MOGADISHU (Halbeeg News) – Somalia has started process to implement the company’s law for the first time since fall Somalia’s central government in 1990s.
In a ceremony held on Sunday in Mogadishu, Khalif Abdi Omar, the minister for trade has officially signed the Implementing Regulation of the Somalia’s Company Law 18.
According to the minister, the move will encourage trade, manufacturing and investment to develop the national economy by facilitating the creation, registration, licensing and other business services required.
“Also, opportunities like techniques & information technology will make it easier for businesses to access services provided by the Gov. while in their offices and workplaces, allowing customers to get information about their companies & businesses they need via online services,” the minister said.
The Ministry of Commerce submitted the Company Law Bill to the Houses in May 2017.
The bill which is crucial bill key to bolstering governance and ease of doing business in Somalia was endorsed by Lower and Upper House and subsequently signed into law by president Mohamed Abdullahi Farmajo.
The country has been struggling to make law in recent years as Somalia is rich in natural resources and is hosting vast opportunities to attract foreign investors.
By enforcing the law and improving the security in Somalia would attract capital investments.
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