Congratulations on your decision to expand to Albania! Pushing your company across borders and over oceans will help you form important new business relationships and allow you to hire talented employees. However, establishing a subsidiary can demand a significant amount of time and energy that can take away from running your parent company.
Globalization Partners understands the struggles of expansion and can make a difference through Albania subsidiary outsourcing. We can act as the Employer of Record and use our existing subsidiary to help you start working in a few days instead of weeks or even months. Plus, you won’t have to worry about Albania’s subsidiary laws since we’ll take on the compliance for you.
How to Set Up an Albania Subsidiary
Setting up your Albania subsidiary isn’t something you should just jump into. First, you need to consider where you want to establish a physical office space. Different areas and cities may have their own Albania subsidiary laws that can make your expansion difficult. That’s why we recommend researching different areas in the country to find the best location for your company.
Once you decide on a location, you should start to consider different entities that make sense for your company. You can choose the entity you would like to incorporate as, and it can impact how you work in the country. Albania will let you expand as a limited liability company (LLC), joint-stock company, or representative office, but many companies choose to incorporate as an LLC.
The steps to set up your Albania subsidiary as an LLC include:
- Checking the uniqueness of your name online or at a representative office of the National Registration Center
- Drafting and notarizing articles of association that includes internal regulations of the company
- Receiving a Registration Certificate and Unique Business Identification number from the Registration Center
- Registering for health insurance and social security
- Registering for specific corporate taxes at the Municipality Bureau of Internal Revenue
- Issuing a request for the company’s seal that you’ll need for daily activities
Albania Subsidiary Laws
Albania’s subsidiary laws also vary based on what type of entity you use to incorporate. LLCs need at least one director and one shareholder who can be of any nationality. They will not be required to travel to Albania for the process or live in Albania. You’ll also require 1 EUR in paid-up capital.
Once you complete the Albania subsidiary setup process, you need to submit financial audits to the Albanian commercial registry. These statements need to get audited if you exceed two of the three — annual sales of $230,000 or more, total assets over $330,000, or more than 30 employees.
Benefits of Setting Up an Albania Subsidiary
Once you complete the subsidiary setup process, you’ll be ready to start hiring employees and adding them to your payroll. You can also experience the benefits of an LLC, as both your subsidiary and parent company will have limited liability from each other. Your parent company won’t have to worry about any litigation, and your subsidiary can operate under its own culture that fits Albania’s overall culture.
While it usually takes a few days or weeks to incorporate in Albania, you may deal with a longer process if you’re not familiar with the country’s subsidiary laws. Globalization Partners will provide more benefits and help you expand faster through Albania subsidiary outsourcing. We’ll use our existing subsidiaries around the world to help you start working in a few days and remove the burden of compliance.
Other Important Considerations
Before you establish a subsidiary, you should set aside the time and money that will help you complete the incorporation process. Some steps may involve fees, and you should set aside the amount you need at the beginning.
We also recommend deciding on a company executive who will handle your incorporation. This person may need to travel back and forth to Albania, so they should clear their schedule ahead of time. If no one in your company is an expert in Albania subsidiary laws, you should work with a consultant or lawyer who can help you understand and navigate the process.
Let Globalization Partners Help With Your Expansion
Globalization Partners will help make your expansion easier through Albania subsidiary outsourcing. Contact us today to learn more.
THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL OR TAX ADVICE. You should always consult with and rely on your own legal and/or tax advisor(s). G-P does not provide legal or tax advice. The information is general and not tailored to a specific company or workforce and does not reflect G-P’s product delivery in any given jurisdiction. G-P makes no representations or warranties concerning the accuracy, completeness, or timeliness of this information and shall have no liability arising out of or in connection with it, including any loss caused by use of, or reliance on, the information.