There is a process for this and any investors should make sure to cover all requirements beforehand. You can employ our company to help guide you through the process if you are not able to travel and stay there for the time needed.
Here are the main requirements when starting a business initiative:
- Name of the Company: a unique name that does not include words not accepted by the rules and laws of Albania.
- Initial Capital: You need an Albanian bank account for starters and the deposit of the minimum share capital transferred into that account.
- Documents for the Company: these include documents that prove incorporation, Statue or Articles of Association drafted and notarized.
- Submission of Documents: these need to be complete and files for registration with the Office for the Registration of Companies.
- Tax: register your company for tax and VAT paying.
- Other steps: registration for social security and with the Labor Inspectorate Office.
National Registration Center
This is a must for any company. This public institution keeps tabs on all businesses in Albania. This is your one-step registration stop that will cover tax administration, social and health security and insurance and the labor office.
You can consider your company open for business only after complete registration and the issuing of a registration certificate by the same institution. There you will have your Unique Business Identification Code/Number that will represent you in all matters. This process is very fast and in about 24 hours you should receive the certificate.
What the National Registration Center does is make sure Albanian Commercial Register is in order and accessible to the public. You will then be able to verify the status of your business at any time by using the NRC platform.
To meet the requirement of registration you need to have at least one shareholder and one director, either corporate or individual. Also, an official office set in Albania must be made available in order to receive correspondence and respond to requests.
- Name of the Company
- Description of Company Activity
- Official registered office in Albania
- Shareholder data and percentage of shares
- Director data
- Share capital – the minimum amount paid
- Memorandum and Articles of Association
Procedure and Timeframe
The ease of registration is very motivating and you can have a registered company in as little as 1 or 2 days. Here are the steps to follow:
- Check name availability and make a reservation
- Get legal documents ready
- Fill in & submit an application for registration with the NRC
- Get Certificate and Extract of Registration
- Get registered with the Municipality Bureau of Internal Revenue
Once every procedure and step is complete and correct, you will need to wait a very short period while your company is registered and ready for business!