Key Facts about the Albanian Economy

The economy of Albania has been completely transformed in recent years. In the past it was very communist and since 1990 it has been referred to as an open market economy. The country as a whole is extremely rich when it comes to natural resources and the main sources of economy that Albanians like to rely on are, petroleum extractions, mining, basic metals, textiles, tourism, hydropower, agriculture, lumber, oil, cement, and food processing. There was as significant growth in exports from the country between 2008 and 2014 the country saw an impressive 300% growth in exports.

The Albanian Chamber Of Commerce

This is an establishment that is set up in the capital of the country, in Tirana. It is the official building where business in Albania is represented and the establishment is set up to make sure that business interests in Albania are correctly represented. It helps to serve, lobby, and protect business rights of people, and also of course to be able to enhance foreign opportunities in the country by working with people to help introduce Albania to a worldwide network of investors. The chamber has been credited for being able to establish permanent cooperation with European and regional establishments and they are a member with full rights organisations like the BSEC, Vienna Economic Forum, the ASCAME and many other business groups around the globe. There are a lot of staff that are highly qualified employees, there to make sure that strong relationships can be built, and know how questions can be addressed.

The CCIT have a main aim to be able to promote business in Albania and overseas and they offer priority to the Tirana Chamber of Commerce and Industry. In addition, there area lot of intermediates and state institutions that they help. The institution helps to improve the growth of the Albanian economy by conducting seminars and conferences.

The National Business Registration Centre in Albania

What is the National Registration Centre?

In 2007 a new law saw the centre open as a newly formed public institution. It is known as one of the most important decisions to be made in Albanian history because the main characteristic of this means that all the registration related problems like social security, tax registration, healthcare, work inspectorate, and the National Statistics Institution all conduct their work within the centre. The laws that are set in place regarding the NRC mean that it is in compliance to the EU legislation and this in turn helps to make Albania a perfect investing ground for overseas investors from Europe. The centre helps to significantly improve business in Albania. As a result, the Albanian market has grown a lot in the past few years.

How Can You Register a Company There?

In order to register a company, before you are allowed to begin a business the NRC has to check that the name is available. If it is then you will then be issued with a certificate that reserves the name for you on the very same day that you go to register it. In Albania, the law states that businesses have to apply for a recording fifteen days before the business is opened and 30 days before you actually start to formally trade with the name. You have to fill in a large application form that asks for many documents to support your application and this can be downloaded with great ease on the NCR website. The form will require you to submit information like who is a shareholder in the company, information about those that are participating and lots of other necessary info.

You have to submit info about your finances within 90 days of your application, and if you are not in the country at the time, you have to fill in a form that allows an attorney to represent you in your absence.

The info that is provided there is checked and there is a database that has a long list of entrepreneurs and investors from overseas on it. It is extremely easy to obtain information to ensure that you are not getting scammed.

Business Customs in Albania

Albanians are very respectful individuals. They pay great attention when conducting business and work with a great professionalism. They worship the Eagle Feng which is a national symbol for soul. The nationals prefer the colour white as it represents a Katsumi God. Nationals can also meet you with their traditional dress which is a decorated pleated skirt for men too!

All in all Albania can open up and become very profitable for a foreign investor.