Albania is becoming a great place for foreigners to start a business. The Albanian government is happy to have foreign investors, and it’s getting easier to do business with much better roads and services. The cost of running a business is low, but the quality of work from young and educated people is high. This means Albania is full of possibilities for new and exciting businesses to succeed.
Let’s discuss some of the business ideas for foreigners in Albania today.
Indholdsfortegnelse
Why Setting Up a Business in Albania?
Here are a few reasons you should consider before setting up a business in Albania in 2024.
Strategisk europæisk placering: As an investor, Albania serves as an outstanding gateway for easy access to both European and Balkan markets. Also, Tirana’s airport (TIA) is very well connected to a number of European capitals like London, Paris, Rome and much more.
Conducive Business Environment: Albania’s legal framework is designed to attract expats, and substantial business ventures, with policies favouring foreign ownership and financial incentives. Plus, the Albanian economy has been experiencing steady growth in recent years (with a 4.9% real GDP increase in 2022), offering favorable investment and business expansion conditions.
Talented Workforce and Fiscal Advantages: The youthful and highly-educated workforce of Albania serves at a cost-effective price. The median age of the population in Albania is 37.9 years, compared to 44.9 og 46.8 for Germany and Italy.
Compared to other European countries, Albania offers lower wage rates, presenting an appealing option for businesses aiming to economise. Moreover, the Albanian government allows full foreign ownership of businesses and reduced corporate taxes, and other favorable economic policies.
Thriving Business Sectors: Albania’s start-up scene has yielded many success stories, demonstrating consistent growth across a range of industries. Well-established businesses, especially in fields such as fintech, IT, financial services, banking, and construction, real estate, have registered significant profits, indicating the country’s conducive environment for various business operations.
Among the above reasons, there are many reasons why investing in Albania in 2024, if you want to know more, then read our Top 13 Reasons to Invest in Albania article.
Top 4 Industries For Foreigners in Albania
Let’s have a look at the industries you should focus to start investing a successful business in Albania
Real Estate
For those considering an alternative investment, Albania’s real estate offers compelling prospects. With an undeveloped land available at competitive prices, the value of real estate is expected to appreciate, providing attractive returns for early investors. The Albanian government’s straightforward laws on property purchases further simplify investment processes for foreigners.
It may interest you: Property Investment in Albania: Why is 2024 The Right Time?
Tourism: Albania’s Growing Gem
Albania’s tourism sector is rapidly expanding, with consistent year-on-year increases in visitor numbers. The country, often called “Europe’s last secret,” offers pristine beaches, like Dhermi Beach, and a lot of investment opportunities in hospitality and leisure. The government incentivizes strategic investments, such as the construction of luxury hotels and resorts, with tax exemptions and reduced VAT, creating a hospitable environment for tourism-related ventures.
Agricultural Exports
The Albanian agricultural sector has shown resilience and growth, even during global economic downturns. The trend in agricultural exports is on an upward trajectory, with an increase in trademarks specifically for the export market. Competitive land prices and opportunities for GLOBALG.A.P certification make this sector especially attractive.
Additionally, setting up production facilities in Albania can lead to significant savings, thanks to reduced operational costs and access to a skilled yet cost-effective workforce. The Albanian government also supports the sector with farmer-friendly policies, access to finance, and larger market networks.
Business Process Outsourcing (BPO)
Business Process Outsourcing is another sector with a lot of potential in Albania. With career opportunities in IT development, virtual assistance, and client services emerging, Albania is becoming a hub for digital services. The growing e-commerce market and the presence of multilingual call centers employing a young, educated workforce highlight the country’s capabilities in this area.
Har du brug for hjælp?
Expatax will guide you through the potential and processes of investing in these promising sectors of the Albanian economy. For further information and assistance, contact us!
