Doing business in Albania? Procedures are simplified - Law changes/ Online registration for foreign investors and emigrants
Foreign investors or Albanian emigrants around the world who wish to invest in their homeland will now find it easier to do so solely through the internet.
The legal amendments to the law on the National Business Center, submitted for public consultation, aim to resolve the current bottlenecks in the business climate in Albania and make it competitive in European markets.
Thus, through the proposed changes, foreign investors and the diaspora will be able to register a business activity in Albania 100% online, without the need to travel or follow additional bureaucratic procedures.
A citizen of an EU country who wishes to open a branch or company in our country can do so remotely using his/her electronic ID or digital signature issued in the country of origin, through the new system recognized by the Central Bank.
This avoids the current practice of proxies and legalizations, bringing time and cost savings for the investor such as eliminating payments for translations or notarizations, as well as increasing Albania's attractiveness for foreign direct investment.
Secondly, the connection of the Commercial Register to the European BRIS system will ensure the automatic exchange of data with counterpart registers in all EU member states. This means that the basic data of Albanian companies (e.g. name, seat, status, administrators, branches) will be accessible free of charge to the public and authorities anywhere in the EU, through a single European platform. This significantly increases the transparency and security of cross-border transactions, as foreign parties can immediately verify the legal status of an Albanian entity, thereby fostering trust in commercial relations.
The draft law also brings benefits domestically. Domestic businesses will benefit from simpler and faster registration procedures, without any additional financial burden for them. Electronic registration will save time and reduce physical contact with counters, reducing bureaucracy and opportunities for corrupt practices.
In the short term, a rapid modernization of the services of the Central Bank and institutional adaptation to European standards is expected. Within 1 year of approval, the system is expected to be functional for online registrations and linked to BRIS. This will position Albania among the countries with the most innovative trade services in the region, improving international indicators for the business climate.
In the medium and long term, the reform could contribute to increasing the number of new entities and increasing foreign investments. Overall, the effects of the draft law are assessed as positive for the economy and society, considering that the reform increases administrative efficiency, promotes formalization and brings best European practices to our country.
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