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CURENT ACCOUNT

Current Account for Businesses

30/08/2021

Why Should Businesses Open a Current Account?

Business companies (which regularly perform a significant number of banking operations) need a checking account to document transactions and simplify their financial operations. Through a checking account businesses can:
- Perform daily or monthly banking operations
- Pay various bills to their suppliers
- Withdraw and collect a lot of payments that third parties make in favor of the business
- Monitor their activity
- Document business activity for fiscal purposes
- Access their digital bank, etc.

Law on Opening a Current Account by Businesses

- In 2019, the law entered into force that obliges all businesses, including small businesses, and NGOs to        open bank accounts as part of a package of measures to combat the phenomenon of money laundering in    Albania.
- All Taxpayers registered with the National Business Center / Tax Administration under this law are required   to open a bank account of their business, no later than ninety days from the entry into force of this law       (date 26.07.2019) and declare it to the Tax Administration.
-The new taxpayers are obliged by law to open the business account of the business / organization, no   later than twenty calendar days from the day after the registration in the National Business Center / Tax   Administration and to declare it to the Tax Administration. According to the Ministry of Finance, this law   guarantees a more correct business relationship with the Tax Administration, fewer Inspections and fair Competition in the market.

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