Understand the Jurisdictions of the Company Registration Process in Somalia
What if someone tells you that economic reform takes place without stable national governance? Well, the case in Somalia, could be a great destination for investors who think about the future. So here’s to how you can register a company in Somalia to take advantage of its private sector-led economy.
The guide today breaks down each step of company registration in Somalia.
Let’s get started.
Notary and Name
The best way to register a company in Somalia is through their local experts and a notary. You can propose a name for the reservation, and the notary will complete a name reservation form at the Notary Public’s office. The notary public brings the name to the Ministry of Commerce and Industry to verify the availability of the name.
Drafting the Company Documents
The notary will draft the company’s Memorandum of Understanding and the Articles of Association. They’ll require the company details, shareholders’ contact information, share percentage, trade name and company logo, physical address and postal address, copy of passport, and two recent passport-sized photographs.
Registration & Payment
The notary will register the company at the Ministry of Commerce and Industry and pay for commercial registration and business licences.
Applying Business Certificate
Business owners must apply for a business certificate. The application is made at the Ministry of Commerce and Industry. Upon receiving the application, the Archive Department verifies the requirements. Then the Director General of the Business Registration Department issues confirmation and sends the document to Attorney General for approval.
After approval, the business license gets signed by the Minister of Commerce and Industry. The business license application requires a notarised company incorporation, a handwritten request letter signed and sealed by the company representative, two passport-sized photos, and valid identification.
Open Bank Account
You can open a bank account in Somalia without much fuss. Furthermore, there is no minimum capital needed to register a company in the country. Proof of bank account is sufficient to apply for a local commercial license. To be safe, have your company incorporation documents ready to open a business bank account.
Applying For a Local License
As a business owner, depending on the company size, you can either use the business license or apply for a local commercial license from the local municipal. Prepare the following documents: a handwritten request letter, valid identification and proof of bank account.
Register With the Chamber of Commerce
This is not a regular practice in Somalia, but it is wise for business owners to register their companies with the Chamber of Commerce.
Purchase Company Seal
Businesses in Somalia use their respective company seal a lot. Though it is not compulsory, your company should have a company seal too. You can purchase a company seal with the seal maker in your local municipality. It may take several days to make a company seal, so wait it out before you begin operations.
Contact 3E Accounting today. Our experts will guide you every step of the way, making the process quick and easy. We can also help with opening a corporate bank account and registering for taxes and licences.
