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World Bank says cost of opening business in Albania high

Xinhua, January 19, 2016 Adjust font size:

The World Bank's "Doing Business" report said the cost of opening a business in Albania was as much as 10.4 percent of the average per capita income, the second highest cost in the region after Bosnia, Top Channel TV reported on Monday.

By comparison, in other countries, the indicator varies from 0.1 percent to 7.3 percent of the average income, according to the World Bank report.

Although the registration procedure costs only 100 lek (0.8 U.S. dollars), businesses also have to register at the municipality, where the cost is much higher. Besides registration costs, there is the cost of connecting the business to the electricity network, which is one of the highest in the region, and registering property, the highest in the region at 10.2 percent of the total property value. In other countries this indicator fluctuates from 3.1 percent to 5.2 percent.

According to Albanian Daily News, Albania has undertaken a lot of measures in the past decade to reduce business costs in the country, but figures from the Bank of Albania show that business owners still have to pay more for bureaucracy and procedural costs. Endit