In the first of our “Getting Started” series we’ll be looking at advice on how to register and setup a company in Somaliland. The series in general aims to provide practical advice and tips on getting started with any type of business – in line with Our Mission we want to Educate or equip people with the right knowledge and information to get started doing business and drive the local economy.
** Whilst in the middle of writing this guide we were informed by the Ministry of Trade & Investment that a major overhaul of the current process of setting up a business is in process; from what we’ve been told the aim is to create a one-stop shop streamlining business setup and company formation procedures. We have therefore decided to post the ‘Current’ process below for general information purposes with the view of writing a more comprehensive guide as and when this new government initiative is completed.
Current Process of Registering a Business in Somaliland:
- Request later (Mention the nature of the business)
- Article of Association (in both Somali and English)
- Approval later from relevant authority/body for each business
- Latter from Attorney General
- Chamber of Commerce Membership
- National ID
- Certain fee depends on the kind of business
- File and two Pictures (Passport size)
At present the whole process can take a few weeks (if not longer) and can be very cumbersome. Hopefully the new process will positively improve things.
Don’t forget to sign up to our newsletter and you’ll be informed as soon as we publish the new guide.