppers, tomatoes, and cheese), tavë kosi (a baked dish made with yogurt and lamb), and baklava (a sweet pastry). Albania has a predominantly Muslim population, but also has significant Orthodox and Catholic Christian communities.
Economy:
Albania’s economy has undergone significant changes in recent years, transitioning from a centrally planned system to a market-based economy. The country has made progress in areas such as infrastructure development and foreign investment, but still faces challenges such as high levels of corruption and a large informal economy. Albania’s main industries include agriculture, tourism, and energy production, with the country’s natural beauty and rich cultural heritage attracting many visitors each year.
Politics:
Albania is a parliamentary democracy, with a president as the head of state and a prime minister as the head of government. The country has experienced significant political turbulence in recent years, with allegations of electoral fraud, corruption, and political polarization. Albania is also a candidate for European Union membership, with ongoing reforms aimed at improving governance, the rule of law, and economic growth.
In conclusion, Albania is a country with a rich history, diverse culture, and a developing economy. While it has faced challenges in areas such as politics and corruption, Albania’s progress towards democracy and economic growth shows its potential for a bright future.
Types of companies in Albania
Joint Stock Company (JSC):
A JSC is a type of company that can be registered with a minimum of two shareholders and a minimum capital of 2 million Albanian Lek (approximately 16,000 euros). It can issue shares to the public and is managed by a board of directors. The shareholders’ liability is limited to the amount of their capital contributions.
Limited Liability Company (LLC):
An LLC is a popular type of company in Albania, suitable for small and medium-sized businesses. It requires a minimum of two shareholders and a minimum capital of 100,000 Albanian Lek (approximately 800 euros). It provides limited liability protection to its shareholders, who are not personally responsible for the debts and obligations of the company.
General Partnership:
A general partnership is a type of company that requires at least two partners who share the profits and losses of the business. Each partner is personally responsible for the debts and obligations of the company. Partners have unlimited liability, which means they can be held personally liable for the debts and obligations of the partnership.
Limited Partnership:
A limited partnership is similar to a general partnership but has both general and limited partners. General partners manage the business and are personally responsible for its debts and obligations. Limited partners are investors who contribute capital but do not participate in the management of the company. They have limited liability, meaning they are only responsible for the company’s debts and obligations up to the amount of their capital contributions.
Sole Proprietorship:
A sole proprietorship is the simplest form of company registration in Albania. It is owned and operated by a single individual who is personally responsible for all debts and obligations of the business. There is no separate legal entity, and the business owner reports profits and losses on their personal income tax return.
Branch Office:
A branch office is an extension of a foreign company in Albania. It is not a separate legal entity and is required to follow the regulations of the parent company. The parent company is responsible for all debts and obligations of the branch office.
Advantages of company registration in Albania
Strategic Location:
Albania is strategically located at the crossroads of Europe and the Middle East, making it an important gateway to the Balkans and wider European market. Its proximity to other countries in the region, such as Greece, Italy, and Turkey, makes it an ideal location for businesses seeking to expand their reach.
Business-Friendly Environment:
Albania has implemented several reforms in recent years to create a more business-friendly environment. This includes simplifying the registration process, reducing bureaucracy, and lowering taxes. Albania is also ranked 65th in the World Bank’s Ease of Doing Business Index for 2021, outperforming several other countries in the region.
Access to a Skilled Workforce:
Albania has a young and educated workforce, with a high percentage of the population holding a university degree. The country also has a well-developed education system, with several universities and vocational schools offering training in various fields.
Competitive Labor Costs:
Albania has competitive labor costs compared to other countries in the region. The average wage in Albania is lower than that of several other countries in the Balkans, making it an attractive location for businesses looking to reduce labor costs.
Growing Economy:
Albania has experienced steady economic growth in recent years, with a GDP growth rate of 5.5% in 2019. The country has also been recognized as a middle-income country by the World Bank. This growth is expected to continue in the coming years, creating new business opportunities for companies operating in Albania.
Access to EU Markets:
Albania is in the process of joining the European Union, which will provide businesses operating in the country with access to the EU market. This can be a significant advantage for businesses looking to expand their customer base and increase their exports.
Common questions:
What are the types of companies that can be registered in Albania?
The types of companies that can be registered in Albania include Limited Liability Company, Joint Stock Company, General Partnership, Limited Partnership, Branch Office, and Representative Office.
What is the minimum number of shareholders required to register a company in Albania?
For a Limited Liability Company in Albania, a minimum of one shareholder is required. For a Joint Stock Company, a minimum of two shareholders is required.
What is the minimum amount of capital required to register a company in Albania?
The minimum amount of capital required to register a company in Albania is ALL 100,000 (approximately 800 USD) for a Limited Liability Company and ALL 2,000,000 (approximately 16,000 USD) for a Joint Stock Company.
What is the process of company registration in Albania?
The process of company registration in Albania involves obtaining a unique identifier number, opening a bank account, notarizing the company’s articles of association, registering with the National Registration Centre, and obtaining a tax number.
What are the documents required for company registration in Albania?
The documents required for company registration in Albania include the company’s articles of association, identification documents of the founders and shareholders, proof of payment of the minimum capital requirement, and proof of registration with the tax authorities.
How long does it take to register a company in Albania?
It typically takes 1-2 weeks to register a company in Albania.
Is it possible to register a company in Albania remotely?
Yes, it is possible to register a company in Albania remotely.
What are the tax implications of company registration in Albania?
The tax implications of company registration in Albania include corporate income tax, value-added tax, and social security contributions.
What are the annual compliance requirements for companies in Albania?
The annual compliance requirements for companies in Albania include filing annual financial statements, paying annual taxes, and holding an annual general meeting of shareholders.
Is it mandatory to have a local address for company registration in Albania?
Yes, it is mandatory to have a local address for company registration in Albania.
Can foreigners register a company in Albania?
Yes, foreigners can register a company in Albania.
What are the requirements for foreign shareholders of a company in Albania?
There are no specific requirements for foreign shareholders of a company in Albania.
What are the management requirements for a company in Albania?
A company in Albania must have at least one director, who can be a resident or non-resident of Albania.
Can a company in Albania issue shares to the public?
Yes, a Joint Stock Company in Albania can issue shares to the public.
What is the difference between a Joint Stock Company and a Limited Liability Company in Albania?
The main difference between a Joint Stock Company and a Limited Liability Company in Albania is that a Joint Stock Company can issue shares to the public, while a Limited Liability Company cannot.
What is the difference between a General Partnership and a Limited Partnership in Albania?
In a General Partnership in Albania, all partners have unlimited liability for the debts of the partnership. In a Limited Partnership, there are general partners with unlimited liability and limited partners with liability limited to their capital contribution.
Can a company in Albania be registered with a single shareholder?
Yes, a Limited Liability Company in Albania can be registered with a single shareholder.
Can a foreign company register a branch office in Albania?
Yes, a foreign company can register a branch office in Albania.
What are the advantages of registering a company in Albania?
Some advantages of registering a company in Albania include low corporate tax rates, access to the European Union market, simplified procedures for company registration, and a stable and growing economy.
What are the disadvantages of registering a company in Albania?
Some disadvantages of registering a company in Albania include a complex regulatory environment, a relatively small domestic market, and limited access to financing.
Is it possible to change the legal structure of a company in Albania?
Yes, it is possible to change the legal structure of a company in Albania.
What are the requirements for changing the legal structure of a company in Albania?
The requirements for changing the legal structure of a company in Albania depend on the new legal structure chosen, but generally involve obtaining the necessary approvals and filing the required documents with the relevant authorities.
Can a company in Albania change its business activities after registration?
Yes, a company in Albania can change its business activities after registration, but may need to obtain additional licenses or permits depending on the new activities.
What is the minimum number of directors required for a company in Albania?
The minimum number of directors required for a company in Albania is one.
Are there any residency requirements for directors of a company in Albania?
No, there are no residency requirements for directors of a company in Albania.
Can a foreigner be a director of a company in Albania?
Yes, a foreigner can be a director of a company in Albania.
What are the requirements for appointing a director of a company in Albania?
The requirements for appointing a director of a company in Albania include obtaining a tax identification number, submitting an application to the National Business Center, and providing personal identification documents.
Is it possible to appoint a corporate director in Albania?
Yes, it is possible to appoint a corporate director in Albania.
What are the requirements for corporate directors in Albania?
The requirements for corporate directors in Albania include providing the necessary corporate documentation and registering with the National Business Center.
Can a company in Albania have a sole director?
Yes, a company in Albania can have a sole director.
Can a company in Albania have a board of directors?
Yes, a company in Albania can have a board of directors.
What are the responsibilities of directors of a company in Albania?
The responsibilities of directors of a company in Albania include managing the company in accordance with the law, acting in the best interests of the company, and fulfilling their duties with care and diligence.
What are the liabilities of directors of a company in Albania?
The liabilities of directors of a company in Albania include potential civil and criminal liabilities for breaches of their duties, including the duty of care and duty of loyalty.
Can a director be held personally liable for the debts of a company in Albania?
Answer: In some cases, a director can be held personally liable for the debts of a company in Albania, such as if they have engaged in fraudulent or illegal activity.
What is the role of a shareholder in a company in Albania?
Answer: The role of a shareholder in a company in Albania is to own a portion of the company and to exercise certain rights, including the right to vote on matters affecting the company.
What are the voting rights of shareholders in a company in Albania?
The voting rights of shareholders in a company in Albania depend on the number of shares they hold, with each share typically entitling the holder to one vote.
Can a shareholder be a director of a company in Albania?
Yes, a shareholder can also be a director of a company in Albania. However, there must be at least one director who is not a shareholder.
Can a shareholder be an employee of a company in Albania?
Yes, a shareholder can also be an employee of a company in Albania.
What is the process for issuing shares in a company in Albania?
The process for issuing shares in a company in Albania involves preparing and signing a share subscription agreement, submitting the agreement to the Companies Registration Office, and issuing share certificates to the subscribers.
What are the restrictions on issuing shares in a company in Albania?
There are no significant restrictions on issuing shares in a company in Albania. However, the company must comply with the share capital requirements set out in the Albanian Commercial Code.
Can a company in Albania buy back its own shares?
Yes, a company in Albania can buy back its own shares, subject to certain restrictions and conditions.
What are the requirements for buying back shares in a company in Albania?
The requirements for buying back shares in a company in Albania include obtaining approval from the general meeting of shareholders, complying with the share capital requirements set out in the Albanian Commercial Code, and following the procedures for public notice and offer to all shareholders.
What is the process for transferring shares in a company in Albania?
The process for transferring shares in a company in Albania involves executing a share transfer agreement, registering the transfer with the Companies Registration Office, and updating the company’s share register.
Are there any restrictions on transferring shares in a company in Albania?
There are no significant restrictions on transferring shares in a company in Albania, except that the company’s articles of association may provide certain restrictions or pre-emption rights for existing shareholders.
What are the requirements for holding shareholder meetings in a company in Albania?
The requirements for holding shareholder meetings in a company in Albania include giving proper notice to shareholders, preparing an agenda, and ensuring that a quorum is present.
What are the different types of shareholder meetings in a company in Albania?
The different types of shareholder meetings in a company in Albania include annual general meetings and extraordinary general meetings.
What is the quorum required for shareholder meetings in a company in Albania?
The quorum required for shareholder meetings in a company in Albania is at least half of the company’s total shares with voting rights.
Can shareholders vote by proxy in a company in Albania?
Yes, shareholders can vote by proxy in a company in Albania, subject to the procedures set out in the company’s articles of association.
What is the process for appointing auditors in a company in Albania?
The process for appointing auditors in a company in Albania involves passing a resolution at the annual general meeting of shareholders and notifying the Albanian Financial Supervisory Authority.
What are the responsibilities of auditors in a company in Albania?
The responsibilities of auditors in a company in Albania include verifying the company’s financial statements and issuing an independent audit report.
Can a company in Albania be audited by a foreign auditor?
Yes, a company in Albania can be audited by a foreign auditor, provided that the auditor meets the requirements set out in the Albanian Commercial Code.
What is the role of the registrar of companies in Albania?
The role of the registrar of companies in Albania is to maintain the register of companies, including information on company ownership, directors, and other relevant details. The registrar also has the authority to approve and register changes to the company’s articles of association and other official documents.
Documents required to register a company in Albania
Application for registration: This is a form that must be completed and submitted to the National Registration Center.
Memorandum of Association: This document outlines the company’s objectives, activities, and the types of shares it will issue.
Articles of Association: This document outlines the internal regulations of the company, including rules and procedures for the appointment and removal of directors, the conduct of shareholder meetings, and the distribution of profits.
Proof of payment of registration fees: The registration fees vary depending on the type of company being registered and its capital.
Identification documents of the company’s founders: This includes passports or identity cards of the company’s founders or their representatives.
Proof of address: This can include a utility bill or a rental agreement.
Proof of payment of initial capital: This is required for companies with limited liability.
Certificate of authorization: This is required for companies engaged in certain activities such as banking, insurance, and finance.
Major Banks in Albania
Raiffeisen Bank – Offers a wide range of banking products and services, including personal and business accounts, loans, credit cards, and online banking.
Alpha Bank – Provides banking services for individuals and businesses, including checking and savings accounts, loans, credit cards, and online banking.
Tirana Bank – Offers banking services such as checking and savings accounts, loans, credit cards, and online banking, as well as investment services and insurance.
Intesa Sanpaolo Bank – Provides a range of banking products and services, including personal and business accounts, loans, credit cards, and online banking.
BKT Bank – Offers personal and business banking products and services, including checking and savings accounts, loans, credit cards, and online banking.
“Our team can provide assistance if you need to open a bank account in Albania.”
Top Universities in Albania
University of Tirana
Tirana, Albania.
Website: https://www.unitir.edu.al/eng/.
Major courses: Law, Economics, Medicine, Engineering, and Education.
Polytechnic University of Tirana
Tirana, Albania.
Website: http://www.upt.al/en/.
Major courses: Civil Engineering, Architecture, Electrical Engineering, and Computer Science.
Aleksander Moisiu University
located in Durres, Albania.
Website: https://unimorava.edu.al/.
Major courses: Law, Business, Education, and Medicine.
Epoka University
Tirana, Albania.
Website: https://www.epoka.edu.al/.
Major courses: Business, Economics, Engineering, Architecture, and Law.
European University of Tirana
Tirana, Albania.
Website: https://uet.edu.al/.
Major courses: Law, Business, Psychology, and Political Science.
“If you need assistance registering for college or university, our team is here to help.”
Strange or unusual to visitors in Albania
Hand signals: In Albania, people often use hand signals to indicate directions or to hail a taxi. This can be confusing for visitors who are not familiar with the gestures.
Albanian hospitality: Albanians are known for their hospitality and warmth towards guests. Visitors may find themselves being offered food and drink even if they have just met their hosts.
Coffee culture: Albania has a strong coffee culture, and it is common for people to meet over a cup of coffee. Visitors may find it unusual that coffee is often served with a glass of water.
Bunkers: During the communist era, Albania built over 700,000 bunkers throughout the country as a defense against foreign invasion. Many of these bunkers still exist today, and visitors may find them to be a strange sight.
Driving habits: Albanian driving habits can be erratic and unpredictable, with drivers often ignoring traffic laws and signals. Visitors should be cautious when crossing the street or driving in Albania.
Respect for elders: Albanians have a strong tradition of respecting their elders, and visitors may find it unusual to see young people showing deference to older people.
Albanian language: Albanian is a unique language with no linguistic ties to any other language. Visitors may find it difficult to learn or understand the language, as it has its own grammar and pronunciation rules.
“Tips for Newcomers: Adjusting to Life in Albania”
Learn the language: Albanian is the official language of Albania, and while many people speak English, knowing some Albanian will help you communicate better with the locals and make you feel more at home.
Embrace the culture: Albania has a rich culture with unique traditions, customs, and cuisine. Try local foods, attend festivals and events, and explore the history and landmarks of the country to fully immerse yourself in the Albanian culture.
Build relationships: Albanians are known for their hospitality, and making friends with locals can help you feel more comfortable and welcomed. Join clubs, groups, or volunteer organizations to meet new people and build relationships.
Be patient: Adjusting to a new country takes time, so be patient with yourself and the process. Allow yourself time to get used to the language, culture, and lifestyle, and try not to get frustrated when things don’t go as planned.
Stay safe: Albania is generally a safe country, but like anywhere else, it’s important to take precautions to ensure your safety. Avoid walking alone at night, be aware of your surroundings, and keep your belongings secure.
Stay open-minded: Keep an open mind and be willing to learn and experience new things. Albania has a lot to offer, and being open to new experiences can help you fully appreciate the beauty and uniqueness of the country.
Get professional help: If you’re struggling with the adjustment, don’t hesitate to seek professional help. There are many resources available, including expat support groups, counselors, and language tutors, that can help make the transition easier.
Top recruitment agencies in Albania
Mercuri Urval Albania: https://www.mercuriurval.com/albania/
Alba Management Recruitments: http://www.albamanagement.com/
Career Albania: https://www.careeralbania.al/
UNIC Job Agency: http://unic-job.com/
INDEED Albania: https://www.indeed.al/
JobFinder Albania: https://www.jobfindr.al/
Albania Job Market: https://albaniajobmarket.com/
Alkarim Recruitment Agency: http://www.alkarimrecruitment.al/
JobInAlbania: https://jobinalbania.com/
Profiler Recruitment: http://www.profilerrecruitment.al/
Necessary phone numbers in Albania
Emergency: 112
Police: 129
Fire Department: 128
Ambulance: 127
Road Assistance: 126
Directory Assistance: 118
International Operator: 120
National Operator: 19
Tirana International Airport “Mother Teresa”: +355 4 238 1600
Albanian Railway: +355 4 223 3876
Albanian Bus Terminal: +355 4 223 3880
Albanian Telecommunications: +355 4 222 2222