The Government of Albania has put in place measures to attract foreign investors into the country. For instance, the government has reduced the corporate tax rate and the business registration process has been streamlined. This makes it an ideal place to set up a business. The Albanian currency, the Lek (ALL) is easily converted at exchange bureaus and banks. ($1= ALL105. 37 as of August 2010.) English is widely spoken throughout the country, although French, Italian, German and Greek are also used. Some of the Albanian industries you can invest in include energy, agriculture, construction and textiles.
Instructions
1. Notarize the incorporation documents. The process of notarizing a company documents takes one day. The documents that you need to notarize are the articles of incorporation, which gives the details of the business such as the business structure, mission and assets. The notarization must be done by an Albanian notary public. You also need to notarize the 'eventual social proxy to an attorney' and 'statute'. A statute is the written regulations that will govern how the business will be run. The total cost of this is ALL 8700.
2. Register your business. Register your business at the National Registration Center (NRC) to get a registration certification and a business number. You can also register for tax, social insurance, tax insurance and at the NRC using a single application procedure. This takes one day and costs ALL 100.
3. Register for tax with the Municipality of Internal Revenue. Register for environment tax, green tax, property tax and billboard fee. The registration will cost a total of ALL 46500. It takes one day to complete the registration. The business will also be responsible for paying corporate income tax, a fuel tax, circulation tax and vehicle tax. Such taxes are paid at the end of the taxable year, which usually corresponds to the calendar year.
4. Get a company seal. This can be obtained from any office supply shop or stationery supplier. The price of getting the seal varies from one vendor to another one, but on average costs between ALL 3,000 and ALL 5,000.
