Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the AMF's decision, including banking and payment rails.
Get an investment license in Albania.
A MiFID-shaped statute in a market of ten licensees. The Financial Supervisory Authority (AMF) grants the shoqëri komisionere licence under Law no. 62/2020 On Capital Markets, in force since 1 September 2020, with art. 17 capital of ALL 6,500,000 for advice and order handling without client accounts, ALL 16,250,000 once the firm keeps them and ALL 95,000,000 for own-account dealing - and art. 14(5) puts the AMF's decision within three months of a complete file. Nine banks and Posta Shqiptare hold the licence today; no independent brokerage does. The AMF publishes neither a lek fee schedule for investment firms nor an investor-compensation fund, Albania is an EU candidate without a passport, and corporate tax is 15%.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Albania in brief
A three-month clock, lek tiers, and a register of banks.
Albania licenses investment firms under Law no. 62/2020 of 14 May 2020 On Capital Markets, in force since 1 September 2020 and written to the MiFID pattern - the Financial Supervisory Authority (AMF) publishes its own English translation. Art. 3 point 48 lists the investment services: reception and transmission of orders, execution, dealing on own account, portfolio management, investment advice, underwriting, placing and trading platforms; art. 3 point 5 adds custody, credit for transactions, corporate-finance advice, FX and research as ancillary services. The licensee is a shoqëri komisionere - a joint-stock company under art. 16(1)(a) with a supervisory board and an administration board. Art. 17 prints the capital in lek: ALL 6,500,000 for a firm that offers reception and transmission, execution or advice without holding client securities accounts, or professional-liability insurance of ALL 65,000,000 per claim and ALL 97,500,000 a year instead; ALL 16,250,000 once it keeps client instrument accounts; ALL 95,000,000 for own-account dealing or firm-commitment underwriting.
The clock is printed: art. 14(5) gives the applicant the AMF's decision within three months of completing the requirements. The price is set as a frame, not a figure: Law 9572/2006 art. 27 lets the AMF charge application, licensing and renewal fees and a supervision fee of up to 1.5% of the relevant base, and the lek amounts for investment firms are confirmed with the licensing department; the AMF publishes no investor-compensation fund. The register is short: ten shoqëri komisionere, nine of them banks licensed in 2021-2022, the tenth Posta Shqiptare, licensed on 31 July 2024 to receive and transmit orders in treasury bills and bonds. No independent brokerage house is on it. Albania is an EU candidate and the licence carries no passport. Corporate tax is 15% on the government investment agency's guide, dividends leave at 8%, and INSTAT counted 2,335,930 people on 1 January 2026. We build from Tirana.
A MiFID-shaped statute: the AMF's shoqëri komisionere licence under Law 62/2020 - art. 17 capital of ALL 6.5M without client accounts, ALL 16.25M with them, ALL 95M for dealing; a decision within three months of a complete file under art. 14(5); no passport.
15% corporate tax and 8% dividend withholding on the investment agency's guide, ten licensees on the register - nine banks and the post office. No published fees, no compensation fund. Built end to end from Tirana.
The two builds
The shoqëri komisionere - or the fund manager under Law 56/2020.
Two AMF licences under two statutes of 2020: the investment firm under Law 62/2020 at ALL 6,500,000 to ALL 95,000,000 by service set, and the shoqëri administruese under Law 56/2020 at ALL 15,800,000 for public and alternative funds. We fix which one carries the business before drafting.
The Law 62/2020 investment firm - or the ALL 15.8M fund manager.
01 - SHOQËRI KOMISIONERE
The Law 62/2020 investment firm
The AMF licence for the art. 3 point 48 services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing and trading platforms - with custody among the art. 3 point 5 ancillary services. Art. 17 prices it in lek: ALL 6,500,000 for order handling and advice without client securities accounts, ALL 16,250,000 for a firm that keeps them, ALL 95,000,000 for dealing and firm-commitment underwriting.
The AMF licence for the art. 3 point 48 services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing and trading platforms - with custody among the art. 3 point 5 ancillary services. Art. 17 prices it in lek: ALL 6,500,000 for order handling and advice without client securities accounts, ALL 16,250,000 for a firm that keeps them, ALL 95,000,000 for dealing and firm-commitment underwriting.
- ✓Art. 3 point 48 services · point 5 ancillary
- ✓ALL 6,500,000 - no client accounts (art. 17(3))
- ✓Or PII: ALL 65,000,000 per claim · ALL 97,500,000 a year
- ✓ALL 16,250,000 - client instrument accounts (art. 17(2))
- ✓ALL 95,000,000 - dealing, firm-commitment underwriting (art. 17(4))
- ✓Decision within 3 months of a complete file (art. 14(5))
02 - SHOQËRI ADMINISTRUESE · FUNDS
ALL 15,800,000 initial capitalThe fund manager under Law 56/2020
The collective-investment licence under Law no. 56/2020 of 30 April 2020, in force since 20 June 2020: a joint-stock company under art. 12(1), capital of not less than ALL 15,800,000 under art. 13(3), plus 0.02% of assets under management above ALL 31,600,000,000 up to a ceiling of ALL 1,300,000,000 under art. 13(4)(a) - for public funds and alternative funds alike.
Shoqëri administruese under Law 56/2020: ALL 15,800,000 under art. 13(3) plus 0.02% of AUM over ALL 31.6 billion, capped at ALL 1.3 billion - public and alternative funds under one statute.
- ✓Law 56/2020 - in force 20 June 2020
- ✓Shoqëri aksionare (art. 12(1))
- ✓ALL 15,800,000 capital (art. 13(3))
- ✓+0.02% of AUM over ALL 31.6 billion (art. 13(4)(a))
- ✓Ceiling ALL 1,300,000,000
- ✓Public and alternative funds, one statute
Costs and timelines are confirmed for your case before any work begins. The AMF publishes no lek fee schedule for investment firms - Law 9572/2006 art. 27 sets only the frame, with a supervision fee of up to 1.5% of the base - so the charge is confirmed with the licensing department and itemised in your quote.
Why Albania
A printed clock in a market with no independent broker.
Albania sells a three-month statutory clock and lek-denominated tiers - in a register where every licensee is a bank or the post office.
✓
Three months, in the statute
Art. 14(5) of Law 62/2020: within three months of completing the requirements, the applicant is told the AMF's decision. Half the six months Greece and Croatia run to under MiFID II art. 7(3), and printed in the act rather than borrowed from the directive.Art. 14(5), printed.
✓
Entry at ALL 6,500,000 - or insured
Art. 17(3): a firm offering reception and transmission, execution or advice without client securities accounts needs ALL 6,500,000 - or professional-liability cover of ALL 65,000,000 per claim and ALL 97,500,000 a year, or a mix of the two.Or insured instead.
✓
A register of ten, nine of them banks
The AMF's register lists nine banks licensed in 2021-2022 and Posta Shqiptare, licensed on 31 July 2024 for orders in treasury bills and bonds. No independent brokerage house is on it - the first one will be the AMF's first such file as well.Nine banks, one post office.
✓
15% and 8%
Corporate tax of 15% and dividend withholding of 8% on the government investment agency's guide of January 2026; Law 29/2023 sets the rate itself, and the position for your entity is confirmed in the quote.Per the AIDA guide.
✓
An English text from the regulator
The AMF publishes its own English translation of Law 62/2020 - the tiers, the boards and the clock can be read in full before the Albanian-language file is drafted.Published by the AMF.
✓
No passport, no fund, no price list
Albania is an EU candidate: the licence reaches no other market. The AMF publishes no investor-compensation fund and no lek fee schedule for investment firms. Budget for all three.No fund, no price list.
How it compares
How Albania differs from other routes.
The honest comparison: a printed three-month clock and lek tiers without a passport - against Montenegro's new EU-aligned act and the eurozone MiFID licences of Greece and Croatia.
Albania vs other jurisdictions
| Feature |  Albania | Other jurisdictions |
|---|---|---|
| Regime | Law 62/2020 On Capital Markets - AMF | Capital Market Law 16/2026 Montenegro · Law 4514/2018 Greece · ZTK Croatia |
| Capital | ALL 6.5M / 16.25M / 95M - art. 17 | €75k / €150k / €750k Greece, Croatia · Montenegro: confirmed per case |
| Scope | Domestic market · no passport (EU candidate) | 30 EEA states Greece, Croatia · none Montenegro |
| Timeline | 3 months from a complete file (art. 14(5)) | 6 months MiFID II art. 7(3) Greece, Croatia · Montenegro: no published clock |
Regime
AlbaniaLaw 62/2020 On Capital Markets - AMF
Other jurisdictionsCapital Market Law 16/2026 Montenegro · Law 4514/2018 Greece · ZTK Croatia
Capital
AlbaniaALL 6.5M / 16.25M / 95M - art. 17
Other jurisdictions€75k / €150k / €750k Greece, Croatia · Montenegro: confirmed per case
Scope
AlbaniaDomestic market · no passport (EU candidate)
Other jurisdictions30 EEA states Greece, Croatia · none Montenegro
Timeline
Albania3 months from a complete file (art. 14(5))
Other jurisdictions6 months MiFID II art. 7(3) Greece, Croatia · Montenegro: no published clock
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Albania | Shoqëri komisionere - AMF | 15% CIT · 8% dividend WHT | Law 62/2020 art. 17 ALL 6.5M-95M, sh.a., 3-month clock |
 Montenegro | Investiciono društvo - Capital Market Authority | 9% to €100k · 12% · 15% above €1.5m | Capital confirmed per case, fee 2% of minimum capital, investor fund from 1 Jan 2026 |
 Greece | ΑΕΠΕΥ - HCMC | 22% CIT | IFR €75k-€750k, Guarantee Fund €30k, 6 months |
 Croatia | Investicijsko društvo - HANFA | 10% to €1m revenue · 18% | ZTK čl. 10 €75k-€750k, fees €1,400-€10,200 per service |
AlbaniaLicense typeShoqëri komisionere - AMF
Taxation15% CIT · 8% dividend WHT
RequirementsLaw 62/2020 art. 17 ALL 6.5M-95M, sh.a., 3-month clock
MontenegroLicense typeInvesticiono društvo - Capital Market Authority
Taxation9% to €100k · 12% · 15% above €1.5m
RequirementsCapital confirmed per case, fee 2% of minimum capital, investor fund from 1 Jan 2026
GreeceLicense typeΑΕΠΕΥ - HCMC
Taxation22% CIT
RequirementsIFR €75k-€750k, Guarantee Fund €30k, 6 months
CroatiaLicense typeInvesticijsko društvo - HANFA
Taxation10% to €1m revenue · 18%
RequirementsZTK čl. 10 €75k-€750k, fees €1,400-€10,200 per service
Before you apply
Requirements for the Albanian licence.Requirements for the licence.
The AMF reviews the file under arts 14 to 17 of Law 62/2020 and its 2023 regulations, and art. 14(5) starts the three months only once the requirements are complete. The checklist below is what a complete application contains.
01
Albanian joint-stock company - a shoqëri aksionare registered under the law on entrepreneurs and companies, as art. 16(1)(a) of Law 62/2020 requires; an individual cannot hold the licence.
02
Initial capital - ALL 6,500,000, ALL 16,250,000 or ALL 95,000,000 under art. 17 by service set, paid up from sources the AMF can trace; the lowest tier may be replaced by professional-liability insurance of ALL 65,000,000 per claim and ALL 97,500,000 a year.
03
Two boards - a supervisory board and an administration board whose members the AMF assesses under art. 16; the number of persons who must direct the business is confirmed with the AMF before the boards are named.
04
Ongoing own funds - Regulation no. 6 of 26.01.2023: the highest of one quarter of last year's fixed overheads (art. 10), the initial capital and the risk-based requirement (art. 9(1)).
05
Client-asset category - Regulation 6/2023 art. 7 sorts firms by whether they may hold client money or assets; custody is an ancillary service under art. 3 point 5(a).
06
Organisation - the requirements of Regulation no. 16 of 28.02.2023 on the operational activity of investment firms; residency and staffing minimums are confirmed with the AMF before the organisational file is drafted.
07
The AMF forms - the application forms published on the AMF's own site, filed complete so that the art. 14(5) clock starts at once.
08
Fees - Law 9572/2006 art. 27: application, licensing and renewal fees plus a supervision fee of up to 1.5% of the relevant base; the lek amounts for investment firms are confirmed with the AMF before filing.
09
Reporting - periodic reports under Regulation no. 197 of 24.11.2023 from the first period after licensing.
10
Qualifying holders - examined by the AMF; Law 62/2020 sets no foreign-ownership limit.
01
Sh.a. under art. 16(1)(a).
02
Capital per art. 17 tier.
03
Two boards assessed (art. 16).
04
Own funds per Regulation 6/2023.
05
Client-asset category (art. 7).
06
Organisation per Regulation 16/2023.
07
AMF forms, complete at filing.
08
Fees confirmed (Law 9572 art. 27).
09
Reporting per Regulation 197/2023.
10
Holders vetted; no foreign cap.
Reflects Law 62/2020, Law 56/2020 and AMF Regulations 6/2023, 16/2023 and 197/2023 as of 2026; no amendment to Law 62/2020 is listed for 2023-2026.Law 62/2020 + AMF Regulations 6, 16 and 197 of 2023, as of 2026.
How it works
From first call to the AMF register.
01
Service set and tier
Art. 3 point 48 services fixed against art. 17 - ALL 6,500,000, ALL 16,250,000 or ALL 95,000,000, or the insurance alternative - in writing before drafting.Tier fixed in writing.
02
Company and boards
Albanian shoqëri aksionare, capital paid from evidenced sources, supervisory and administration boards ready for the AMF's art. 16 assessment.Ready for assessment.
03
The application
The AMF's forms, the organisational file under Regulation 16/2023 and the capital computation under Regulation 6/2023 - complete at filing, so the art. 14(5) clock starts.Complete; clock starts.
04
AMF review
Three months from completion under art. 14(5); the AMF publishes no processing statistics, so we plan for question rounds before the file counts as complete.Three months, art. 14(5).
05
Licence and launch
Register entry, periodic reporting under Regulation 197/2023 live, banking and ALSE access in place.Reporting from day one.
Quick facts
RegulatorAMF
LicenceShoqëri komisionere
No client accountsALL 6,500,000
Client accounts heldALL 16,250,000
Dealing · underwritingALL 95,000,000
Fund managerALL 15,800,000
Statutory clock3 months (art. 14(5))
Corporate tax15%
Art. 14(5) runs the three months from the completion of the requirements, not from the day of filing - so the file that is complete on day one is the whole game, and our job. The AMF publishes no processing statistics.
On the ground in Albania
Run from our Tirana office.
Prifinance - Albania
Tirana · Albania
Tirana, Albania
01
Company and capital
Shoqëri aksionare seated in Tirana, art. 17 capital paid in lek to the tier or the insurance alternative placed - the art. 16 grounds closed before the file opens.Art. 16 grounds closed.
02
The AMF file
Application forms, the organisational file under Regulation 16/2023 and the capital computation under Regulation 6/2023 - drafted in Albanian and defended through the AMF's questions.Drafted in Albanian.
03
Two boards
Supervisory and administration board members prepared for the AMF's art. 16 assessment - sourced from Tirana's banking bench where the founders' own team is thin.Ready for art. 16.
04
Launch
Register entry, Regulation 197/2023 reporting live, banking and ALSE access in place - with our Istanbul office behind the Tirana desk.Istanbul behind Tirana.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of investment firms in Albania.
15% on the investment agency's guide, 8% on dividends - and Law 29/2023 behind both, confirmed in the quote.
Corporate tax 15%
The Albanian Investment Development Agency's tax guide, updated 20 January 2026, prints 15% on taxable profit; the 23% line above ALL 14 million on the same page is the schedule for self-employed individuals, not companies. Law 29/2023 sets the rate; the position for your entity is confirmed in the quote.AIDA guide; Law 29/2023.
Dividend withholding 8%
8% on dividends and profit shares on the same guide - the rate a foreign holding company models above the Albanian sh.a., before any treaty.Dividends.
Service fees 15%
Withholding of 15% on technical, management, consulting, financial and insurance service fees - the line that touches group management charges into Tirana.Management, consulting, financial.
VAT 20%
Standard rate 20%, reduced 6% and 10%; whether a financial-services exemption covers each of your services is confirmed per structure, on your own service set.Exemption per structure.
The 0% window to 2029
0% for entities with annual gross revenues up to ALL 14 million until 31 December 2029 - whether a licensed firm falls inside it is a question for your revenue plan, not for a brochure.Under ALL 14m revenue.
AMF fees
Law 9572/2006 art. 27: application, licensing and renewal fees plus a supervision fee of up to 1.5% of the relevant base - the AMF publishes no lek amounts for investment firms, so the charge is confirmed with the licensing department.Up to 1.5% supervision.
Tax summary
Corporate tax15% (AIDA guide)
Dividend withholding8%
Service-fee withholding15%
VAT20% · exemption confirmed per structure
AMF supervision feeUp to 1.5% of base
*Figures as of 2026 per Albanian law and the AIDA tax guide. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Albanian shoqëri aksionare, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
Follow Prifinance
Active across our channels.
Albania · AMF investment firm licence
Launch your investment firm in Albania with expert support.
Full-service assistance - from the Albanian shoqëri aksionare and the AMF file to the shoqëri komisionere licence, board assessments and ongoing reporting - run through our Tirana office.
Get a consultation →Free legal opinion
Is Albania the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Albanian investment licence, answered.
Which licence does an investment firm need in Albania?+
The shoqëri komisionere licence from the AMF under Law no. 62/2020 On Capital Markets, for the art. 3 point 48 services - reception and transmission, execution, own-account dealing, portfolio management, advice, underwriting, placing and trading platforms - with custody among the art. 3 point 5 ancillary services. Banks hold the same licence for their investment business.
What capital does art. 17 require?+
ALL 6,500,000 for a firm offering reception and transmission, execution or advice without client securities accounts (art. 17(3)) - or professional-liability insurance of ALL 65,000,000 per claim and ALL 97,500,000 a year; ALL 16,250,000 where client instrument accounts are kept (art. 17(2)); ALL 95,000,000 for own-account dealing or firm-commitment underwriting (art. 17(4)). The law prints lek only.
How long does the AMF take?+
Art. 14(5) of Law 62/2020: within three months of the completion of the requirements, the applicant is informed of the decision. The AMF publishes no processing statistics, so the honest plan is three months plus the time the file takes to count as complete.
What does the licence cost at the AMF?+
The AMF publishes no fee schedule for investment firms. Law 9572/2006 art. 27 lets the AMF collect application, licensing and renewal fees and a supervision fee of up to 1.5% of the relevant base; the lek amounts are confirmed with the licensing department before filing and itemised in the quote.
Who holds the licence today?+
Ten entities on the AMF register: nine banks - Banka Union, BKT, OTP, FIBank, Banka e Tiranës, ABI, Credins, Intesa Sanpaolo and Raiffeisen, licensed in 2021-2022 - and Posta Shqiptare, licensed on 31 July 2024 to receive and transmit orders in treasury bills and bonds. No independent brokerage house is on it.
Is there a lighter route than the full licence?+
Two under Law 62/2020: the registered person of art. 82 and the tied agent of arts 22-26 and 106, each acting under the full responsibility of one licensed firm. Neither replaces the firm's own licence, and Regulation 6/2023 art. 7 still sorts the firm by whether it may hold client money or assets.
Does the licence passport into the EU?+
No. Albania is an EU candidate; Law 62/2020 is MiFID-aligned but carries no mutual recognition, and no sandbox exists beyond Law 66/2020 on DLT-based markets. The licence serves the Albanian market - 2,335,930 people on INSTAT's count of 1 January 2026.
How are Albanian investment firms taxed?+
15% corporate tax and 8% withholding on dividends on the government investment agency's guide, 15% withholding on management, consulting and financial service fees, VAT at 20% with the financial-services exemption applied per structure. Law 29/2023 sets the rates themselves, and the position for your entity is confirmed in the quote.
Albania or Montenegro for a new firm?+
Montenegro passed an EU-aligned Capital Market Law in February 2026, runs an investor protection fund since 1 January 2026 and has eight investment firms on its register - but its minimum capital and decision period are confirmed per case. Albania prints both: art. 17 tiers and a three-month clock. Podgorica for the readier market; Tirana for the statute in English.
Why Prifinance for Albania?+
A Tirana office with our Istanbul office behind it, an Albanian-language file built to Law 62/2020 and the AMF's 2023 regulations with the capital tier fixed before drafting, and supervisory and administration boards prepared for the art. 16 assessment. Register entry, reporting and banking run as part of launch.
Which licence?+
Law 62/2020 shoqëri komisionere.
Capital?+
ALL 6.5M/16.25M/95M.
How long?+
Three months, art. 14(5).
Fee?+
Confirmed with the AMF.
Who holds it?+
Nine banks, Posta Shqiptare.
Lighter route?+
Registered person, tied agent.
Passport?+
None - EU candidate.
Taxes?+
15%; 8% on dividends.
Or Montenegro?+
Readier market vs English act.
Why you?+
Tirana desk, Istanbul behind it.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
Start today
One message away from your Albania investment licence.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Albanian route fits your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Albanian Financial Supervisory Authority or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.