A P r ac t i c a l G u i d e. on Doing Business in Albania

Similar documents
Issue 03/2010 RECENT DEVELOPMENTS

Amendments to Albanian fiscal legislation

When entering a new market, most companies face the struggle of establishing their brand

Issue 03/07. Amendments to Albanian fiscal legislation

PROCEDURES FOR RECEIVING RIGHTS UNDER THE TREATY OF AMITY AND ECONOMIC RELATIONS BETWEEN THE UNITED STATES AND THAILAND

How to Guide: Setting-up Business in Germany. Introduction. Entry. Set-up. Contact

This document has been provided by the International Center for Not-for-Profit Law (ICNL).

2. For Private Entrepreneurs, Individuals Assigned TIN under Armenian Legislation and Notaries

This article/guide is intended to provide the reader with information on the policy of the Government dated 13 th September 2016 on the:

Residency programs; Montenegro, Greece & Cyprus. Panos Diallinas Bojana Peric September 2017

Provisions on Issues concerning the Implementation of the. Administrative Measures for Securities Investment Made in China

Setting up business in... Montenegro

PANAMA Arosemena Noriega & Contreras

16 Annex - Taxation 103. LAW ON CORPORATE PROFIT TAX

Starting Business in Slovakia for Migrants

Legal entities, Registration, Update, & Deregistration

ALBANIA TAX CARD 2017

AGREEMENT OF 2 ND MAY, Norway

MUNICIPAL LEGAL DEFENSE PROGRAM Effective 1/1/79 As Amended 1/1/19

Payment of unclaimed superannuation money

Albania. Silva Velaj & Sabina Lalaj Boga & Associates

AGREEMENT BETWEEN THE GOVERNMENT OF CANADA AND THE GOVERNMENT OF THE REPUBLIC OF POLAND FOR THE PROMOTION AND RECIPROCAL PROTECTION OF INVESTMENTS

DECISION amending the Decision on documents supporting the request for granting approvals under the Banking Law

1. Parking cards issued to natural persons with a permanent residence in the stated area or owning a real property in the stated area - RESIDENTS

International Tax Albania Highlights 2018

Japan - Sri Lanka Income Tax Treaty (1967)

SETTING UP BUSINESS IN MONTENEGRO

I. PAYMENT ACCOUNTS... 2 II. BANK TRANSFERS... 2 III. CASH OPERATIONS... 3 IV. MONEY REMITTANCE... 4

This document has been provided by the International Center for Not-for-Profit Law (ICNL).

AGREEMENT BETWEEN THE ENERGY COMMUNITY AND THE REPUBLIC OF AUSTRIA REGARDING THE SEAT OF THE SECRETARIAT OF THE ENERGY COMMUNITY.

How to establish a company in Spain

COMAR Requirements for Filing and Amending Claims

THE FOREIGN INVESTMENT LAW (THE PYIDAUNGSU HLUTTAW LAW NO 21/2012) (2 ND NOVEMBER, 2012) (THE 3 rd WANING OF THADINGYUT, 1374 ME)

This document has been provided by the International Center for Not-for-Profit Law (ICNL).

Moldova. LAW on Foundations

Education, Audiovisual and Culture Executive Agency GRANT AGREEMENT FOR AN ACTION WITH MULTIPLE BENEFICIARIES

GREECE Agreement for avoidance of double taxation with Greece Whereas the annexed Agreement between the Government of India and the Government of

I. PAYMENT ACCOUNTS... 2 II. BANK TRANSFERS... 2 III. CASH OPERATIONS... 3 IV. MONEY REMITTANCE... 3

1 O u r P h i l o s o p h y C u s t o m e r s S a t i s f a c t i o n!

C O M M I T M E N T - R E S P O N S I B I L I T Y - V A L U E C R E A T I O N

STARTING A BUSINESS IN RUSSIA A GUIDE TO HELP YOU GET STARTED

SPECIFIC AGREEMENT No XXXX/XXXXX..

GENERAL TERMS AND CONDITIONS OF BUSINESS FOR HOTEL ACCOMMODATION CONTRACTS I. Area of validity

RICHMOND PROPERTY GROUP. Legal Disclaimer

Law 10 of 2009 Regulating Non-banking Financial Markets and Instruments. The People's Assembly has approved the following law which we hereby issued:

Article I Definitions For the Purpose of the present Agreement:

GENERAL TERMS AND CONDITIONS FOR THE OPENING, KEEPING AND CLOSING OF PAYMENT ACCOUNTS AND THE PROVISION OF PAYMENT SERVICES BY TRANSACT EUROPE EAD

Tax & Legal update Tax & Legal amendments December 2013

LAW ON ACCOUNTING AND AUDITING OF THE REPUBLIC OF SRPSKA CHAPTER I GENERAL PROVISIONS. Article 1. Article 2

RULES FOR DIVIDEND PAYMENT. approved by Resolution No. 3 of Regular General Assembly of the company Biotika a.s. Art.

QUESTIONNAIRE: DETERMINATION OF RESIDENCY STATUS ENTERING THE REPUBLIC OF SLOVENIA. Identification of Individual Name: Tax ID No.

Euro-Arab Conference on Investor-State Dispute Settlement, October 2012

The Government of Canada and the Government of the Union of Soviet Socialist Republics, hereinafter referred to as the "Contracting Parties" ;

Instructions for Form W-7

GENERAL PROVISIONS. Article 1 Subject of the Law

APPLICATION FORM PREMIUM CHINA FUNDS MANAGEMENT FUNDS. Dated 4 May Contact details. Investor queries and Application Forms to: Distributor

TREATY BETWEEN THE UNITED STATES OF AMERICA AND THE REPUBLIC OF TUNISIA CONCERNING THE RECIPROCAL ENCOURAGEMENT AND PROTECTION OF INVESTMENT The

Template for the Bilateral Agreement on Privileges and Immunities

Cyprus Citizenship by Investment

TAXATION OF EXPATRIATES WORKING IN THE SLOVAK REPUBLIC OUR OFFICES:

Application for Service or Early Retirement Benefits

Agency for Foreign Investments and Export Promotion of the Republic of Macedonia PROCEDURES FOR REGISTERING DIFFERENT KINDS OF BUSINESSES

Setting up business in... Serbia

Law on Associations and Foundations (Republika Srpska) (2001)

TAX CORPORATE SERVICES ACCOUNTING

General Terms and Conditions of Purchase

HUNGARY - BRAZIL CONVENTION

A G R E E M E N T BETWEEN THE REPUBLIC OF HUNGARY AND THE STATE OF KUWAIT FOR THE ENCOURAGEMENT AND RECIPROCAL PROTECTION OF INVESTMENTS

RENEWAL OF REGISTRATION AS A MEDICAL INSURANCE PROVIDER FOR THE YEAR 2012

Considering the International Agreement signed in Paris on 25 January 1924, creating the Office International des Epizooties,

Data Entry Form of Pensioners Resident Abroad (Fill this Form using with only Block Capitals)

THE GOVERNMENT OF AUSTRALIA AND THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND,

Articles of Association of the Belgrade Stock Exchange, jsc, Belgrade

1 P a g e LAW ON ACCOUNTING. ("Off. Herald of RS", No. 62/2013)

Education, Audiovisual and Culture Executive Agency GRANT AGREEMENT FOR AN ACTION WITH MULTIPLE BENEFICIARIES

MINISTRY OF FINANCE Superintendence of Private Insurances (SUSEP)

COMPANY LAW. No. 31/November 17, 1990 TITLE I. General Provisions

SETTING UP BUSINESS IN SERBIA

Chapter I. General Provisions

DETERMINATION OF CHANGE OF THE RESIDENCY STATUS FROM NON-RESIDENT TO RESIDENT OF THE REPUBLIC OF CROATIA

Education, Audiovisual and Culture Executive Agency GRANT AGREEMENT FOR AN ACTION WITH MULTIPLE BENEFICIARIES

AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF CROATIA AND THE GOVERNMNET OF THE STATE OF QATAR THE PROMOTION AND

Tax file number application or enquiry for individuals

This document has been provided by the International Center for Not-for-Profit Law (ICNL).

Section I GENERAL PROVISIONS

Scheme for Naturalization of Investors in Cyprus by exception

Investor s Guide: ALBANIA

Bilateral Investment Treaty between Australia and Indonesia

Adopted by the State Duma on July 13, 2001 Approved by the Federation Council on July 20, Chapter I. General Provisions

Published on Taxation and customs union (

Consultant - Legal T F

FINAL ACT. 2. the texts listed below which are annexed to the Agreement amending the Convention establishing the European Free Trade Association:

Education, Audiovisual and Culture Executive Agency GRANT AGREEMENT FOR AN ACTION WITH MULTIPLE BENEFICIARIES AGREEMENT NUMBER [ ]

Instruction sheet Completing the identification form for Individuals and Sole Traders

SETTING UP BUSINESS IN COLOMBIA

Instruction page for completion of Identity verification, third party determination and politically exposed persons (PEP) for individual owners

The Government of the Republic of Chile and the Government of the Republic of Indonesia, hereinafter referred to as the "Contracting Parties";

LAW OF THE REPUBLIC OF INDONESIA NUMBER 1, YEAR 1967 CONCERNING FOREIGN INVESTMENT BY THE GRACE OF THE ALMIGHTY GOD

Form GST REG-07. Part A. Legal Name of the Tax Deductor or Tax Collector( As mentioned in PAN/ TAN)

ON STRATEGIC INVESTMENTS IN THE REPUBLIC OF KOSOVO. Based on Article 65 (1) of the Constitution of the Republic of Kosovo,

Transcription:

A P r ac t i c a l G u i d e on Doing Business in Albania 1

Table of Contents 5 11 19 25 Registration of a Branch Office General overview 6 Documents to be filed 7 Terms, legalization process and official fees 8 Other registrations and declarations 9 Registration of a Limited Liability Company General overview 12 Documents to be filed applicable to both foreign legal entity and individuals as future shareholders 13 Additional documents to be filed applicable only if the future shareholder is a foreign legal entity 14 Additional documents to be filed applicable only if the future shareholders are individuals 15 Terms, legalization process and official fees 16 Other registrations and declarations 17 Registration of a Tax Representative General overview 20 Documents to be filed 21 Terms, legalization process and official fees 22 Other registrations and declarations 23 Work and Residence Permits How to obtain work permit 26 How to obtain residence permit 29 Notes for both procedures (work and residence permit) 31 1

Boga & Associates Services at a Glance! Boga & Associates, established in 1994, has emerged as one of the premier law firms in Albania, earning a reputation for providing the highest quality of legal, tax and accounting services to its clients. Boga & Associates also operates in Kosovo (Pristina) offering full range of services. Until 1 st of May 2007, the firm was a member firm of KPMG International and the Senior Partner/Managing Partner, Mr. Genc Boga was also Managing Partner of KPMG Albania. Our firm s particularity is linked to the multidisciplinary services it provides to its clients. Apart of the wide consolidated legal practice, the firm offers also a significant expertise in tax and accounting services with a keen sensitivity to the rapid changes in the Albanian and Kosovar business environment. Boga & Associates is recognized as a top tier firm by the most prestigious ranking companies in Corporate/Commercial, Dispute Resolution, Intellectual Property, Real Estate by Chambers and Partner (2012), Financial and Corporate Law as well as Mergers and Acquisition by IFLR (2012). The firm is praised by clients and peers as a law firm with high-calibre expertise and is distinguished among the elite in Albania and as accessible, responsive and wise. Areas of practice LEGAL: Commercial, Corporate, Mergers and Acquisitions, Banking and Finance, Competition, Employment, Construction, Telecommunication, Oil and Energy, Procurement, Environment, Real Estate, IP, Litigation, etc. TAX: Tax Advice, Compliance, Audit, Litigation. ACCOUNTING: Accounting, Bookkeeping and Payroll. Languages spoken: Albanian, English, French, Italian, Greek, German. Offices: Albania Deshmoret e 4 Shkurtit str. P.O. Box 8264 Tirana, Albania Telephone: +355 4 2251050 / +355 4 2251022 Fax: +355 4 225 1055 boga@bogalaw.com www.bogalaw.com Kosovo Nena Tereze str. Entry 30, No. 5 Pristina, Kosovo Telephone: +381 38 223 152 Fax: +381 38 223 153 3

Registration of a Branch Office General overview Documents to be filed Terms, legalization process and official fees Other registrations and declarations 5

General overview A foreign company may organize its business in Albania through establishment of a branch. Considering that the parent company and the branch have the same legal personality, there are no capital requirements (the parent company may allocate to the branch the funds considered opportune and appropriate for the branch to conduct its activity in Albania). The branch is managed by one or more managers, foreigners or Albanian. Registration with the Albanian Commercial Register kept by the National Registration Center ( NRC ) implies also registration for tax purposes. Upon completion of the procedures of registration, the NRC issues to the branch the business number (which is also used as tax identification number) and the certificate of registration. 6 Registration of a Branch Office

Documents to be filed Documents to be filed with Albanian Commercial Register 1. Application form 2. Resolution of decision making body of parent company on establishment of the branch (notarized) 3. Articles of Incorporation and/or Bylaws of the parent company 4. Extract of the Chamber of Commerce of the country where the parent company is registered 5. Good standing Certificate issued by the relevant authority in the country where the parent company is registered 6. Copy of branch manager (s) passport/id card and simple photocopy of parent company s head officer 7. Latest financial statements of parent company (if it has conducted its activity for more than 1 year) and audit report 8. Power of attorney issued by the branch manager (s) for performing registration process (notarized) 7

Terms, legalization process and official fees The application form along with the above documents must be filed within 15 days from the establishment of the branch (i.e. from the date of signature of the resolution on establishment); otherwise, a penalty in the amount of Leke 15,000 (approx. EUR 110) applies. All the documents presented for registration purposes/filing with Albanian public authorities (including the NRC), in foreign language and executed abroad or issued by foreign public authorities should be in original or certified true copies (only one original or certified copy is needed). They should be legalized (with apostille, if applicable, by the competent authorities in accordance with the Hague Convention dated 5 October 1961). Such documents must be then translated into Albanian language and such translation must be notarized (certified) by a notary public. Under the National Registration Center legislation, the certificate of registration of a new business must be issued by NRC within one day from the application date if the presented file is accurate and complete. However, in practice, the registration with the NRC takes approximately 2-3 days. The official fees for establishment and registration of the branch with the NRC consist of the following: Registration with the NRC: Leke 200 (approx. EUR 2) Notary Public fees (approx.): Leke 8,000 (approx. EUR 55) + VAT (at 20%) 8 Registration of a Branch Office

Other registrations and declarations Registration with NRC Declaration to tax authorities of annual turnover foreseen for the year Municipal Local Taxes Directorate Documents to be filed (as copies) Passport/ID card of the manager of the branch NRC extract and certificate of registration Lease contract for the premises where the legal seat located 9

Registration of a Limited Liability Company General overview Documents to be filed applicable to both foreign legal entity and individuals as future shareholders Additional documents to be filed applicable only if the future shareholder is a foreign legal entity Additional documents to be filed applicable only if the future shareholders are individuals Terms, legalization process and official fees Other registrations and declarations 11

General overview The limited liability company is the most common and preferred legal form for conducting business in Albania. It has the following features: minimum share capital is Leke 100 (approximately EUR 1); no limitation on the number of shareholders, either individuals or legal entities, foreigners or Albanian; it may be managed by one or more individuals, either foreigners or Albanian. Registration with the Albanian Commercial Register kept by the National Registration Center ( NRC ) implies also registration for tax purposes. Upon completion of the procedures of registration, the NRC issues to the new company the business number (which is also used as tax identification number) and the certificate of registration. 12 Registration of a Limited Liability Company

Documents to be filed applicable to both foreign legal entity and individuals as future shareholders Applicable to both foreign legal entity and individuals Application form Articles of Incorporation and/or Bylaws of the new company Copy of the passport/id card of the administrator (s) of the new company Power of attorney for performing registration process To be notarized by a Notary Public 13

Additional documents to be filed applicable only if the future shareholder is a foreign legal entity Sole shareholder Foreign Legal Entity Resolution of decision making body on establishment of new company (notarized) Articles of Incorporation and Bylaws of Sole shareholder and amendments Extract of the Chamber of Commerce of the country where the Sole shareholder is located Good standing Certificate issued by the relevant authority in the country where the Sole shareholder is located Issued no before than 90 days from application date 14 Registration of a Limited Liability Company

Additional documents to be filed applicable only if the future shareholders are individuals Individuals as shareholders Notarized copy of identification card or passport 15

Terms, legalization process and official fees The application form along with the above documents must be filed within 15 days from the establishment of the new company (i.e. from the date of signature of Articles of Incorporation and/or Bylaws); otherwise, a penalty in the amount of Leke 15,000 (approx. EUR 110) applies. All the documents presented for registration purposes/filing with Albanian public authorities (including the NRC), in foreign language and executed abroad or issued by foreign public authorities should be in original or certified true copies (only one original or certified copy is needed). They should be legalized (with apostille, if applicable, by the competent authorities in accordance with the Hague Convention dated 5 October 1961). Such documents must be then translated into Albanian language and such translation must be notarized (certified) by a notary public. Under the National Registration Center legislation, the certificate of registration of a new business must be issued by NRC within one day from the application date if the presented file is accurate and complete. However, in practice, the registration with the NRC takes approximately 2-3 days. The official fees for establishment and registration of the new company with the NRC consist of the following: Registration with the NRC: Leke 200 (approx. EUR 2) Notary Public fees (approx.): Leke 8,000 (approx. EUR 55) + VAT (at 20%) 16 Registration of a Limited Liability Company

Other registrations and declarations Registration with NRC Declaration to the tax authorities the annual turnover foreseen for the year Municipal Local Taxes Directorate Documents to be filed (as copies) Passport/ID card of the administrator of the new company NRC extract and certificate of registration Bylaws of the new company Lease contract for the premises where the legal seat is located 17

Registration of a Tax Representative General overview Documents to be filed Terms, legalization process and official fees Other registrations and declarations 19

General overview If a foreign entity does not have a permanent establishment in Albania, but is liable for VAT, it may appoint a tax representative for VAT purposes. The tax representative may be an individual or a legal entity. The tax representative must be registered with the Albanian Commercial Register kept by the National Registration Center ( NRC ). Registration with the Albanian Commercial Register implies also registration for tax purposes. Upon completion of the procedures of registration, the NRC issues to the tax representative the business number (which is also used as tax identification number) and the certificate of registration. 20 Registration of a Tax Representative

Documents to be filed Documents to be filed with Albanian Commercial Register 1. Application form 2. Representation act i.e. power of attorney or agreement between the foreign entity and tax representative (notarized) 3. Articles of Incorporation and/or Bylaws of the foreign entity 4. Extract of the Chamber of Commerce of the country where the foreign entity is located 5. Good standing certificate issued by the relevant authority in the country where the parent company is located 6. Notarized copy of identification card of the tax representative (if the latest is a natural person) 7. Notarized decision of competent body of the tax representative (if the latest is a legal entity) 8. Power of attorney issued by the tax representative for performing registration process (notarized) 21

Terms, legalization process and official fees The application form along with the above documents must be filed within 15 days from the appointment of the tax representative; otherwise, a penalty in the amount of Leke 15,000 (approx. EUR 110) applies. All the documents presented for registration purposes/filing with Albanian public authorities (including the NRC), in foreign language and executed abroad or issued by foreign public authorities should be in original or certified true copies (only one original or certified copy is needed). They should be legalized (with apostille) by the competent authorities in accordance with the Hague Convention dated 5 October 1961. Such documents must be then translated into Albanian language and such translation must be notarized (certified) by a notary public. Under the National Registration Center legislation, the certificate of registration of a new business must be issued by NRC within one day from the application date if the presented file is accurate and complete. However, in practice, the registration with the NRC takes approximately 2-3 days. The official fees for establishment and registration of the tax representative with the NRC consist of the following: Registration with the NRC: Leke 200 (approx. EUR 2) Notary Public fees (approx.): Leke 8,000 (approx. EUR 55) + VAT (at 20%) 22 Registration of a Tax Representative

Other registrations and declarations Registration with NRC Declaration to tax authorities of annual turnover foreseen for the year Municipal Local Taxes Directorate Documents to be filed (as copies) Passport of the tax representative NRC extract and certificate of registration of the tax representative Lease contract of premises where tax representative is located 23

Work and Residence Permits How to obtain work permit How to obtain residence permit Notes for both procedures (work and residence permit) 25

How to obtain work permit Foreigners seeking to work in Albania should obtain a work permit. However, the foreign individuals falling into the following categories may be exempted from the obligation to obtain the work permit (once they have applied for exemption status): (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) counselors or advisors of governmental institutions; members of technical assistance missions of international organizations attached to governmental institutions; representatives of the international organizations having diplomatic status; foreigners who in accordance with the international law enjoy diplomatic privileges and immunities; staff of international transportation companies, staying no longer than three months in the Albanian territory; foreign members of the military forces or civil units of a NATO member; persons holding more than one citizenship, one of which is the Albanian citizenship; representatives of mass media, correspondents or reporters, accredited in the Republic of Albania, who work for foreign employers; foreigners who negotiate an agreement or participate in a trade exposition for a duration up to one month; 26 Work and Residence Permits

(x) (xi) (xii) (xiii) (xiv) (xv) foreigners, who within one month, undertake installation of machineries or constructions which are delivered by a foreign company, and are also in charge with its maintenance and training of the local staff; representatives of non for-profit governmental organizations who are not remunerated for their work; representatives of religious or humanitarian institutions registered with the Albanian competent authorities who are not remunerated for their work; crew of ships or aircrafts with a temporary staying up to three months in the Republic of Albania; business visitors who stay less than one month in the Republic of Albania; lecturers, researchers who come in the Republic of Albania pursuant to bilateral agreements or educational institutions agreements. 27

The documents required to be filed for obtaining the work permit are the following: 1. Personal request with the foreigner s data as per the standard application form filled in and signed by the foreign citizen; 2. An extract of registration of the employer issued by the National Registration Center; 3. Individual employment contract; 4. Copy of the passport of the foreign citizen; 5. Five (5) photos. The above documents might slightly vary depending from the type of the work permit requested. The application file should be submitted with the Directorate of Migration Policies. The said Directorate must notify its decision on issuance or exemption from the work permit within 10 working days from the date of the submission of the documentation; anyhow, in practice the work permit is issued within one month period. The official fee to be paid for the work permit is Leke 6,000 (approx. EUR 45). 28 Work and Residence Permits

How to obtain residence permit Foreigners entering the Republic of Albania without a visa may stay within the Albanian territory up to 90 days for a period of 180 days from the date of their entrance into the Albanian territory. In case the said term is exceeded the residency permit is required. In order to obtain the residence permit the application must be filed 30 days prior the expiring of the staying term (within 60 days from the first entry for foreigners entering the country without visa). The following documents must be submitted at the Local Police Station, where the foreigner resides: 1. Application form for the residence permit to be filled in and signed by the applicant; 2. Passport of the applicant as well copy of the pages bearing official notes and the last entry into Albania. The passport should be valid for at least 3 months after the expiry of the residence permit term; 3. Legalized criminal record certificate of the applicant obtained in the country of origin issued in the last 6 months; 4. Lease contract of the premises where the applicant is residing; 5. Legalized birth certificate, obtained in the country of origin issued in the last 6 months; 29

6. 2 (two) photos; 7. Declaration issued by the employer on the reasons of staying of the foreigner; 8. Copy of the work permit. The official fee for issuance of the one year duration residence permit, payable to the Local Police Station, is Leke 10,000 (approx. EUR 75). The foreigner applying for the residence permit must be personally present at the Local Police Station and the residence permit shall be issued within 30 days from the application date. 30 Work and Residence Permits

Notes for both procedures (work and residence permit) In order to obtain work and/or residence permit, all documents executed abroad and/or issued by foreign public authorities should be legalized with Apostille in accordance with the Hague Convention of October 1961 if the country of residence of the foreigner has ratified such Convention and has not expressed any reserve as regards its application in Albania; otherwise, the so-called long legalization procedure should be followed. They shall be then translated into Albanian language and notarized by an Albanian notary public. 31

Practical Guide is a free electronic publication edited by Boga & Associates. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Practical Guide is not intended to be and should not be construed as providing legal advice. Although we endeavor to provide accurate and timely information, there can be no guarantee that information contained in this feature is accurate as of the date it is consulted or that it will continue to be accurate in the future. 2012 Boga & Associates. All rights reserved. This publication is copyrighted and is protected to the full extent of the law. Nevertheless, you are free to copy and redistribute it on the condition that full attribution is made to Boga & Associates.