Kosovo Investment and Enterprise Support Agency (KIESA), which functions under the Ministry of Trade and Industry, is not only responsible for the protection and promotion of investments, but it also supports the implementation of public policies and programs in the field of enterprise development. In addition, our agency develops policies regarding the establishment and development of economic zones and promotes all products produced in Kosovo with the only aim to expand the market for local producers.
Kosovo already has three free economic zones: Gjakova, Mitrovica and Prizren. The Government of Kosovo has consistently taken measures to improve the business environment by reducing the time, procedures and business startup costs. Those who have decided to do business in Kosovo, should be aware that we do not burden you by getting licenses from municipalities, as we do not oblige you to pay for the registration of your business in Kosovo. We have zero requirements for initial capital, but most importantly, we have increased the level of investors' protection.
But that's not all! Ministry of Trade and Industry, in cooperation with international organizations, is preparing a series of other measures to improve the business climate that are expected to be reflected in the upcoming doing business index of the World Bank.
Kosovo currently enjoys free trade within the Central European Free Trade Agreement - CEFTA - enabling its producers to access the regional market of 25 million customers without any customs duty. More importantly, Kosovo has free unlimited access to the entire European Union market, market with over 500 million customers. In addition, similar agreements exist with the U.S., Japan and Norway. Lately, we have signed a free trade agreement with Turkey, which is expected to come into force by the end of this year.
Kosovo offers workforce at a cost much lower than elsewhere in Europe and what is more important, effective workforce. What we hear every day from current foreign investors in Kosovo is exactly the quality of workforce and productivity at work recognized as an important advantage that our country offers.
Kosovo also offers an efficient tax system, citing IMF officials, as the best system in the world after New Zealand. Besides the efficient tax system, Kosovo offers the lowest taxes in Europe, offering foreign investors only 10% for corporate profits, 5% compulsory pension contribution and 0% tax on dividends.
There are also many other benefits that Kosovo offers, such as the protection of foreign investors, macroeconomic stability with only 6.2% of GDP as public debt and the entrepreneurial spirit that exists in Kosovo that are undoubtly important factor for you.
We believe that your investment in Kosovo will succeed and we will always be at your disposal in reaching your goal. Allow us to be your key partner in the development of your business!
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