Are you looking for a way to make money in Albania? Do you have a passion, a skill, or a product that you want to share with the world? If so, you might be interested in starting your own business in this beautiful and diverse country.
Albania is a small country in the Balkans, bordered by Greece, Montenegro, Kosovo, and North Macedonia. It has a population of about 2.8 million people and a GDP of about $15 billion. Albania is not a rich country, but it has been growing steadily in recent years, thanks to its integration with NATO and the EU, its reforms in governance and justice, and its investments in infrastructure and education.
One of the ways that Albania is trying to boost its economy and create more opportunities for its people is by encouraging entrepreneurship and innovation. There are many profitable business ideas in Albania that can take advantage of the country’s potential and resources, such as tourism, agriculture, energy, technology, and more. In this article, we will explore some of the best business ideas in Albania that can help you start or grow your own venture in this emerging market.
How to start a business in Albania
To start a business in Albania, you need to follow these steps:
- Choose a business name and check its availability with the National Registration Center (NRC).
- Draft the legal documents for your company, such as the memorandum, articles of association, decision of the board or power of attorney.
- Apply for registration with the NRC online or in person. You will need to provide information about the shareholders, directors, capital, activity, address, and contact details of your company.
- Obtain the registration certificate and registration extract from the NRC. You will also receive a unique business identification number (BIN) that you will use for tax and other purposes.
- Register with the relevant authorities, such as the tax office, the social and health insurance office, and the labor inspectorate. You can do this through a single application procedure at the NRC or online via e-Albania portal.
- Open a bank account and deposit the initial capital of your company. The minimum capital required depends on the type of company you choose. For a limited liability company (LLC), the most common form of business in Albania, you only need 1 EUR (100 ALL).
- Start your business operations and comply with the legal and fiscal obligations.
Albania business ideas 2023
Some of the Albania business ideas for 2023 are:
1. Art business:
You can launch a company that produces, markets, or supports a variety of artistic mediums, including painting, sculpture, photography, and digital art. Your artwork can be sold online as well as offline, through galleries, shows, or commissions. Providing services like curating, consulting, or art instruction are further options.
Both domestic and international art enthusiasts may be inspired by and drawn to Albania’s rich and varied creative legacy and culture. The market’s increasing need for original and cutting-edge goods and services is another resource you can use.
2. Software development:
You can launch a company that develops software to address numerous requirements and issues, such as those related to web development, mobile development, desktop development, or game development. Services for outsourcing, testing, maintaining, or custom software creation are all options.
Young and competent software developers in Albania can provide high-quality and affordable solutions. The growing digitalization and modernization of the nation’s numerous sectors and industries might also be advantageous to you.
3. Voice over service:
You can launch a voice-over company that offers expert voice recordings for a range of projects, including radio ads, audiobooks, podcasts, documentaries, cartoons, and video games. Voice-over services are available in a variety of languages, accents, tones, and styles.
Voice-over services are in high demand in Albania, particularly in the media and entertainment sector. Targeting markets abroad that require Albanian voice over is another option.
4. CRM business:
You can launch a CRM (customer relationship management) company that offers software solutions for controlling and enhancing client interactions. CRM systems that assist firms in boosting sales, customer happiness, retention, and loyalty are available as cloud-based or on-premise solutions.
The need for CRM systems in Albania is growing, especially among small and medium-sized businesses that seek to improve their customer service and marketing plans. Additionally, you can focus on particular industries, including banking, insurance, retail, or hospitality.
5. Food delivery business:
You can launch a delivery service for food that brings food from cafes, restaurants, or grocery stores to clients’ residences or places of business. You can use a website or mobile application that links customers with delivery services and restaurants in your area. Customers can pay a delivery fee, and you can charge the food suppliers a commission.
Food delivery services are in greater demand in Albania, particularly in urban regions where residents lead busy lives and value convenience and variety. Additionally, you can provide a variety of cuisines, including foreign, local, and healthy food alternatives.
What are the most profitable businesses in Albania
Some of the most profitable businesses in Albania are:
Banks are among the top earners in Albania, thanks to their large customer base, high interest rates, low operating costs, and reduced bad loans. Some of the most profitable banks in Albania are National Trade Bank (Banka Kombetare Tregtare), Raiffeisen Bank, Intesa Sanpaolo Bank Albania, American Investment Bank, First Investment Bank, Credins Bank, Societe General Albania, and Union Bank.
Despite official efforts to control and restrict it, gambling remains a rich industry in Albania. There are many different games that gambling businesses provide, including sports betting, lotteries, casinos, bingo, and online gambling. APEX-AL, ASTRA Albania, VLT Albania, Regency International Casino, Adriatik Gane, and Zodiac are among of Albania’s most lucrative gaming businesses.
Albania’s dependence on hydropower for both electricity production and consumption makes the energy sector a crucial one. Energy firms engage in a variety of operations, including the production, transmission, distribution, trading, and exploration of hydrocarbons and electricity.
Some of the most profitable energy companies in Albania are OSHEE (The Electric Power Distribution Operator), GSA (Electric Power Trade), OST (Albanian Power Transmission System Operator), KESH (Albania Power Corporation), Kastrati (Hydrocarbons), Bankers Petroleum Albania LTD (Hydrocarbons), Bov-oil (Hydrocarbons), and EGI-K (Mining).
Albania’s construction industry is flourishing as a result of the nation’s quick urbanization and infrastructure growth. Various projects, including those involving roads, trains, airports, ports, tunnels, structures, dams, pipelines, etc., are undertaken by construction firms.
Some of the most profitable construction companies in Albania are Spiecapag (Trans Adriatic Pipeline construction), Alb-Building (Construction), Gjoka Constructions (Construction), MANETCI (Construction), ANTEA Cement (Construction Materials), Gener 2 (Civil Engineering), Joint Venture Renco Terna Albania (Infrastructure/TAP), Salillari (Construction and Infrastructure), and Kurum International (Construction Materials Production and Trade).
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How to make money in Albania with these business ideas
To make money in Albania with these business ideas, you need to follow some general steps, such as:
- Conduct market research to identify the demand, competition, and profitability of your chosen business idea.
- Create a business plan that outlines your goals, strategies, budget, and risks of your business idea.
- Register your business with the relevant authorities, such as the National Registration Center, the tax office, the social and health insurance office, and the labor inspectorate.
- Obtain the necessary licenses, permits, and certifications for your business idea, depending on the industry and activity you are involved in.
- Find a suitable location, equipment, and suppliers for your business idea, or set up an online platform or app if you are operating online.
- Hire and train qualified staff for your business idea, or outsource some tasks to freelancers or contractors if needed.
- Promote and market your business idea to attract and retain customers, using various channels, such as social media, websites, blogs, flyers, referrals, etc.
- Monitor and evaluate your business performance and customer feedback, and make adjustments and improvements as needed.
We hope that this article will inspire you to pursue your entrepreneurial dreams in Albania and contribute to its economic growth and social welfare.