Download Albania's Business Environment by Gmb Publishing, George Curmi PDF

By Gmb Publishing, George Curmi

This is often the 1st authoritative consultant to the customers for enterprise and funding in Albania. It indicates how this small ecu country is starting up for enterprise having lately reinforced its ties with the ecu via a Stabilization and organization contract. Macroeconomic functionality has better sharply in recent times, because of rules lower than IMF-backed programmes, prompting new curiosity from the foreign company group.

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Extra info for Albania's Business Environment

Sample text

The Commercial Register is a unique database of the entities that, according to law, exercise a commercial economic activity. It is kept in electronic form, and registration, treatment and processing of the data submitted to the register is carried out through a computerized system. As there is legislation providing for the legality of electronic signatures, an application for registration may be registered electronically (supporting documents must still be submitted in original hard copy form to the NRC, where they will be scanned).

The principal should in particular notify the agent within a reasonable time once he/she has knowledge that the volume of the commercial transactions is much lower than that which the agent could normally have expected. Furthermore, the principal should give the agent notice, within a reasonable time, of the acceptance, rejection or the non-execution of a commercial transaction that the agent has procured for the principal. Remuneration/commission The law provides that the agent is entitled to receive commission only for those transactions that are validly completed, and if a transaction is only partially completed then the agent shall be entitled to a commission in proportion to the part of the transaction completed.

Any position entered into contrary to the above is invalid. Disclosure of material issues/audit The Law on Commercial Companies does not require companies to disclose information related to foreseeable material risks, but the Law on Securities, on the other hand, sets out that any company licensed to publicly offer securities in the market is obliged to disclose to third parties any information necessary to assess the financial position of the issuer and avoid the creation of a false securities market, or which can substantially affect the market with respect to the price of securities.

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