Prishtina, 18 November 2020 – Choosing and implementing a business structure is one of the most important steps for an entrepreneur who aims to penetrate the market, whereas Kosovar legislation is quite modern in this regard. This was said during a virtual forum organized by the American Chamber of Commerce in Kosovo within the Global Entrepreneurship Week, which was moderated by Fadil Sahiti, professor of management at RIT Kosovo. The Global Entrepreneurship Week is organized under the patronage of the Innovation Center Kosovo (ICK).
Ardi Shita, Partner at law firm Shita & Ibrahimaga, stressed that following the economic development of the country in recent years, awareness has been raised regarding business models and the need for their implementation. According to him, Kosovo’s law in this regard is quite modern and offers flexibility for business registration, and this is an advantage over other countries in the region. Shita also pointed out to young entrepreneurs that unlike other countries, the Republic of Kosovo does not recognize unregistered businesses as legal, therefore, conducting business activity only through the fiscal number can be recognized as a criminal offense. Furthermore, he mentioned the fact that the most recommended form and business structure in the country is that of Limited Liability Company (LLC).
Shkëmb Gashi, Manager for Assurance at Ernst and Young Kosovo, stated that until recently, most of the businesses opened by young entrepreneurs were individual, due to lack of knowledge of business models and their advantages or disadvantages. Regarding the advantages brought by the model of LLCs based on the local economy and market, Gashi mentioned that they offer greater access to human resources, and operate through separate responsibilities. Moreover, Gashi elaborated on the business registration procedures according to the chosen structure, which require different procedures according to the law in force.