By Gmb Publishing, George Curmi
This is often the 1st authoritative consultant to the customers for enterprise and funding in Albania. It exhibits how this small ecu country is establishing up for company having lately bolstered its ties with the european via a Stabilization and organization contract. Macroeconomic functionality has more suitable sharply in recent times, because of rules less than IMF-backed programmes, prompting new curiosity from the overseas enterprise neighborhood.
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Extra resources for Albania's Business Environment
Dissemination of information The right to information is guaranteed as a capital right under the new Law on Entrepreneurs and Commercial Companies and for this purpose is laid down as a principle in the body of principles set forth in the first part of this new law. This right guarantees that the persons responsible for the administration of the company must not only keep the shareholders informed on the progress of the company’s activity but also provide shareholders upon request with the annual accounts, consolidated accounts, the company’s progress report, management and audit report, as well as any other documents with the exception of commercially confidential information.
In addition, the illegal seizures of government-held lands and illegal construction remain strong phenomena throughout the country, although the government has initiated measures, such as the land reforms in 2006, to tackle this worrying issue. All in all, Albania’s business climate is generally favourable to foreign companies. There are no restrictions on foreign ownership, all sectors are open for foreign direct investment (FDI) and the public procurement process makes little distinction between foreign and domestic firms.
In June 2007, the Albanian government approved a 10 per cent flat tax rate on corporations, which is the lowest in South East Europe. Other investment incentives are also offered in tourism, especially in construction and redevelopment, where companies may be exempt from profit tax for up to five years, followed by a 50 per cent reduction over the next five years. On a more controversial note, the government also passed a law banning cash transactions of more than €2,228 for businesses, which the government claims is aimed at tackling informality and consolidating the banking system.
Albania's Business Environment by Gmb Publishing, George Curmi