Nunziante Magrone, present in Tirana since 1996, provides legal services to all those who intend to invest in Albania. *** Albania, despite the effects of the global crisis, benefits from a growing economy. The World Bank Group, in its report issued for 2015, points out that within a year Albania has climbed twenty positions in the “Ease of doing business index�. WHY INVEST IN ALBANIA Proximity to Italy There are numerous daily flights connecting major Italian cities with Tirana. In addition, from the ports of Bari and Brindisi there are daily ships bound for Durazzo and Valona. Economic growth Currently Albania registers an annual growth rate of 3%. According to the International Trade Center Albania offers the highest rate of growth in South-East Europe. Cost-effective workforce In Albania workforce is very affordable compared to the countries of the euro zone: according to a study of the Balkan Employers Federation the average salary in Albania amounts to Euro 250. In addition, the Government has been establishing graduate professional schools with the aim of training highly qualified professionals. Attractive tax regime The tax rate on corporate income is equal to 15%; and the tax system does not discriminate against foreign investors. Prohibition of double taxation Albania has signed international treaties prohibiting double taxation with more than 30 countries, including Italy. Free trade agreements Albania entered into free trade agreements with the EU, the EFTA countries and Turkey. Protection of foreign investments Albanian law No. 7491/1991 (law on foreign investments) promotes and safeguards foreign investments: for example, there is no requirement for prior governmental authorization, and all sectors are open to foreign investment. Moreover, the State provides special protection to foreign companies in case of a dispute with a local public administration. Fast procedures for the establishment of companies Companies can be established in a very short time (4-5 business days) at a cost which is around Euro 0.80. With a single application companies are registered with the companies register, the national social security institution, the labor inspection, etc. Licenses are issued through a transparent procedure and very fast. Improvement of the infrastructure
Over the last 10 years Albania has been investing heavily in the improvement of its infrastructures: significant advances have been made in the areas of road network (roads and highways), telecommunications and energy. Accession to the EU On June 24, 2014 in light of the progress made also in terms of the harmonization of Albanian legislation with those of other member states, the Council of the European Union approved the granting of the status of a candidate country for EU accession: this decision will further strengthen the reliability of Albania, since the country will make a further step forward with regard to the aspects of institutional stability and legal certainty. Key sectors Key sectors in Albania are agriculture, energy, transport, tourism and exploitation of natural and mineral resources such as water, chromium and copper.
For any further information, please contact: Gianmatteo Nunziante Tel. +39 06 695181 Fax +39 06 69518333 E-mail g.nunziante@nmlex.it Â