Shutting down a business in Albania involves more than just stopping operations. The company must go through an official legal process to ensure it is properly de-registered and removed from the commercial register. Whether it’s a limited liability company (SHPK), a joint stock company (SHA), or a foreign branch, closing it correctly avoids future liabilities and penalties.
Decision to close the company
The process begins with a formal decision from the shareholders or legal representatives to close the business. This decision must be documented through an official act, signed and approved according to the company’s founding documents. In the case of a sole-owned SHPK, the owner simply issues a written decision. For companies with multiple shareholders, a general assembly resolution is required.
The decision must include the reason for closure and the appointment of a liquidator who will handle the final steps of the shutdown.
Appointment of a liquidator
The liquidator takes over management of the company during the closure phase. Their role is to collect any outstanding receivables, settle debts, terminate contracts, and prepare final accounts. The liquidator must also ensure that all taxes and contributions are fully paid before the company is de-registered.
This step must be registered with the National Business Center and made public through the official company registry.
Liquidation process and creditor notice
Once the liquidator is appointed, a public notice must be issued announcing the company’s intent to close. This gives creditors the opportunity to present any claims within a set period. The company must not proceed with final closure until all debts are settled and no further claims remain unresolved.
The liquidator is responsible for preparing the final balance sheet and liquidation report, which will be submitted for approval.
De-registration and final removal
After the liquidation process is complete and all obligations are fulfilled, the liquidator files a request for de-registration with the National Business Center. This includes submitting all required documents, financial statements, and the final liquidation report.
Once approved, the company is officially removed from the commercial register. Only at this point is the business considered fully and legally closed in Albania.
Closing a company properly protects you from future liabilities and keeps your legal and tax records clean. Following each step carefully ensures your business is dissolved in accordance with Albanian law.