Setting up a Company in Albania

Albania Company Formation and Residence Permit

We manage all the necessary procedures for company incorporation in Albania and all the processes required to create a branch, subsidiary or representative office, with full support from our legal experts. A registered office is required to open a company in Albania.

Company Formation in Albania, it is first necessary to have a bank account and a local accountant. Setting up a company is generally a quick and easy process.

Albania is also party to double taxation agreements with around 40 trading countries.

Labor costs are low compared to other European countries. There are several ways to do business in Albania, the most common is to form an Albanian limited liability company. Foreign companies are allowed to open a representative office if they do not plan to carry out any commercial or productive activity.

Albania Company Formation

Albania is a permanently transforming jurisdiction. Among others, it is taking small steps to continuously update its business environment. Notably, business registration procedures have been simplified in many industries, including for foreign investors to set up companies in Albania. As a result of these efforts, Albania has become the hub for many startups, many of which are based in the country's capital, Tirana.

Documents Required to Open a Bank Account in Albania

You need to be 18 years old and need a citizen card to open your own bank account. Also, if you are under 18, you must have a parent or legal authority to be your guardian.

• Valid passport
• Work Permit or Work Visa
• Proof of address - rental or lease agreement, utility bills.
• Proof of income - employment letter or business registration.
• Local phone number.
• Local reference - optional, but it would be good if you have it.

Albania Bank Account Opening

In addition to favorable business conditions, Albania is favored by its strategic geographical location. It also has a wealth of natural resources and a skilled and inexpensive labor force. Sectors such as energy, agriculture, transportation, telecommunications are among the leading sectors for investment. Foreign entrepreneurs consider these areas as the first places to set up a company in Albania. The Albania bank account opening process must be done within 20 days of company formation.

Limited liability company (LLC) requires only one director and one shareholder of any nationality. None of them are required to travel or reside in Albania for the completion of the established business. The minimum required paid up share capital is €1 (ALL100). Once the company is incorporated, all locally incorporated companies must file financial statements with the Albanian trade registry.

Which Banks Exist in Albania?

There are several banks in Albania, so choosing the right one for you will depend on your specific needs and preferences. There are currently fourteen banks in Albania, each serving a variety of customer needs. These include Albania's three largest commercial banks:

Raiffeisen Bank Albania

Banka Kombetare Tregtare (BKT)

Bank of Albania

Bank of Tirana

The larger national state-owned bank, the National Commercial Bank of Albania (NAB) and the Development Bank of Albania are also located here. Operating strictly within Albania's borders are Credit Suisse Albania and ProCredit Albania.