Procedure for Company Formation in Lithuanian :

1. Research and Planning:
– Initiate the company formation process by conducting extensive research on various business structures, such as sh.p.k. (limited liability company) or joint-stock company.
– Evaluate key factors like liability, taxation, and ownership structure.
– Develop a comprehensive business plan outlining objectives, target market, and financial projections.

2. Choose a Name:
– Select a unique and distinctive name for your company that complies with Albania’s naming guidelines.
– Conduct a thorough name search with the National Business Center (QKB) to confirm availability and then proceed to register the chosen name.

3. Articles of Association:
– Prepare the Articles of Association (Statuti) detailing essential information about your company, including its name, registered office address, business scope, shareholders, and management structure.
– File the Articles with the National Business Center and pay the required registration fees.

4. Share Structure and Management:
– Clearly define the share structure, specifying the number and types of shares to be issued.
– Appoint the management structure, including directors and other officers, ensuring compliance with Albanian company law.

5. Tax Registration:
– Register for tax purposes with the Albanian Tax Administration (ATRA).
– Obtain a unique tax identification number (Nipt) and familiarize yourself with corporate tax obligations, including income tax and value-added tax (VAT).

6. Licensing and Permits:
– Obtain necessary licenses and permits from relevant authorities based on your industry.
– Secure approvals from municipal offices or sector-specific regulatory bodies as required.

7. Social and Health Insurance:
– Register your employees for social and health insurance with the Institute of Social Insurance (Instituti i Sigurimeve Shoqërore).
– Ensure compliance with labor laws and make the required contributions.

8. Bank Account:
– Open a dedicated business bank account with a reputable bank in Albania to manage company finances separately.
– Ensure compliance with specific banking requirements.

9. Compliance and Reporting:
– Understand and adhere to ongoing compliance requirements, including filing annual financial statements and maintaining corporate records.
– Promptly update any changes in company details to stay in compliance with Albanian corporate governance regulations.

10. Seek Professional Assistance:
– Consider engaging professionals such as legal advisors, accountants, or business consultants familiar with the Albanian business environment.
– Rely on their expertise to navigate complexities in the company formation process and ensure full compliance with local regulations.