Your Complete Guide to Somalia Company Registration
Somalia is in post-pandemic recovery, with an annual gross domestic product (GDP) growth projection of 3.5% for 2024. Progress in digital technologies and private consumption, rapid urbanisation, and sustainable investment policies are also creating a competitive business environment in the country. Entrepreneurs looking to do business here should consider the best Somalia company registration solutions available to ensure a good start.
Type of Business Entities in Somalia
It’s essential to ensure you choose the right structure for your business from the onset. The requirements and procedures for each can be convoluted, making engaging professional help a sensible course of action.
According to the Ministry of Commerce and Industry, the following are some of the company structures available in Somalia:
- Private Limited Company
- Public Limited Company
- Limited Liability Private Company
- Unlimited Private Company
- Foreign Company
Foreign investors and entrepreneurs usually find it easier to incorporate a foreign company. Registering a sole director or Somali company with a local shareholder is also viable. Prior to company formation, all entrepreneurs need to submit a registration request to the Registrar of Companies.
Company Registration Process
The Federal Government of Somalia (FGS) now has a one-stop business registration website. Company incorporation can be done online via the Somali Business Registration System or the SBRS company registry portal. The portal facilitates company name searches, and you will need to create an online account to begin the entire process. You can log in, search, reserve, and pay for your chosen company name upon successful registration.
To register or incorporate your company, you will need to submit the following information:
- Reserved company name
- Industry, sector, and business activity
- Name, address, registered business address, etc.
- Constitutional documents, shareholders’ information, etc.
- Shareholding, nominal shares, etc.
- Other information that the Registrar may request
- Any relevant notarised documents
Visa and taxation requirements can be complex as they apply at different government and local authority levels. Entrepreneurs will find that the Somalia company registration process is more viable with some professional help onboard. This eliminates the risk of the process going awry and ensures that the whole experience is seamless and hassle-free. Upon successful registration, you will be able to:
- Download the CRI-Business Letter
- Get your company’s Certificate of Incorporation
- Apply for relevant Business Licences
Modern Enterprise Solutions in Somalia
Businesspeople looking for accessible and reliable Somalia company registration will find our enterprise packages an ideal solution. Whether you’re looking for customisation or innovation, there’s something to suit every budget in our comprehensive packages. Contact us today for all your modern business needs and speak to our team. We are ready to help your business start up in Somalia.
