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Investment in Albania 2017 | 93 Investment in Albania 2017 | 93 Investment in Albania 2017 KPMG in Albania kpmg.com/al © 2017 KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Investment in Albania Edition 2017 © 2017 KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Investment in Albania 2017 | 3 Preface Investment in Albania is one of a series of booklets published by KPMG member firms to provide information to those considering investing or doing business internationally. Every care has been taken to ensure that the information presented in this publication is correct and reflects the situation as of March 2017 unless otherwise stated. Its purpose is to provide general guidelines on investment and business in Albania. As the economic situation in the country continues to undergo changes, further advice should be sought before making any specific decisions. For further information on matters discussed in this publication, please contact Heris Jani, Managing Director. Deshmoret e Kombit Blvd. Twin Towers Buildings Tower 1, floor 13 Tirana, Albania Telephone: +355 4 2274 524 +355 4 2274 534 Fax: +355 4 2235 534 kpmg.com/al © 2017 KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 4 | Investment in Albania 2017 Contents General Information .......................................................................................................... 7 Geography and climate ........................................................................................................ 7 Population and language ...................................................................................................... 7 Infrastructure ....................................................................................................................... 8 Communications .................................................................................................................10 Currency ...........................................................................................................................10 Labor force .........................................................................................................................11 Political system ...................................................................................................................11 Opportunities created via EU-funding .................................................................................11 Albania and NATO ...............................................................................................................12 Economy .............................................................................................................................12 Opportunities for International Investors ...................................................................... 20 Protection and promotion of foreign investments ............................................................. 20 Privatization and investment opportunities ........................................................................ 20 Profit and capital repatriation ............................................................................................. 25 Establishment of new business entities or acquisition of shares in existing entities ...... 25 Branches ............................................................................................................................ 26 Representative offices ....................................................................................................... 26 Concessions .................................................................................................................... 26 Renewable energy ............................................................................................................. 28 Banking and finance .......................................................................................................... 30 International private law..................................................................................................... 31 Company Law .................................................................................................................. 33 Rules applicable to all forms of business association ........................................................ 33 © 2017 KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Investment in Albania 2017 | 5 Limited liability company (‘‘SHPK’’) .................................................................................... 36 Joint stock company (“SHA”) ............................................................................................ 38 Other forms of business association ................................................................................. 40 Commercial Register ......................................................................................................... 42 Real Estate ....................................................................................................................... 43 Types of ownership over real estate .................................................................................. 43 Evidence of title ................................................................................................................. 44 Acquisition of real estate ................................................................................................... 44 Accounting and Auditing ................................................................................................ 46 Accounting ......................................................................................................................... 46 Auditing ............................................................................................................................. 48 Taxation ............................................................................................................................ 51 Tax system ......................................................................................................................... 51 Corporate tax ..................................................................................................................... 51 Taxation of individuals ........................................................................................................ 55 Local taxes ......................................................................................................................... 57 Real estate tax ................................................................................................................... 59 Value added tax ................................................................................................................. 60 Customs duties ................................................................................................................. 63 Excise duties ..................................................................................................................... 64 Employment Regulations ............................................................................................... 66 Legislation ......................................................................................................................... 66 Employment contracts ...................................................................................................... 66 Working hours ................................................................................................................... 67 Holidays ............................................................................................................................. 68 Medical check-ups ............................................................................................................. 68 Healthy and safe working conditions ................................................................................. 69 Termination of employment contracts ............................................................................... 69 Foreign nationals working in Albania ................................................................................. 70 © 2017 KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 6 | Investment in Albania 2017 Foreign Nationals ............................................................................................................ 71 Legislative framework and general principles .................................................................... 71 Visas .................................................................................................................................. 71 Residence permits, residence certificates and residence cards ......................................
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