By Gmb Publishing, George Curmi
This can be the 1st authoritative advisor to the customers for enterprise and funding in Albania. It indicates how this small eu kingdom is starting up for company having lately bolstered its ties with the ecu via a Stabilization and organization contract. Macroeconomic functionality has enhanced sharply lately, because of regulations below IMF-backed programmes, prompting new curiosity from the overseas company group.
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Extra resources for Albania's Business Environment
32 Legal and Regulatory Framework The remainder of this section will comment upon the existing corporate governance standards in Albania based on: • the current existing Law on Entrepreneurs and Commercial Companies (2008); • the Albanian Civil Code (1994, as amended); • Securities Law (2008); • Accounting and Financial Standards Law (2004); and • related secondary legislation. It is worth noting that the concept of corporate governance was introduced into Albania in the last six or seven years, whereas what may be referred to as corporate governance standards, explained below, mostly reflect those contained in the 2008 Law on Commercial Companies.
9901 on Entrepreneurs and Companies (“the Company Law”), dated 14 April 2008. The new law has retained provisions that were not repealed and remain in line with the recently approved Law No. 9723 on the National Registration Centre (regarding provisions on the single entrepreneur and on the legal effects of transferring a business name). The new Company Law seeks to provide more detailed regulation on issues pertaining to securities (and, indeed, is intended to be in line with the new draft law on securities), and to focus more on enhancing corporate governance.
He/she is obliged to provide to the principal all information relating to the market conditions in the area subject to the agency agreement, and further provide any other information that is useful in appraising the advantages of individual transactions. The agent shall also conform to the duties that are typically incumbent on commercial agents insofar as they are not excluded by the nature of the agency agreement. In cases where an agent is not in a position to fulfil the task with which he/she is entrusted, he/she should notify the principal promptly, failing which the agent shall be liable to pay damages.
Albania's Business Environment by Gmb Publishing, George Curmi