Obligation to register in the Registry of Beneficial Owners/ Which entities are included and which are excluded?
Registration in the Registry of Beneficial Owners is a legal obligation that affects most legal entities operating in Albania and that are registered with the National Business Center. This registry aims to increase transparency on the real ownership of businesses and organizations, by identifying the individuals who ultimately benefit from their activity.
Limited liability companies, joint-stock companies, collective and limited partnerships are required to register. Representative offices and branches of foreign companies operating in the country are also included. The list also includes savings and credit associations and their unions, mutual cooperation societies, and agricultural cooperation societies.
The obligation also extends to non-profit organizations, including foundations, associations, centers and branches of NGOs operating in the Republic of Albania. Registration is also required for any legal entity or enterprise where, in addition to state institutions, shareholders are also individuals or other Albanian or foreign entities. But what are the exemptions?
Excluded from this obligation are natural persons, traders, and entities where the sole shareholder is a central or local institution. Religious communities and political parties are also not included.
Authorities call on entities to verify data and complete registration to avoid penalties and administrative measures.
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