Tips and Advices: Starting a Business in Kosovo?

kosLike in any other country, starting a business in Kosovo is difficult. If you’re planning to start a business of your own in this European country, here are some things that you should remember.

Give them What They Want, and Not What You Want to Sell

A lot of entrepreneurs want to start a business of an idea or product they think that would sell, instead of selling something that has proven its worth in the Kosovo market.

Therefore, instead of making and selling a new bag with the latest design and materials, your business will do better if you focus on the wide category of bags. And then, you can start thinking about a subcategory of bags.

Make Sure Profit Will Flow Immediately
If you can’t make a cash flow as soon as you establish your business, it will be in a verge of shutting down early. Therefore, you’ll have to find methods to keep the cash flowing. One way is by asking a deposit on work up-front, which can be done for professional service businesses or retail owners.

Find Ways to Make Your Costs Low
For cash to smoothly flow, you’ll have to bring more cash than you pay out in your business. Therefore, to do this you’ll have to maintain low business costs and expenses.

Focus Your Attention on Sales and Marketing Obsessively
When doing business, nothing will happen until you’ve made your first sale. To be able to get some action, you’ll have to find methods to obtain leads, transition leads into sales, and keeping sure that you will get repeat sales from our customers.

Follow the Legal Process of Establishing a Business in Kosovo
If you want your business to smoothly run, without causing any legal dispute, you’ll have to follow the legal process of opening a business in Kosovo.

1. Open a Bank Account
Opening a bank account for your business is needed for tax purposes, therefore a Tax administration will have to be able to have access to the information of the said account. It is also required to be able to carry out business activities.

2. Ask and Get a Business Certificate and ‘Business Information’ document, and a Fiscal Number and a Full VAT Registration
For the first two requirements, you’ll be to acquire them in the Kosovo Business Registration Agency or KBRA.

3. Create A Company Seal
Legally speaking, a company seal is not needed. But, a lot of current business in Kosovo have company seals so that they can use them for interactions with the authorities.

4. Have Your Business Location Be Inspected
All the inspections of your business location will be done by the Tax Administration. However, there are times where an inspection will not be imposed for your business.

5. Register Your Employees for the Pension Scheme
For tax purposes, your employees must be registered with the Tax Administration at the Ministry of Finance. For your workers to get a pension, you will have to submit a business certificate, copy of identification cards, and a complete registration form provided by the Tax administration.