On 10.03.2022, the Albanian Parliament approved Law No. 25 “On the Support and Development of Startups” (“New Law”).
The New Law aims to fill the existing legal gap by establishing a favorable regulatory and institutional framework for the creation and development of startups and ecosystem support, to promote research, implementation and use of new ideas, models, products and processes, which brings innovation to the economy.
The New Law implements the principles of the European Union Small Business Act, European Union Startup Nations Standard and analogous support mechanisms applied by the European Union and its member states.
What is a Startup?
Startup is the legal entity or entrepreneur, whose goal is to develop and launch a new and unique business model, product and service, with potential for rapid growth and practicable, to significantly improve existing business models, products or processes.
Which are the responsible authorities for supporting Startups?
- the Minister of State for Entrepreneurship Protection;
- the Startup Council;
- other Ministries or public institutions.
What are the support mechanisms for startup development?
- “Startup one-stop-shop” service enables the provision of information and advice on the legal and regulatory framework in order to facilitate the commercial activity of startups;
- development of a supporting ecosystem;
- awarding of financial grants or support measures from state budget funds;
- other forms of support developed in cooperation with third parties.
How is the status of the “startup” obtained?
To obtain the status of “startup” an individual, or legal entity, including a digital nomad, should complete a self-declaration in the electronic register of startups and facilitators. At the moment of startup self-declaration, it is automatically generated the unique identification number and the electronic document – “the startup passport”. The duration of the incubation period and the status of a startup is 24 months from the moment of completing the self-declaration. During this period, startups have the obligation to report and provide documents required by the aforementioned bodies, which, inter alia, verify the implementation of this law.
What is the Startup one-stop-shop service?
In order to support the development and growth of startups, the minister responsible for entrepreneurship provides the one-stop-shop startup service. Such service helps the startups with the following:
- information on the legal regulatory framework, including, but not limited to, safety and health obligations at work, obligation for registration in the commercial register, fiscal and tax liabilities after the incubation period;
- counseling on registration in the commercial register and protection of commercial rights as well as the registration and protection of intellectual property rights after the incubation period;
- organization of information events and cognitive activities between interested startups;
- provision of additional services in order to facilitate the commercial activity of startups.
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