LOWER LABOR COSTS COMPARED TO OTHER EUROPEAN COUNTRIES
Albania Company Establishment and Residence
We manage all the necessary processes to set up a branch, subsidiary company or representative office in Albania along with all the necessary processes for setting up a company or partnership in Albania and with full support offered by our legal experts A registered office is also required to set up a company in Albania. It is also necessary to have a bank account and a local accountant before setting up a company in Albania. The overall fast and easy process of establishing a company; Albania is a party to double taxation treaties with about 40 trading countries; Low cost labor compared to other European countries. There are several ways to do business in Albania, the most common being to set up 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 activities.
Obtaining a Residence Permit in Albania
Obtaining a Residence Permit in Albania
Holders of a residence permit in Albania can apply for Albanian citizenship after residing in Albania for five consecutive years (more than 180 days in a year). A type D visa is needed to enter and stay in Albania while processing the residence permit application. Ways to obtain residency and citizenship in Albania; Family reunification, buying a property, starting a company, working, marriage, education.
Albania Company Formation
Albania is a permanently transforming jurisdiction. Among others, it takes small steps to constantly update its business environment. In particular, this can be explained by the simplification of business registration procedures and diversified incentives in many industries, including foreign investors. As a result of these efforts, Albania has become a hub for many startups, many of which are based in the country’s capital, Tirana.
Opening a Bank Account in Albania
In addition to favorable business conditions, Albania is also good in terms of its strategic geographical location, wealth of natural resources, skilled and inexpensive labor. Sectors such as energy, agriculture, transportation, and telecommunications are among the leading sectors for investment. Foreign entrepreneurs consider these areas in the first place to establish a company in Albania. The Albanian bank account opening process must be done within 20 days of company formation.
What you need to know to set up a company and open a bank account in Albania
Albania is a Balkan country located in Southeastern Europe. Albania has a population of close to three million. Coastal Albania borders the Adriatic and the Ionian Sea in the Mediterranean Sea. Albania borders Kosovo (northeast), North Macedonia (east), Greece (south), Italy (west), and Montenegro (northwest). Albania is part of the ancient Greek, Roman, and Ottoman imperial culture. The capital of Albania is Tirana. The official currency is the Albanian Lekë (ALL). The official language spoken is Albanian, but Italian, English, Greek and Macedonian are understood by citizens.
A 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 to complete the established business. The minimum paid-up capital required is €1 (ALL100). Once the company is incorporated, all locally incorporated companies must submit their financial statements to the Albanian commercial registry. These statements should only be audited if two of the following three thresholds are exceeded: 1) annual sales of $230,000 2) total assets over $330,000, and 3) more than thirty employees.
How to Open a Bank Account in Albania
Albania is a beautiful country that has a lot to offer travelers, expats and immigrants. If you are planning to stay for a long time, one of the first things you should do is to open a bank account in Albania to carry out your daily financial transactions. The official currency in Albania is the Albanian lek. Pay paying rent and you will need a local bank account to receive payment for your local services that you provide to your customers.
Therefore, having a local account in Albania will facilitate your financial transaction process.
Which Banks Are Available in Albania?
There are several banks in Albania, so choosing the right one for you will depend on your specific needs and preferences.
Some of the things you might want to consider include the location of the bank (are there branches near where you live or work?Dec.), the type of account you are looking for (checking, savings, etc.) it charges for things like withdrawals or transfers.
Currently, there are fourteen banks in Albania, each of which serves various customer needs. These include the three largest commercial banks of Albania:
- Raiffeisen Bank Albania
- Bank Kombetare Tregtare (BKT)
- The Bank of Albania
- Bank of Tirana
The National Commercial Bank of Albania (NAB), the larger national state bank, and the Development Bank of Albania are also located here.
In addition, there are several small banks owned by foreigners or owned by trade consortiums.
Credit Suisse Albania and ProCredit Albania, which operate strictly within the borders of Albania.
The Albanian Financial Supervisory Office also supervises several credit unions and other related financial institutions operating in Albania. With such a wide range of offers, it is not surprising that Albania continues to be an attractive destination for both large investors and small local operators to do business.
The two biggest are BKT and Albank. While BKT has more ATMs and branches, Albank’s rates and fees are better. Ultimately, it’s up to you to decide which bank best suits your needs.
What are the Documents Required to Open a Bank Account in Albania?
In order to open your own bank account, you must be 18 years old and need a citizen’s card. If you are under the age of 18, you must need a parent or a legal authority to become your guardian.
- Passport
- If there is a residence permit
- Photos
- Work Permit or Work Visa
- Proof of address – Rental or financial lease agreement, electricity bills.
- Certificate of income – letter of employment or business registration.
- The local phone number.
- Local reference – it is optional, but it will be good if there is.
When you have all these documents, you are ready to open a bank account in Albania.
Walk to the nearest bank or look online to find out the necessary documents to open a bank account at the desired bank.
If you are not a resident of Albania, several banks require additional documents.
If you are an immigrant working for any corporate organization, they will help you open a local bank account.
Opening a Bank Account in Albania
After making the bank selection and collecting the necessary documents, you can open an account by going to the branch or making online transactions. When you open an account, you will be asked to deposit money into the account.
Some banks accept and some banks do not accept, so it is better to visit the bank in person or contact other expats to find out how they are doing.
If you are an investor and you like to invest in the country, make sure that you follow all Albanian investor rules. You can use your debit card to make purchases, withdraw money from ATMs, and transfer money between accounts.Dec. If you want to send money abroad, you need to provide the recipient’s IBAN number.
- Registration of limited liability companies (LLC)
- Registration of joint stock companies
- Registration of individual entrepreneurs and partnerships
- Registration of a branch office in Albania
- Registration of a subsidiary in Albania
- Registration of a representative office in Albania
Our business lawyers understand the concerns of small and medium-sized business owners. With comprehensive planning and protection measures, we anticipate all kinds of problems in advance and eliminate both legal and tax risks.
A limited liability company (LLC ) requires only one manager and one shareholder of any nationality. None of them need to travel or reside in Albania in order to complete the established work. The minimum paid-in capital required is € 1 (ALL100). After the establishment of the company, all locally established companies must submit their financial statements to the Albanian trade registry. These statements should only be audited if two of the following three thresholds are exceeded: 1) annual sales of US$230,000 2) total assets are over US$330,000 and 3) more than thirty employees.
The joint stock company is widely used by investors who want to trade shares in regulated commercial markets. The minimum paid-in capital required to complete the establishment process is 1) € 75 (ALL10,000) if the company’s shares are to be offered to the public, or 2) € 30 otherwise. Such an organization is created by at least one shareholder and one manager and must audit the financial statements every yea
Albanian Company Setup Documents
An Albanian company can be established with at least one shareholder and manager. A company may have a shareholder, which may be a natural or legal person. There are no restrictions on the participation of foreign capital in an Albanian company. Each company must have a registered office in Albania to which correspondence can be sent.
What is required to register a company in Albania
company name
Brief description of business activities
Registered office address in Albania
Information and percentage of shareholder(s)
Details of the director(s)
ALL 100 or more minimum paid-in capital
In the memorandum and articles of association
Albania Company Setup Registration Procedure and Timeline
The process of establishing a company in Albania is fast and effective. Under normal conditions, the company can register at the National Registration Center within 1-2 working days. The main steps are:
Check the availability of the business name and the backup name.
Prepare legal documents (Memorandum of Understanding, Articles of Association, board of directors resolution or power of attorney).
Apply for registration at the National Registration Center
Get the Registration Certificate and Registration Statement.
Register with the Municipal Revenue Department
We offer smart and valuable Albanian company building solutions to entrepreneurs and foreign companies.
Benefits of Setting Up a Company in Albania
Easier company formation process in Albania
Double taxation treaties
Low corporate tax rate
Lower labor costs compared to other European countries
Strategic location (access to Europe and the Balkan peninsula)
Albania Company Formation – Frequently Asked Questions for Bank Account and Other Requirements
We provide services in Albania for company formation – residence permit, bank account opening – visa and all other areas you need.
A company formation in Albania takes 10 working days. It is also possible to buy a ready-made company in two to four weeks.
It is not possible to start a business in Albania without registration.
Yes, it is necessary to have a registered address in Albania to complete the required company registration and incorporation process.
The registration of the company name begins with the filing of the appropriate documents, World Company Setup assists in the preparation and compilation of the necessary documents that ensure that it meets the requirements set by the commercial register regarding the company registration.
To obtain a residence permit, you must apply online to the Albanian Immigration Office within thirty days of your entry into Albania. A decision on your application will be made within thirty days of your online application.
It will take up to one month for residence permit applications to be processed at the Immigration Department. If all legal requirements and required documents are not met, the processing time may be extended. The Immigration Office will contact the alien who made the request if necessary.
Apply for a residence permit
Define the type of visa.
Choose the right type of residence permit for your trip
Start your application. Start submitting your visa application
Make an appointment
Pay your fees
Visit a Visa Application Centre
Track your application
Get your passport
A residence permit will allow you to stay in Albania for longer than 90 days. Depending on the purpose of your stay, you can apply for a residence permit for the purposes of work, study, family reunification, etc. You must apply for a residence permit 30 days after entering Albania.
