Albania is situated on the Southeast shore of the Mediterranean Sea, with Italy toward the West and Greece toward the South. Rome, the Italian capital, is just a single hour away via plane, and Athens, the Greek capital, is around two hours away by plane. While traveling to Albania for business or holidays, there are certain traditions and cultures you should get comfortable with before your journey begins.
Start a business keeping in mind what can help you with enduring connections and assist you in setting up a steady business arrangement inside the nation.
|Benefits of Business in Albania||Drawbacks of Business in Albania|
|Dress code is sometimes casual||Women’s casuals are not adequate|
|Proper greetings are important||Language barrier|
|Proud in titles earned||Unfavorable demography|
|Shaking hands is valued||Nod means “no”, Shake of the head is “yes”|
|Gift giving is appreciated||Data can be misused|
|The literacy rate is very high||Pointing implies you do not accept|
|Meetings can be held in cafes or restaurants||Offering new solutions during negotiation is looked down upon|
Advantages of Starting a Business in Albania
- Excellent Infrastructure
National roads in Albania are around 18,000 km long including 3,636 km of public streets, 10,500 km of interurban streets, and the remainder of 4,000 km is under the locale of self-governing units and other entrepreneurial undertakings.
Also, Albania has come into partnership with the Memorandum of Understanding on the Development of the South-Eastern Europe Core Regional Transport Network.
- Impressive Political System
Albania is a parliamentary republic and Integration into the European Union. NATO has been a definitive objective of all the previous communist governments in Albania.
The current government focuses on intensive change of the legislative framework, quick and stable development of the economy, improvement of training, and wellbeing services to the citizens. Sports and cultural opportunities to be established according to EU principles, guaranteeing public and EU membership.
- Efficient Workforce
A good percentage of the workforce has completed some type of specialized degree course or professional training. Numerous Albanians have degrees in architecture or engineering, medication, and financial fields as well.
There are significant motivating forces for international investments particularly those that require extreme labor force and this in turn puts resources into Albania.
- The Eurobond
Albania had introduced its first-ever Eurobond for a sum of EUR 300 million on 28 October 2010. The viewpoint stayed stable by virtue of Albania’s solid economic development and the strategy grapple of EU incorporation which balanced the drawback dangers.
The climate of Albania plays a very important role in its business dealings and entrepreneurial services. Albania has a Mediterranean atmosphere with dry blistering summers and cool stormy winters in the west and the moderate mainland in the east.
There we can find many natural resources such as petroleum, natural gas, coal, bauxite, chromites, copper, iron ore, nickel, salt, timber, and hydropower.
- Meetings and Presentations
It is normal for conferences to be held later in the day than before anything else. Present yourself or have a companion acquaint you with every person going to the gathering. Remember to introduce yourself to the higher positioning authorities first. Regularity is valued in Albania.
- Advanced Communication Methods
Albanian youth is familiar with the English language and different other dialects, especially Italian. Most government authorities communicate in English or some other European language. Regardless, mediators are generally done for any sort of gathering, here and there.
The translator acts as the colleague or the secretary of the Albanian business manager. Agreements can be made verbally and additionally in composed structure. They like to keep things basic and avoid paperwork.
Disadvantages of Starting a Business in Albania
- Financial Payments are Mostly Cash
Transfer of banks and card installments are conceivable, albeit most Albanians want to wrap it up by accepting cash money. The Euro and the U.S. dollar are two of the most favored monetary forms utilized for installments.
In stores and markets, international visitors might be charged more than local people since most things might not have their costs publicized.
- Socio-Cultural Problems
Albanian women are typically considered as belongings to somebody as a sweetheart, life partner, or spouse. It is looked down upon if you compliment their life partner or sweetheart.
Smoking is permitted openly and in many cafés, which normally won’t have a non-smoking area. Homosexuality is legal but considered to be an illness and frowned upon.
- Dominant Positions Can Hinder Growth
Companies with a monopolistic position and monetary assets and business relations are considered as a rival. Such organizations are immediately prohibited from business activities, which limits creation. The law does not block or prohibit having a dominant position.
- Competition is Unfair
Mirroring a contender’s items and conducting similar business activities can create turmoil with a contender’s items and actions. It is not consistent with the standards of experts and can harm another’s growth for the business, for example portraying negative exposure.
- Not Accepting Drinks at Business Dinner/Lunch is Disrespectful
When offered an alcoholic drink, it is essential to acknowledge the drink since “raki,” is an Albanian cultural favorite. Albanians prefer to pay for the first lunch/dinner and hope that you return the same service.
- Lack of Proper Business Ethics
Most things in Albania follow a monopoly system. If you want to begin a business in Albania, you need to become royalty and be prepared to pay a ton of different people so that your business is steady and running smoothly.
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