Albania

The ISO code of Albania is AL according to the ISO 3166 standard. The local name of the country is Shqiperia. Albania capital city is Tirana. People in Albania speak the Albanian language. On 28 November 1912, Albania emerged as a sovereign political entity. In the year 11/28/1912, Albania emerged as a sovereign political entity. The largest cities in Albania are Tirana, Durres, Elbasanm, Vlore.

Albania is located in the UTC +01:00 time zone, which is also called Central European Time or CET. The internet country code top-level domain (ccTLD) for Albania is .al. The International dialing code for Albania is 355. People in Albania drive on the right side of the road. Total land area of Albania is 28,748 km² (approx. 11,100 mi²). Albania is not a landlocked country. It means that is is bordered by at least one major body of water.

Albania is located in Europe. Albania is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Albania faces various issues, including deforestation, soil erosion, water pollution from industrial and domestic effluents.

Doing business in Albania

We offer various corporate services in Albania jurisdiction. These services can serve both, people coming from Albania and foreigners. If you plan on doing business in Albania you might be interested in contacting us.

To find out about starting your business in Albania click on company formation in Albania.

To find out how to open a bank account in Albania and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Albania.

Choose preferred service below or continue reading to find out more about Albania.

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Demographics of Albania

The total population of Albania is 2,934,363 people. In Albania, the population density is 8 people per square kilometer (21 per square mile). Because of this statistic, this country is considered to be very sparsely. The ethnic diversity is almost uniform according to a fractionalization scale which for Albania is 0.2204. Albania has approximately 57616 foreign immigrants. The median age is approximately 31.6 years. In Albania, 54.66 in every 100 people use internet. Albania has a Human Development Index (HDI) of 0.716.

The majority religion of Albania is Islam, Albania is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Albania.

Culture of Albania

People in Albania speak the Albanian language. According to data on inbound tourists in Albania, 2,857,000 tourists arrive in the country each year. One of the most popular national dishes of Albania is tavë kosi. To read more click on culture of Albania.

Geography of Albania

Albania is considered to be a large nation because of its total area. Its total land area is 28,748 km² (approx. 11,100 mi²). Albania is located in Europe. Its capital city is Tirana. Albania has 4 neighbouring countries. Its neighbours include Greece, Kosovo, Macedonia, and Montenegro. Total length of land borders of Albania is 691 kilometers (~267 miles).

The highest point of Albania is Maja e Korabit, with its official height being 2764 m (9,069 ft). Including land mass and EEZ, the total area of Albania is approximately 42,439 km² (~16,386 mi²). The most notable natural resources found in Albania are petroleum, natural gas, coal, bauxite, chromite, copper, iron ore, nickel, salt, timber, hydropower, arable land.To read more click on geography of Albania.

Economy of Albania

The currency of the country is Albanian lek. The symbol used for this currency is L, and it is abbreviated as ALL. 13.9% of population in the country are unemployed. The total number of unemployed people in Albania is 407,876. Each year, Albania exports around $2.32 billion and imports roughly $4.84 billion. The Gini Index of the country is 34.5. Albania has a Human Development Index (HDI) of 0.716.The Global Peace Index (GPI) for Albania is 1.821. Albania is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are food and tobacco products, textiles and clothing, lumber, oil, cement, chemicals, mining, basic metals, hydropower.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Albania is $32 billion. Each year, consumers spend around $9,943 million. The ratio of consumer spending to GDP in Albania is 68%, and the ratio of consumer spending to the world consumer market is 0.0287. The corporate tax in Albania is set at 15%. Personal income tax ranges from 0% to 23%, depending on your specific situation and income level. VAT in Albania is 20%. In 2013, Albania received 341.6 million USD in foreign aid.In 2014, the foreign aid amounted to 350.7 USD.To read more click on economy of Albania.

Infrastructure of Albania

Infrastructure quality in Albania is rated to be at 2.54. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.

In Albania, 100% of the population has access to electricity. There are 15,528 internet hosts in Albania. Albania has 4 airports nationwide.

The logistics performance index of Albania is 2.65. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 2.54. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.

The number of road motor vehicles per 1000 inhabitants in Albania is 114. To read more click on infrastructure of Albania.

Politics of Albania

Albania, is a unitary parliamentary constitutional republic. With regard to political and civil freedoms, Albania is 2. Citizens in Albania experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Albania, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Ilir Meta.

According to the World Bank Group, the government effectiveness index of Albania is -0.07. This indicates that the government of Albania is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Albania before considering any business maneuvers.In Albania, the legislative power is vested in a Parliament. The Global Peace Index (GPI) for Albania is 1.821. The strength of legal rights index for Albania is 7. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. In 2013, Albania received 341.6 million USD in foreign aid. In 2014, the foreign aid amounted to 350.7 USD. Albania is a member of the United Nations (UN). On 14 December 1955, it joined the UN as a full member state. Albania is a member of the World Bank. To read more click on politics of Albania.

Environment of Albania

Albania emits 1.6 metric tons per capita of CO₂. 7716 km² of Albania's territory is covered in forests. and forest land comprises 27% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Albania is 114. To read more click on environment of Albania.

Company formation in Albania

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Albania.

When establishing a company in Albania, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Albania that will affect the establishment and growth of one's business. Contact us or click on company formation in Albania to read additional information when setting up a business.

Bank account opening in Albania

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Albania. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Albania, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Albania or contact us.