Officially known as the, Republic of Albania, Albania is a parliamentary republic, the capital city is Tirana and a population of 2,831,741 people. Tirana is also the financial capital of the country. Free-market reforms have opened the country to foreign investment, especially in the development of energy and transportation infrastructure.
Albania is a member of the UN, NATO, the Organization for Security and Co-operation in Europe, Council of Europe, World Trade Organization, and is one of the founding members of the Union for the Mediterranean. It is also an official candidate for membership in the European Union. The currency is the Albanian Lek (ALL).
An entrepreneur planning to register a company in Albania can choose among several types of legal entities such as general partnerships, partnerships, limited partnerships, limited liability companies, joint stock companies, foreign company branches or representative offices. The recommended company type for a foreign investor forming a company in Albania is with a Limited Liability Company (LLC).
Corporate Tax Rates
Starting from 1 January 2015, for companies with an annual turnover higher than 55,000 Euro the standard rate is 15%.
If the total annual turnover is between 35,000Euro and 55,000Euro is 5%.
Entities with a total annual turnover below 35,000 Euro have 0% tax.
The new corporate tax rates make Albanian companies highly competitive for small business and start up companies.
An Albanian company can be incorporated with a minimum of one shareholder and director. A company can have one shareholder who may be an individual or a corporate entity. There is no restriction on foreign equity participation in an Albanian company. Every company must have a registered office in Albania to which correspondence may be sent.
Albania does not restrict foreign ownership of companies and repatriation of profits and equity.
In general, the requirements to register a Limited Liability company in Albania are the following:
1. Company name
2. Brief Description of business activities
3. Registered office address in Albania
4. Shareholder(s) particulars and percentage
5. Director(s) particulars
6. Minimum paid-up share capital of ALL 100 or more
7. Memorandum and Articles of Association
The process of Albania company formation is quick and efficient. The company can be registered with the National Registration Center in 1-2 working days under normal circumstances.
Full accounting & payroll services are also offered by our local partners (chartered accountants).
The cost of incorporating a limited liability company in Albania is 1,550 EUR, inclusive of corporate bank account opening and all government fees.