Nimrod Yaron Albania https://y-tax.al/ House of Israel Balkan Business Relationships Mon, 01 Apr 2024 14:20:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://y-tax.al/wp-content/uploads/2023/11/flag-for-albania-svgrepo-com.svg Nimrod Yaron Albania https://y-tax.al/ 32 32 The ” Erdoğan Effect” – A Decline in Imports from Turkey to Israel https://y-tax.al/the-erdogan-effect-a-decline-in-imports-from-turkey-to-israel/?utm_source=rss&utm_medium=rss&utm_campaign=the-erdogan-effect-a-decline-in-imports-from-turkey-to-israel https://y-tax.al/the-erdogan-effect-a-decline-in-imports-from-turkey-to-israel/#respond Mon, 01 Apr 2024 14:18:32 +0000 https://y-tax.al/?p=3351 Following the “Iron Swords” conflict, the commercial ties between Israel and Turkey, particularly in the realm of trade, are dwindling. As of October 2023, the volume of imports from Turkey has plummeted by about 30% from October 2022, according to data from the Turkish Ministry of Commerce. The anti-Semitic statements by Erdoğan and other Turkish […]

הפוסט The ” Erdoğan Effect” – A Decline in Imports from Turkey to Israel הופיע לראשונה ב-Nimrod Yaron Albania.

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Following the “Iron Swords” conflict, the commercial ties between Israel and Turkey, particularly in the realm of trade, are dwindling. As of October 2023, the volume of imports from Turkey has plummeted by about 30% from October 2022, according to data from the Turkish Ministry of Commerce.

The anti-Semitic statements by Erdoğan and other Turkish officials, along with Turkey’s unequivocal support for terrorist organizations, notably Hamas, have reminded many in Israel of the Marmara incident and the sad reality that sometimes, even if you desire to be friends with someone, they might not feel the same way towards you, and that’s perfectly fine.

Somehow, politicians and business leaders in Israel have yet to fully grasp this fact.

However, the Israeli public is certainly beginning to understand. A significant first step was taken through the requirement to label the country of origin for vegetables and fruits sold in supermarkets. The goal is to give the public the choice of whether they wish to support the Israeli economy, a neutral economy (like Italy, the USA, etc.), or a terror-supporting country such as Turkey.

As a result, numerous Israeli companies doing business with Turkey or importing Turkish goods are finding that, in the current political environment, ensuring a steady flow of imports is increasingly challenging. This situation is driven by the potential for exporters or the Turkish government to introduce complications, coupled with a growing awareness among the Israeli public.

Furthermore, data from Analdo Agency, one of Turkey’s major news agencies, indicates that contrary to popular belief, trade relations between Turkey and Israel have been affected by the conflict. Based on a three-month period from October to December 2023, trade relations between Turkey and Israel have been reduced by millions of dollars.

This understanding is leading to proactive actions – shifting operations to other countries in the Balkans, where the options are sometimes better than Turkey in terms of quality and price, primarily due to political interests and the desire to protect the stability of blue-and-white (Israeli) businesses, amidst concerns of continuing operations within Turkey. It’s important to remember that beyond the political aspect, the economic environment in Turkey is very unstable: interest rates stand at 40% and inflation at 60%.

Many Israelis who have made such a transition found that it contributed to tax savings in addition to the political security they sought. Tax policies in Albania and Kosovo are very lenient, making it simple and cheap to do business in these and other Balkan countries.

Main Import and Export Fields from Turkey

Recently, numerous importers who have long sourced a variety of goods from Turkey — including agricultural products, consumer goods, and industrial raw materials — have shifted their focus to our branch in Albania. Key imports from Turkey to Israel traditionally encompass pearls, precious stones, metals, electrical and electronic equipment, vehicles and vehicle parts, as well as iron, steel, cement, plastics, and related products.

Why Balkan Countries like Albania May Serve as a Better Alternative for Trade

Between Israel and Albania, there are no free trade agreements (unlike Turkey and Israel), but in 1997, a bilateral agreement between Israel and Albania regarding investment encouragement and protection came into effect, creating a comfortable and secure investment climate. In 2022, a treaty to prevent double taxation was signed between Israel and Albania with our office’s assistance, further facilitating trade between the two countries.

Moreover, according to the World Trade Organization (WTO) reports for 2024, goods included in the non-agricultural goods section of the free trade agreement with Turkey could be relevant for trade with Israel. Thus, 99.9% of these products enjoy duty-free status, making Albania a hub for business partnerships with Israeli companies in the industrial products sector. Albania’s main export commodities include minerals, electric energy, basic metals, and textiles.

The official data still does not reflect the depth of change we are seeing on the ground, mainly because such processes take time. Typically, the transition occurs in two phases – in the first phase, the importer establishes a company, for example, in Albania, and transfers exports from Turkey to avoid disrupting operations. In the second phase, with the help of our Albanian branch, they seek additional exporters in Balkan countries (especially Albania, Kosovo, Montenegro, and Macedonia).

Today, our office is actively working to establish business entities and different business channels in the Balkan countries, with our branch in Albania specializing in company formation and tax planning in various Western Balkan countries. If you are considering transferring operations to these countries, click here to schedule an introductory call today.

הפוסט The ” Erdoğan Effect” – A Decline in Imports from Turkey to Israel הופיע לראשונה ב-Nimrod Yaron Albania.

]]> https://y-tax.al/the-erdogan-effect-a-decline-in-imports-from-turkey-to-israel/feed/ 0 Opening a bank account in Bulgaria https://y-tax.al/opening-a-bank-account-in-bulgaria/?utm_source=rss&utm_medium=rss&utm_campaign=opening-a-bank-account-in-bulgaria https://y-tax.al/opening-a-bank-account-in-bulgaria/#respond Sun, 17 Mar 2024 19:06:01 +0000 https://y-tax.al/?p=3332 Bulgaria is an EU member state, located in the heart of Balkans. Its strategic location, the favorable tax regime and highly skilled work force attract international interest. If you’re thinking about moving or investing in Bulgaria, one of the topics that you should keep in mind is opening a local bank account. Foreigners and locals […]

הפוסט Opening a bank account in Bulgaria הופיע לראשונה ב-Nimrod Yaron Albania.

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Bulgaria is an EU member state, located in the heart of Balkans. Its strategic location, the favorable tax regime and highly skilled work force attract international interest.

If you’re thinking about moving or investing in Bulgaria, one of the topics that you should keep in mind is opening a local bank account.

Foreigners and locals alike can open bank accounts in Bulgaria, this process requires the submission of several documents and forms, which will be detailed below, it is important to note that the list of partial and may vary according to the bank you’ll chose.

Bulgaria is home to a notable number of banks, both local and international, most of which offer similar services. Thus, the main criteria for choosing a bank should be the fees and charges associated with different transactions.

The Banking Sector in Bulgaria

The Bulgarian National Bank (BNB), is a member of the European System of Central Banks. The BNB independently regulates and supervises banks, conducts research, and analyses statistical data. It directly reports to the Parliament and maintains a fixed exchange rate of 1 EUR = 1.95583 BGN.

The country has more than 20 different banks, including branches of foreign banks, among which are Estonian, French, and Dutch banks.

Banks play a dominant role in Bulgaria’s financial system, representing 83% of total financial sector assets. Other financial entities, such as insurance, leasing, and investment funds, have limited influence and are relatively small.

In recent years, the banking sector has shown consistent growth in both loans and deposits, supported by a relatively low level of financial depth, which presents a favourable backdrop for substantial future expansion. Despite these positive indicators, a notable challenge persists in the form of Non-Performing Loans (NPLs). Although there has been a significant reduction since 2014, the NPL level remains relatively high.

Banking Services in Bulgaria

Bulgarian banks often provide a variety of standard services, including:

  1. Retail banking
  2. Business banking
  3. Private banking
  4. Online banking
  5. Brokerage services
  6. Institutional banking
  7. Investment banking
  8. International transfers
  9. Capability to handle accounts in foreign currencies

Types of bank accounts in Bulgaria

Bulgarian banks offer a variety of account types, designed to meet the specific requirements of individuals and businesses, including the following:

  1. Current accounts
  2. Payment accounts
  3. Savings accounts
  4. Deposit accounts

Choosing a Bank in Bulgaria

Selecting a stable and reputable bank is crucial because it ensures the safety and security of your financial assets. A bank with a solid reputation and financial stability offers peace of mind, knowing that your investments are well-protected and managed by trustworthy professionals. The major banks in Bulgaria comprise:

  1. UniCredit Bulbank AD
  2. United Bulgarian Bank AD
  3. Eurobank Bulgaria AD
  4. First Investment Bank AD
  5. Central Cooperative Bank AD
  6. DSK Bank AD

Most banks offer similar services, so an important aspect of choosing a bank to open an account in, is the different fees and changes and the availability of branches and ATMs.

Opening a Private Bank Account in Bulgaria

In Bulgaria, both residents and non-residents can open bank accounts, though the required documentation can vary, especially for non-residents. Commonly needed are a valid ID (for example, a passport), proof of address, and sometimes proof of income or employment.

Some banks may require filing in questionnaires or declarations, request detailed information regarding your tax residency status, the nature of our relationship with the bank, among other pertinent details. The bank retains the authority to authenticate identification data, solicit supplementary documentation, and adhere to regulations pertaining to anti-money laundering.

It’s advisable to contact the bank directly for specific requirements and any applicable restrictions, as the specific documentation needed can vary depending on the bank of choice.

Opening a Business Bank Account in Bulgaria

When registering a company in Bulgaria, opening a business bank account is mandatory and is part of the company incorporation process. While the process can be as simple as opening a private account, a business account requires more documentation and involves additional bureaucratic steps. Before opening a business bank account, assess the services offered by the bank, particularly if the company has international dealings or foreign shareholders.

To open a business bank account in Bulgaria, several documents are required for both local and foreign entities. For legal entities, such as companies under Art. 357 of the Obligations and Contracts Act or other legal entities, the following documents are needed:

  • Official identity document of the person/s representing the entity or the authorized person to operate the account.
  • Notarized power of attorney, if applicable, with the signatures of the authorizer/s.
  • Personal identification data and specimen signatures of persons authorized to operate the account, either certified by a notary or in the presence of an authorized bank employee.
  • Articles of incorporation/company agreement/statutes specifying management bodies and their power of disposition over property.
  • Resolution authorizing persons to operate the account, certified if presented as a photocopy.
  • Document certifying the registration of the entity, including a Unified Identification Code (UIC) for registered entities or a certified copy of articles of incorporation and a current registration certificate for non-registered entities.
  • Information about the actual owners of the entity as per the Law on Measures against Money Laundering.
  • For entities subject to licensing or registration, a copy of the relevant license, permit, or registration certificate.
  • Additional documents or information requested at the bank’s discretion.

Entities not registered in the Commercial Register and the Register of non-profit legal entities should periodically provide documents certifying their current status. Failure to submit required documents within 30 days may result in the bank closing the account.

Our firm specializes in international taxation and our team is happy to assist with any relevant matters, and if necessary, connect you with the relevant stakeholders to support your ongoing business activities in Bulgaria. Please feel free to contact us and schedule an introductory meeting

הפוסט Opening a bank account in Bulgaria הופיע לראשונה ב-Nimrod Yaron Albania.

]]> https://y-tax.al/opening-a-bank-account-in-bulgaria/feed/ 0 Business Activity in Kosovo https://y-tax.al/business-activity-in-kosovo/?utm_source=rss&utm_medium=rss&utm_campaign=business-activity-in-kosovo https://y-tax.al/business-activity-in-kosovo/#respond Thu, 29 Feb 2024 13:18:51 +0000 https://y-tax.al/?p=3300 Following its independence in 2008, Kosovo has made significant changes in social and economic development. Despite the challenges of the past, Kosovo has undertaken all efforts through internal and external policies to create a favorable situation for economic growth and investor engagement. This article will provide information about business activity in Kosovo which aims to […]

הפוסט Business Activity in Kosovo הופיע לראשונה ב-Nimrod Yaron Albania.

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Following its independence in 2008, Kosovo has made significant changes in social and economic development. Despite the challenges of the past, Kosovo has undertaken all efforts through internal and external policies to create a favorable situation for economic growth and investor engagement. This article will provide information about business activity in Kosovo which aims to help everyone who has intentions of investing in Kosovo.

Kosovo’s Economic Landscape

In 2022, despite the strong effect the COVID – 19 pandemic had a on its economy, Kosovo experienced a GDP growth rate of 3.5 percent primarily fueled by exports and private consumption. Kosovo’s main exports span various industries, including, agriculture, mining, and construction. The country’s main exports are scrap metal, nickel, lead, and mattresses. Furthermore, Kosovo provides convenient access to the European Union (EU) via air, road, railway transport, and three seaports.

Currently the business environment in Kosovo is getting really competitive compared to other countries in the region, by offering foreign investors an appealing and welcoming environment thanks to advantages such as low tax rates and tax system, rather straightforward business registration, and transparent laws on foreign investment. For example, an individual can register an LLC within 2 days, free of charge with zero chartered capital.

Moreover, Kosovo has drawn substantial foreign interest, with numerous international companies investing there. Many are enticed by Kosovo’s youthful workforce, affordable labor, nearness to the EU market, and its natural resources. Additionally, Kosovo also offers favorable terms for products entering the EU market through a Stabilization and Association Agreement (SAA).Top of Form

Investment Advantages and Legal Regulations in Kosovo

The laws and regulations in Kosovo align with global standards for encouraging and safeguarding investments. The country maintains a straightforward corporate income tax rate of 10 percent. In August 2022, with support from USAID, Kosovo introduced a Commercial Court. This court is designed to handle business disputes fairly, swiftly, and predictably, aiming to enhance the business environment by minimizing corruption risks and fostering trust among investors and the private sector in the judicial system. In its inaugural year, the court has already shown promising results, resolving business cases with greater efficiency and transparency.

Kosovo has a steady monetary policy. It is unique because it is one of the few countries outside the EU that uses the Euro as its official currency. This move has cut down on exchange rate worries and made trading and investing easier by lowering transaction costs.

The country’s location in the center of the Balkans makes it a gateway to the Balkans and CEFTA members. Together, these areas make up a market of around 28 million people, providing ample opportunities for trade and business.

In addition, Kosovo has a young, multilingual workforce, with many speaking English and German. Half of its population is under 30 years old. Kosovo also offers competitive labor costs and tax policies. With an average monthly salary of €371, it ranks among the lowest in Europe.

Investment Opportunities in Kosovo

There are several sectors that provide investment opportunities in Kosovo, including, the energy, health and the mining sectors.

Energy Sector – Currently Kosovo mainly relies on coal to fuel its power plants, but the country is wanting to expand its energy production and broaden its energy sources, especially by embracing renewable energy. Moreover, in February 2023, the EU unveiled a €75 million Energy Support Package aimed at broadening subsidy and incentive programs to enhance energy efficiency, particularly targeting vulnerable households.

Health Sector – Kosovo needs better basic and special medical care, more doctors and nurses, hospitals, and medicine. Right now, most health services are run by the government, but more and more private companies are getting involved. Many people from Kosovo go to nearby countries for medical help. This situation could be a good chance for investors from outside to invest and have high returns by offering local solutions.

Mining and Minerals – In the past, mining played a big role in Kosovo’s economy, but it is not as important anymore because there hasn’t been enough investment in equipment, buildings, and new mines, even though the country has evidence of critical minerals. However, there is a good opportunity for foreign investors in this sector, the Independent Commission of Mines and Minerals (ICMM) has given out more than 500 licenses for exploring and mining since 2007.

As Kosovo’s economy continues to grow, there will be an increasing demand for specialized services in different sectors. This includes the need for support with finances, legal matters, building and design, software development and graphic design. As businesses expand and new ventures emerge, the demand for these services will grow to ensure smooth operations and compliance with regulations. This presents opportunities for skilled professionals and companies to contribute to Kosovo’s economic growth and development.

It is important for individuals, before proceeding with investment, to be aware of the legal, financial and tax implications. Our firm offers comprehensive knowledge and experience in the international taxation realm. Contact us, and we would be happy to arrange an introductory meeting with you.

הפוסט Business Activity in Kosovo הופיע לראשונה ב-Nimrod Yaron Albania.

]]> https://y-tax.al/business-activity-in-kosovo/feed/ 0 Real Estate In Montenegro https://y-tax.al/real-estate-in-montenegro/?utm_source=rss&utm_medium=rss&utm_campaign=real-estate-in-montenegro https://y-tax.al/real-estate-in-montenegro/#respond Wed, 21 Feb 2024 16:35:43 +0000 https://y-tax.al/?p=3214 The Montenegro real estate market has undergone substantial growth and development in recent years. This overview offers an insight into the essential aspects that define the current state of the property sector in Montenegro. The eligibility of foreign citizens to acquire real estate in Montenegro Foreigners, individuals, and corporate entities can freely buy apartments, houses, […]

הפוסט Real Estate In Montenegro הופיע לראשונה ב-Nimrod Yaron Albania.

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The Montenegro real estate market has undergone substantial growth and development in recent years. This overview offers an insight into the essential aspects that define the current state of the property sector in Montenegro.

The eligibility of foreign citizens to acquire real estate in Montenegro

Foreigners, individuals, and corporate entities can freely buy apartments, houses, and commercial properties in Montenegro without any restrictions. However, foreigners are restricted from buying land, including agricultural and forest land.

Exceptionally, a foreign physical person may acquire the ownership right on agricultural land, forests, and forest land of a surface up to 5,000 m2, only if a residential building located on this land is subject to the contract of divestiture (sale, gift, exchange, etc.).

Moreover, a foreign physical person may, on the territory of Montenegro, acquire the ownership right on immovable property through inheritance in the same way as a citizen of Montenegro. Furthermore, a foreign person can be entitled to a long-term lease and concession on the immovable property for natural resources and immovable properties located in the area declared under the protection of interests and safety of the country.

Additionally, foreigners are eligible to obtain a loan from a Montenegrin bank for real estate purchases, however, the bank may require various documents to verify the buyer’s financial stability.

It’s advisable to confirm whether any bilateral agreements between Montenegro and your home country could impact property acquisitions. Consulting with a tax and legal professional can be beneficial in navigating the complexities. Our firm offers comprehensive tax and legal services in Montenegro, among other areas. Contact us, and we would be delighted to arrange an introductory meeting with you.

High areas for real estate investment and prices in Montenegro

  • The Bay of Kotor – stands out as the most exclusive area in Montenegro and has emerged as a popular tourist destination in recent decades, thanks to its breathtaking natural scenery and profound cultural heritage. Recognizing its significance, UNESCO has safeguarded the Bay of Kotor since 1979. Investing in the Old Town of Kotor is one of the most profitable investments considering the high number of tourists this area attracts. Buying real estate in Kotor comes at an average price of approximately from 2 842 Euro to 3,900 Euro per square meter.
  • Tivat – has become a top tourist destination in Southeast Europe. Notably, projects such as Porto Montenegro and Lustica Bay have contributed to its popularity. Additionally, Tivat’s international airport enhances its investment appeal. In Tivat, real estate prices vary. Starter homes are around €2000-€3000 per square meter, while luxury beachfront properties can go from €7000 to a whopping €10000 per square meter.
  • Budva – is a regional heavyweight and attracts the most tourists due to its old town, amazing coastline, and lively social atmosphere. Furthermore, Budva offers a diverse range of property types. Purchasing a property in Budva will cost you around €2,500 to €4,000 per square meter.
  • Kolasin – is just 30-minute drive from the Podgorica international airport and a scenic 1 hour and 30 minutes from the coast. It’s drawing attention from international and local investors due to its strategic location, excellent infrastructure, connectivity, stunning nature, and a modern ski center that ranks among the best in the region. You can get a family house for €100,000 to €200,000. For a fancier chalet-style villa, expect to pay between €300,000 and €500,000. Modern apartments range from €1,200 to €1,500 per square meter.

 

Return on Investment

After buying a house or apartment, investors can earn money by renting it out while they’re not in Montenegro, making a return on their investment. Certain high-end residential and tourism projects in Montenegro guarantee buyers an annual return on investment ranging from 4% to 8%. Furthermore, when assessing the potential returns it is important to consider the specific locations within the country.

Investing in a property during the development phase offers the advantage of securing a more favorable price compared to post-construction prices. Additionally, there’s the potential for an annual return on investment once the property is completed, given the thriving tourism industry in Montenegro, which promises even greater growth prospects.

Incentives for ownership and investment on real estate for foreign citizens in Montenegro

The Montenegrin government has implemented various law regulations and incentives for those who invest in real estate in the country. Investing in real estate in Montenegro allows you to become a resident through the country’s residency-through-investment scheme.

The Montenegrin constitution protects and emphasizes the private property, ensuring that foreigners, including investors, enjoy equal legal protection.

The Law on VAT prescribes exemption from VAT for the supply of products and services for the construction and equipping of a hospitality facility with the rating of five or more stars. For a hospitality facility, the tax rate may be reduced for a hospitality facility which is category 3 up to 15%; category 4 up to 30%; category over 4 up to 70%.

For real estate used in agricultural production, processing, packaging, or manufacturing by owners or users registered as agricultural producers, legal entities, or entrepreneurs in Montenegro, there’s a potential tax reduction. This reduction can be up to 90% of the tax liability, compared to the standard rate set by law, for properties actively utilized in these agricultural activities.

Companies engaged in innovation activities can reduce real estate tax by 50% if the property is used for scientific research, innovative programs, or projects, as well as innovation infrastructure. This reduction applies while the company holds the status of a beneficiary of incentive measures.

In conclusion, the Montenegro real estate market has seen significant growth, driven by diverse offerings and attractive locations. Foreigners can freely buy various property types and the country also offers a variety of incentives for local and foreign citizens.

 

If you require assistance or have any inquiries regarding our services, we warmly invite you to reach out to our office. Our dedicated team is here to provide you with expert guidance and support tailored to your specific needs. Whether you’re seeking information, need professional advice, or wish to discuss how we can assist you further, please do not hesitate to contact us.

הפוסט Real Estate In Montenegro הופיע לראשונה ב-Nimrod Yaron Albania.

]]> https://y-tax.al/real-estate-in-montenegro/feed/ 0 Establishing a company in Macedonia https://y-tax.al/establishing-a-company-in-macedonia/?utm_source=rss&utm_medium=rss&utm_campaign=establishing-a-company-in-macedonia https://y-tax.al/establishing-a-company-in-macedonia/#respond Wed, 21 Feb 2024 16:19:56 +0000 https://y-tax.al/?p=3208 Types of companies in Macedonia Branch Office – Foreign companies may set up branch or representative offices in Macedonia. They must provide evidence of their legal incorporation and scope of legal capacity if challenged. They have the same rights and conditions as domestic companies, with a limit of one branch office for foreign sole proprietors. […]

הפוסט Establishing a company in Macedonia הופיע לראשונה ב-Nimrod Yaron Albania.

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Types of companies in Macedonia

  1. Branch Office – Foreign companies may set up branch or representative offices in Macedonia. They must provide evidence of their legal incorporation and scope of legal capacity if challenged. They have the same rights and conditions as domestic companies, with a limit of one branch office for foreign sole proprietors.
  2. Representative Office – Foreign companies authorized to do business in their home country can establish a non-commercial representative office in Macedonia. The office won’t have legal status or engage in commercial activities. The Macedonian government will define the registration process and requirements.
  3. Limited Liability Company (DOO) – A Limited Liability Company is a trade company where one or more persons or entities contribute a pre-determined basic capital. Members are not liable for company liabilities, but must fulfill obligations as stated in the articles of association. The business name must contain “limited liability company” or “DOO”. For a single-member company, the business name must contain “single-member limited liability company” or “DOOEL”.
  4. General Partnership (JTD) – A general partnership is a trade company formed by two or more individuals or legal entities. All partners are jointly and severally liable for the company’s debts. To establish a general partnership, the founders must sign articles of association.
  5. Joint – Stock Company (AD) – A joint-stock company is a trade company where shareholders contribute to the basic capital, which is divided into stocks. Shareholders are not liable for the obligations of the company. The minimum basic capital is €25,000 for simultaneous incorporation and €50,000 for successive incorporation. The nominal amount of the stock cannot be less than €1.
  6. Limited Partnership – A trade company is formed by at least two partners – one general and one limited. The general partner is personally liable for the company’s obligations with their entire assets, while the limited partner is only liable up to the entered contribution of the company. The general partners must contribute at least one-fifth of the total amount of the contributions.
  7. Limited Partnership with Stocks – A trade company with stocks has partners who are liable for the company’s liabilities and others who are not liable beyond their contributions. There must be at least three partners. The legal relations between partners and third parties are governed by the law regarding limited partnerships. The provisions of the law concerning joint-stock companies apply to the limited partnership with stocks except for those regulating management.
  8. Sole Proprietor – Individuals that conduct business operations are required to register as sole proprietors. The individual is fully and unlimitedly liable with all his assets to the creditors.

Company registration procedure

The registration process is streamlined through the One-Stop-Shop system, and companies can complete the registration within four hours. The registration process is inclusive and allows individuals of any citizenship or nationality to become directors or shareholders. After registration, companies can obtain their official seal using the provided certificate of registration, which allows authorized representatives to act on behalf of the founders.

Steps for Registering a Company in Republic of Macedonia:

  • Fill out a prescribed form to register the company at the Central Register of Macedonia.
  • Provide necessary documents, including a verified copy of the legal entity’s registration document or the founder’s proof of identity.
  • For a Limited Liability Company (DOO), establish through a founding agreement or statement, prepared by a lawyer (registration agent).
  • Define the company’s name, head office, manager, assess founding investment, and determine the bank for opening an account.
  • Submit the documentation to the Central Register, either physically or through e-Registration.

 

During the registration process, founders are required to submit copies of their passport and utility bills. Once registered, the company’s registration information is added to the Central Register of the Republic of Macedonia. Foreign residents can easily establish employment in the Republic of Macedonia, after getting an appropriate visa or permit.

The company registration process in Macedonia typically takes just one week to complete when all required documents and procedures are accurately followed. Our firm provides comprehensive assistance for establishing companies in Macedonia, along with expertise in various other fields. Please feel free to contact us, and we would be pleased to schedule an introductory meeting at your convenience.

Benefits of registering a company in Macedonia

North Macedonia serves as a prime gateway for businesses aiming to penetrate European markets, thanks to its strategic location at the crossroads of two crucial European transport corridors. This positioning, combined with its advanced road and railway network, allows for rapid transit across the country, reaching any inhabited location in under three hours. The nation’s liberal foreign trade regime enhances its appeal by offering unrestricted access to the EU and additional markets via numerous bilateral treaties, positioning it as an attractive base for production and export activities.

Furthermore, North Macedonia boasts a favorable tax framework, highlighted by one of the world’s lowest corporate profit tax rates, tax-free income for up to 10 years in Investment Zones, and competitive personal and corporate income tax rates at 10%, alongside a standard VAT rate of 18%. The efficient administrative processes in the country, including a swift 4-hour company registration system and extensive tax incentives for investors in Free Zones, including a decade-long tax holiday, further amplify its attractiveness. The country’s active participation in global trade is underscored by its membership in the World Trade Organization since 2003 and its engagement in three multilateral and several bilateral Free Trade Agreements, including with Turkey and Ukraine, enhancing its international trade connections.

If you require assistance or have any inquiries regarding our services, we warmly invite you to reach out to our office. Our dedicated team is here to provide you with expert guidance and support tailored to your specific needs. Whether you’re seeking information, need professional advice, or wish to discuss how we can assist you further, please do not hesitate to contact us.

הפוסט Establishing a company in Macedonia הופיע לראשונה ב-Nimrod Yaron Albania.

]]> https://y-tax.al/establishing-a-company-in-macedonia/feed/ 0 Business activity in Macedonia https://y-tax.al/business-activity-in-macedonia/?utm_source=rss&utm_medium=rss&utm_campaign=business-activity-in-macedonia https://y-tax.al/business-activity-in-macedonia/#respond Thu, 15 Feb 2024 14:24:55 +0000 https://y-tax.al/?p=3182 Overview of business landscape Strategically positioned at the intersection of two key European transport corridors, North Macedonia offers an ideal geographical location for businesses seeking efficient access to European markets. The country boasts a well-developed road and railway infrastructure, ensuring swift access to every inhabited place in less than three hours, enhancing connectivity for businesses. […]

הפוסט Business activity in Macedonia הופיע לראשונה ב-Nimrod Yaron Albania.

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Overview of business landscape

Strategically positioned at the intersection of two key European transport corridors, North Macedonia offers an ideal geographical location for businesses seeking efficient access to European markets. The country boasts a well-developed road and railway infrastructure, ensuring swift access to every inhabited place in less than three hours, enhancing connectivity for businesses.

North Macedonia’s highly-liberalized foreign trade policy, coupled with numerous bilateral agreements, grants local producers’ free access to the EU and other markets. This positions the country as a highly-competitive production and export platform, fostering economic growth.

The stability of North Macedonia’s monetary environment, featuring one of the lowest inflation rates in the region, adds to its attractiveness for international businesses. The stable currency further contributes to the favorable business climate.

A favorable tax environment further sweetens the deal, with low corporate income tax rates, among the lowest globally. Investment Zones offer a remarkable 10-year tax holiday covering corporate profits, employment income, VAT, custom duties, and more. Personal income tax stands at 10%, corporate income tax at 10%, and general VAT rates at 18%.

The country prides itself on a skilled and competitive workforce, supported by investor-friendly government policies that create a conducive work environment. Fast company registration through an efficient one-stop-shop system within four hours facilitates quick and hassle-free business setup.

Additional incentives and benefits include a 10-year tax holiday for investors in free zones, a 100% reduction of personal income tax for up to a decade, exemption from value-added tax for import and trade of goods in free zones, and long-term leases of land for up to 99 years at concessionary prices.

Innovative Economic Centers: TIDZs & Growth Sectors

North Macedonia’s Technological–Industrial Development Zones (TIDZs) serve as hubs for concentrated and highly productive clean manufacturing activities and the development of new technologies. Beyond the standard benefits associated with free economic zones, the country provides additional incentives to foster growth in TIDZs. Investors in these zones enjoy a 10-year exemption from personal and corporate income taxes, as well as relief from value-added tax and customs duties on goods, raw materials, equipment, and machines. Financial incentives, potentially reaching up to €500,000, are granted based on the investment’s value and employee count. Land within a TIDZ is available for long-term lease, extending up to 99 years.

Further advantages encompass developed infrastructure, facilitating free access to natural gas, water, electricity, and a main international road network. Investors are also exempt from fees related to construction site preparation, while streamlined registration procedures in TIDZs contribute to reduced setup costs. The government places a special emphasis on production activities, IT-related endeavors, scientific research, and environmentally-conscious technologies within TIDZs, offering additional benefits for these sectors. Notably, investors in these areas are relieved from the requirement to provide collateral guarantees for any customs arrears. Overall, North Macedonia’s TIDZs present a compelling environment for investors seeking favorable conditions and support for innovative and sustainable ventures.

Workforce

North Macedonia presents a workforce that’s not only educated, highly qualified, and ethical but also enthusiastic about welcoming foreign investors. The country’s technical higher educational institutions align with Western standards, offering workers opportunities for continuing education and lifelong learning, often through customized vocational training. The Government actively supports investors by participating in labor force training programs.

Education

Mandatory elementary and high school education, along with English language education from the first grade of elementary school, is a cornerstone of North Macedonia’s educational system. The various vocational high schools in each city, alongside standard high schools, provide students with opportunities to learn diverse trades.

The workforce in North Macedonia is exceptionally talented and technically trained, especially in the areas of software development and information technology. Since a large number of the nation’s youth are highly educated and proficient in English, businesses find it simpler to compete internationally.

There are 22 universities in the nation in addition to over 80 high schools that prioritize science, math, and language education.

Salary and social contributions

The labor costs in North Macedonia are relatively low compared to Western European countries, which makes it an attractive destination for outsourcing activities. The average monthly salary is2023 is €925 which includes the net salary, personal income tax, and social contributions for pension and disability insurance, health insurance, and employment insurance. In the past few years, the Government of the Republic of North Macedonia has actively reduced social security contributions.

North Macedonia presents an attractive business ground comprising of two properties advantages; a favorable location ideal for trade activities, preferential treatment in the trading process which is reflected by freedom from special grants contributing to foreign investments and stable financing policies. From the Investment Zones to TIDZs, every part provides various lanes for development and imagination thanks to an encouraged workforce. The focus in the education system is on technical skills and languages which guarantee a labor supply of capable professionals to meet the requirements for driving industry needs. Feel free to Contact us to explore the possibilities and unlock the potential of your business in North Macedonia.

הפוסט Business activity in Macedonia הופיע לראשונה ב-Nimrod Yaron Albania.

]]> https://y-tax.al/business-activity-in-macedonia/feed/ 0 Opening a bank account in Macedonia https://y-tax.al/opening-a-bank-account-in-macedonia/?utm_source=rss&utm_medium=rss&utm_campaign=opening-a-bank-account-in-macedonia https://y-tax.al/opening-a-bank-account-in-macedonia/#respond Wed, 31 Jan 2024 21:11:39 +0000 https://y-tax.al/?p=2818 The banking system of Macedonia consists of fifteen banks. Of these, fourteen are privately owned, and only one, MBDP, is state-owned. A significant portion, eleven banks, feature foreign ownership capital. In contrast, four banks, including MBDP, are domestically owned. This sector is marked by the presence of self-sufficient and stable pan-European banks, such as NBG, […]

הפוסט Opening a bank account in Macedonia הופיע לראשונה ב-Nimrod Yaron Albania.

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The banking system of Macedonia consists of fifteen banks. Of these, fourteen are privately owned, and only one, MBDP, is state-owned. A significant portion, eleven banks, feature foreign ownership capital. In contrast, four banks, including MBDP, are domestically owned. This sector is marked by the presence of self-sufficient and stable pan-European banks, such as NBG, NLB, and Erste/Sparkasse. This aspect highlights Macedonia’s integration into wider financial networks.

 Banking Services in Macedonia

Banking services in Macedonia offer a mix of stability and adaptability tailored to individual and corporate financial needs. Those include:

  1. 24/7 online banking and telephone support in English.
  2. Comparatively low banking fees and non-withdrawal ATM fees.
  3. Acceptance of international credit cards.
  4. Facilitation of international deposits and transfers.
  5. Ability to manage accounts in foreign currencies EUR; GBP; USD.
  6. Different type of loans (corporate, students, auto, etc.)

Types of bank accounts in Macedonia

Most common bank accounts in Macedonia are:

  1. Personal Account
  2. Business Account
  3. Trade Account
  4. Deposits
  5. Loan Account

Choosing a bank to manage an account in Macedonia

In North Macedonia, where the economy is both small and open, vulnerabilities to external shocks, especially from the European Union, the nation’s largest trading partners, are apparent. Additionally, the potential repercussions of a political crisis could impact households in terms of savings and corporations in terms of investments. The ongoing liberalization of financial services adds another layer of significance to the role of banks. As competition intensifies among domestic banks and non-bank financial institutions, choosing the right bank becomes a focal point.

Beyond the traditional functions of stability and security, the selected bank must demonstrate adaptability through substantial investments in IT and human capital, fostering continuous innovation of business models. With banks at the centre of this evolving financial landscape, their role is pivotal. Choosing a bank that not only safeguards financial interests but also strategically positions itself to withstand competition and potential sector restructuring is paramount for individuals and corporations alike in North Macedonia.

Opening a private bank account in Macedonia

If a non-resident wants to open a bank account in Macedonia, the bank will need to inform them about the specific regulations that apply to them as a foreign individual. This is particularly relevant for those who have a temporary residence in Macedonia, obtained through a work visa or any other type of visa that permits them to stay for longer than six months.

The bank first informs the individual, identified by a travel document such as a passport or ID card, about the regulations for foreign residents with temporary stay based on specific visas. and proof of address, such as a utility bill or rental agreement. Some banks may also require a tax identification number (TIN) or personal identification number (PIN), and an initial deposit amount that varies depending on the bank and the type of account being opened. Authorized persons need to present a personal ID and a written authorization signed by the account holder.

The bank is permitted to open accounts in Macedonian denars (MKD) and various foreign currencies for a non-resident, ensuring compliance with local banking regulations. Remote access to the account is generally available via online banking and mobile apps, allowing for convenient management of finances.

It’s important to note that the requirements and procedures can vary between banks. Therefore, it’s recommended to check with the specific bank for their exact requirements and process. Many banks in Macedonia require a physical presence for identity verification and do not offer the possibility of opening a bank account entirely online.

Opening a business bank account in Macedonia

To initiate the process of opening a bank account for a foreign legal entity or any other foreign organization, the necessary documentation includes:

  1. Submission of a formal request for the bank account opening.
  2. Provision of a Specimen Signatures Card.
  3. Submission of the Certificate of Incorporation, Extract from the Trade Register, or from any other registry where records pertaining to legal entities in the country of registration are maintained.
  4. A notarized Power of Attorney signed by the legal representative.
  5. Submission of passports or other valid personal identification documents for all individuals designated as authorized signatories.

When choosing a bank account in Macedonia

Within the dynamics of North Macedonia’s compact and open economy, susceptibility to external shocks and the repercussions of potential political upheavals accentuate the critical role played by banks, emphasizing the need for meticulous selection based on adaptability, stability, and strategic positioning amid escalating competition and sectoral transformations.

Here’s a list of banks licenced by the National Bank of the Republic of North Macedonia:

  1. Silk Road Bank AD Skopje
  2. Halk bank AD Skopje
  3. Sparkasse Banka AD Skopje
  4. Capital bank AD Skopje
  5. Komercijalna banka AD Skopje
  6. Development Bank of North Macedonia AD Skopje
  7. NLB banka AD Skopje
  8. ProCredit bank AD Skopje
  9. Centralna kooperativna banka AD Skopje –
  10. Stopanska banka AD Bitola
  11. Stopanska banka AD Skopje
  12. Univerzal investment bank AD Skopje
  13. TTK Banka AD Skopje

הפוסט Opening a bank account in Macedonia הופיע לראשונה ב-Nimrod Yaron Albania.

]]> https://y-tax.al/opening-a-bank-account-in-macedonia/feed/ 0 Inheritance, estate, and gift tax in Montenegro https://y-tax.al/inheritance-estate-and-gift-tax-in-montenegro/?utm_source=rss&utm_medium=rss&utm_campaign=inheritance-estate-and-gift-tax-in-montenegro https://y-tax.al/inheritance-estate-and-gift-tax-in-montenegro/#respond Sun, 28 Jan 2024 16:32:07 +0000 https://y-tax.al/?p=2598 Montenegro, a small yet wonderful Balkan country, has gained recognition for its natural beauty, cultural richness, and developing economy. It becomes crucial for individuals to understand the country’s tax system as they explore opportunities in Montenegro. This article aims to offer a detailed summary of Montenegro’s inheritance, estate, and gift taxes. Montenegro has implemented a […]

הפוסט Inheritance, estate, and gift tax in Montenegro הופיע לראשונה ב-Nimrod Yaron Albania.

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Montenegro, a small yet wonderful Balkan country, has gained recognition for its natural beauty, cultural richness, and developing economy. It becomes crucial for individuals to understand the country’s tax system as they explore opportunities in Montenegro. This article aims to offer a detailed summary of Montenegro’s inheritance, estate, and gift taxes.

Montenegro has implemented a tax structure characterized by relatively low rates. This strategic approach by the Montenegrin government is primarily aimed at achieving a significant policy objective: to entice foreign individuals and businesses to relocate and invest in Montenegro, thereby leveraging the country’s potential opportunities.

In the context of inheritance, estate, and gift taxes the rates can fluctuate depending on the relationship between the deceased and the heir. Gifts and inheritances given to spouses, children, or parents are exempt from taxation, aligning with the family-oriented tax policies of the nation. For all other cases, both gifts and inheritances are subject to a uniform tax rate of 3%, simplifying the tax structure for these transactions. This tax policy reflects Montenegro’s efforts to maintain a straightforward and equitable tax system.

Montenegro law on tax administration burdens the obligation of the heirs of a deceased person to pay the deceased person’s tax liability up to the value of inherited property, proportionally to their share in inheritance. Meanwhile the Law on Tax Turnover of Immovable Property charges the heir with the responsibility to pay the tax turnover of immovable property. The tax turnover applies also in the case of gift or other forms of acquisition of immovable property.

However, if the heir decides to renounce their inheritance or transfer it to another co-heir during the probation process, they will be exempt from paying the tax for the act of renunciation or transfer. On the other hand, the individual receiving a gift or acquiring immovable property without compensation is liable for the tax on property turnover. Similarly, when immovable property is obtained through a whole-life support contract, the responsibility for the tax falls on the acquirer of the property.

It is important to mention that Montenegro now offers digital wills, enabling people to create wills electronically. These digital documents must be stored either with a notary or digitally to ensure their validity. Additionally, Montenegro has updated its inheritance tax laws to be equitable and more reflective of the estate’s value, easing the financial burden on heirs.

Non-Montenegrin residents enjoy the same property inheritance rights as Montenegrin citizens, allowing them to easily buy, own, and pass on real estate in Montenegro. The country actively welcomes foreign investment in real estate, making it straightforward for non-citizens to establish and pass on Montenegro property to their families.

If you inherited real estate or received gifts in Montenegro and you are looking for more information about the applicable procedure and taxes, our office has the resources and contacts to offer precise information and support that will help you navigate through the process. Reach out to us for assistance.

If you have inherited property or received gifts in Montenegro and seek guidance on the relevant procedures and taxes, our firm offers comprehensive support. We possess the necessary expertise and connections to provide accurate information, assisting you in efficiently navigating the complexities of this process. For tailored assistance and detailed insights into Montenegro’s property and gift tax regulations, please feel free to contact us. We’re here to help you manage these matters with ease and confidence.

הפוסט Inheritance, estate, and gift tax in Montenegro הופיע לראשונה ב-Nimrod Yaron Albania.

]]> https://y-tax.al/inheritance-estate-and-gift-tax-in-montenegro/feed/ 0 Albania and Israel relations – warming of relations between the countries https://y-tax.al/albania-and-israel-relations-warming-of-relations-between-the-countries/?utm_source=rss&utm_medium=rss&utm_campaign=albania-and-israel-relations-warming-of-relations-between-the-countries https://y-tax.al/albania-and-israel-relations-warming-of-relations-between-the-countries/#respond Sun, 28 Jan 2024 10:56:41 +0000 https://y-tax.al/?p=2543 Albania and Israel have always had a special historical connection. The Jews in Israel will forever remember Albania as the only country that was under the rule of the Axis countries, where the number of Jews increased from the number before the Holocaust. Today, International Holocaust Remembrance Day is being celebrated around the world. This […]

הפוסט Albania and Israel relations – warming of relations between the countries הופיע לראשונה ב-Nimrod Yaron Albania.

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Albania and Israel have always had a special historical connection. The Jews in Israel will forever remember Albania as the only country that was under the rule of the Axis countries, where the number of Jews increased from the number before the Holocaust.

Today, International Holocaust Remembrance Day is being celebrated around the world. This year the remembrance of Holocaust Day is particularly significant for the Jews in Israel. The terrorist attack carried out by the terrorist organization Hamas in Gaza on October 7, left behind massacres and murders of 1,145 Israeli and foreign citizens, including women, children, and the elderly, which also included many atrocities that were filmed by the terrorists, including – amputation of limbs, rape, burning of living people in their homes, and desecration of the bodies of the dead, reminding too many Jews of the stories from the dark period in history – World War II would break out.

And precisely in that period, a period in which the Jewish people in particular but also most of the world experienced lack, hunger, terror, and fear, precisely then the Albanian people revealed their greatness and morality. At a time when Jews living in European countries feared that their neighbors would hand them over to the Nazi authorities, Muslim citizens in Albania took care to hide Jews in their homes, provide them with local clothing, fake certificates, integrate their children into schools and protect them in their homes in the cities and mountainous regions of Albania, all while taking risks very personal

The result was amazing, the number of Jews in Albania at the end of World War II was eight times more than at the beginning of the war, as a result of the immigration of Jews from neighboring countries.

Recently, there has been a significant warming in relations between the countries. The Israelis discovered Albania as a close, cheap, and convenient tourist destination that combines amazing landscapes, fine food, and hospitable and interesting people. The business community in Israel is beginning to discover the benefits of cooperating with the high-quality manpower of the young people of Albania, whose percentage of holders of academic degrees is astonishingly high. Israel, which is known as the start-up nation, sees the great potential in Albania, as a country that can integrate and also lead many developments in high-tech and industry.

In 2021, with the assistance of our firm in Israel, a double tax prevention treaty was signed between Albania and Israel, a treaty that significantly facilitated the conduct of business activities between the two countries.

Since then, our branch in Tirana has accompanied Albanian businesses that are interested in cooperation with Israel in the context of knowledge, high-tech, etc., and Israeli businesses that are interested in entering the Albanian market and constitute a chamber of commerce to promote business opportunities.

The deep historical connection between the nations and the pleasant feeling received by Israeli businessmen in Albania, in my opinion, will deepen the cooperation between the countries.

Nimrod Yaron. The author is an accountant, economist, lawyer, former senior official at the Israel Tax Authority, who manages an Israeli consulting company that operates a branch in Tirana.

Read the article on the Albania “Faktor” website by clicking here

faktor news

הפוסט Albania and Israel relations – warming of relations between the countries הופיע לראשונה ב-Nimrod Yaron Albania.

]]> https://y-tax.al/albania-and-israel-relations-warming-of-relations-between-the-countries/feed/ 0 Opening a bank account in Albania https://y-tax.al/opening-a-bank-account-in-albania/?utm_source=rss&utm_medium=rss&utm_campaign=opening-a-bank-account-in-albania https://y-tax.al/opening-a-bank-account-in-albania/#respond Wed, 24 Jan 2024 11:23:46 +0000 https://y-tax.al/?p=2336 Opening a bank account in Albania is a straightforward process for individuals or businesses. While most banks offer similar services, the primary consideration when choosing the right bank should be the fees associated with various transactions. In this article, we will explore the various types of banks in Albania, their services, and the factors to […]

הפוסט Opening a bank account in Albania הופיע לראשונה ב-Nimrod Yaron Albania.

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Opening a bank account in Albania is a straightforward process for individuals or businesses. While most banks offer similar services, the primary consideration when choosing the right bank should be the fees associated with various transactions. In this article, we will explore the various types of banks in Albania, their services, and the factors to consider when selecting a bank for account management, among other topics.

Banking Services in Albania

Albania’s banking institutions have strategically embraced technological advancements to optimize customer service quality. The banking industry has implemented numerous contemporary digital applications, providing customers with a distinctive and enhanced banking experience. This deliberate integration of modern technologies underscores the sector’s commitment to delivering innovative and efficient financial services.

The most common services that Albanian banks offer include:

  1. 24/7 online banking and telephone support in English.  
  2. Acceptance of international credit cards.
  3. Facilitation of international deposits and transfers.
  4. Ability to manage accounts in foreign currencies.
  5. Smart pay
  6. Different types of loans (corporate, students, auto, mortgage, etc.)
  7. Personal valuable objects saving
  8. Financing solutions

Types of bank accounts in Albania

  1. Current accounts (personal, student, payroll)
  2. Savings deposit
  3. Escrow account
  4. Loan account
  5. Retirement account
  6. Fixed deposit accounts

Choosing a bank to manage an account in Albania

When selecting an Albanian bank for managing a bank account, it is important to assess factors such as the bank’s reputation, financial stability, and the range of services the bank offers. Key steps also include evaluating the fees, including transaction costs, and considering the bank’s digital capabilities. Additionally, customer reviews can offer valuable insights into the quality of customer service. Taking these factors into account will enable individuals to make an informed choice, contributing to a positive and secure banking experience.

Opening a private bank account in Albania

Albanian banks offer individual accounts with mandatory identity verification and a basic payment account for residents. These accounts allow transactions, deposits, and withdrawals but prohibit negative balances and do not offer loans or credit facilities, ensuring regulatory compliance and financial responsibility.

Required Documents: You will need a valid passport or identity card, along with a document confirming your address (such as a utility bill for electricity, water, or telephone services, though it may not always be necessary).

Opening a business bank account in Albania

The primary account for businesses, often a current account, is a fundamental component for establishing a banking relationship. It can be operated in either local or foreign currency and offers businesses the versatility of being managed by a single or multiple authorized individuals. This management is typically conducted under the guidance of appointed representatives, utilizing the official corporate seal for transactions. The necessary documentation includes:

  1. The statute of the company.
  2. The Act of Establishment of the Company with all the changes that may have occurred.
  3. Last extract issued by the National Registration Centre (where the history of the company is also included).
  4. Certificate of registration of the taxable person (NUIS/NIPT), date of registration with the tax authority.
  5. Activity exercise license, date of license issuance.
  6. Decision of the Shareholders’ Assembly/Supervisory Board on the appointment of management bodies and the appointment of other employees who have the right to act with the accounts.
  7. Identification document of the Legal Representative according to the requirements of the resident natural person (individual).
  8. Identification document of the shareholders (partners) of the company that directly or indirectly own 25% or more of the shares, according to the requirements of the natural person (individual), resident or non-resident.
  9. Company seal.

The importance of choosing a bank in Albania

Since 1991, the Albanian banking sector has undergone a dramatic and exciting evolution: the rise of commercial banks, the Albanian economy’s downfall in 1997 due to the collapse of economy-wide Ponzi schemes, and a surge in growth through privatization. In this dynamic and evolving financial environment, the choice of a bank is crucial. Thus, picking the right bank involves a thorough examination of its historical performance, stability, and the array of services it offers, ensuring that the bank matches your specific requirements in this varied and flourishing banking ecosystem.

The largest banks in Albania are: 

  1. Banka Amerikane e Investimeve sh.a.
  2. Banka Credins sh.a.
  3. Banka e Bashkuar e Shqipërisë sh.a.
  4. Banka e Parë e Investimeve, Albania sh.a.
  5. Banka Intesa Sanpaolo Albania sh.a.
  6. Banka Kombëtare Tregtare sh.a.
  7. Banka OTP Albania sh.a
  8. Banka Procredit sh.a.
  9. Banka Raiffeisen sh.a.
  10. Banka Tirana sh.a.
  11. Banka Union s h.a.

 

Selecting a bank in Albania is of utmost importance for ensuring financial security, accessing modern banking services, and receiving top-notch customer support. Furthermore, choosing an account type that aligns with your specific business activities is crucial. Our team offers comprehensive assistance throughout the bank account opening process, helping you make the most suitable choice for your requirements. Contact us, and we would be happy to arrange an introductory meeting with you.

הפוסט Opening a bank account in Albania הופיע לראשונה ב-Nimrod Yaron Albania.

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