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SDR FULL INTERNATIONAL BANKING LICENSE HOLDERS: |
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Though current political situation in Somalia Democratic Republic is not favourable for foreign investment, the Somalia International Financial Centre officially welcomes any foreign investment which will contribute to the development of the financial system of SDR. The SIFC aims at creating a tax-free offshore international banking regime with strict confidentiality and world class regulatory standards.
The advantages of choosing Somalia for investment are as follows:
- it has a reputable jurisdiction;
- the country is a former British colony;
- it is not blacklisted anywhere;
- there are readymade banks available;
- the registration is fast and takes about 48 hours.
As the government of SDR is really eager to attract investment inwards the country, The Foreign Investment Law was passed in 1991. Under this law any juridical or physical person can be regarded a foreign investor. As for investments they can be made in one of the following forms:
- convertible currency specified by Central Bank and duly transferred to;
- machinery, equipment, etc. importation of which is permitted by law;
- patent rights, trademarks and licenses, registered in Somalia;
- currency spent on studies and technical documentation;
- profit reinvested originated from foreign investment approved in accordance with this law.
Such forms of foreign investment shall be made for the establishment or expansion of an enterprise incorporated and registered in Somalia Democratic Republic.
The International Banking Act 2003 as an integral part of legislation also aims at stimulating foreign investment to Somalia. Thus it pays a lot of attention to the development of insurance sector of finance, which will be authorized to carry on most forms of investment business, such as mutual funds, life and term insurance, savings
and retirement plans, etc.
Besides, the SIFC is planning to offer citizenship and residency programs with the purpose of attracting respectable investors to the country. Though the program is not available yet, a lot of attention is being paid to its creation and if you are interested, please contact us!
INVESTMENTS IN REAL ESTATE
SOMALIA IS OPEN FOR BUSINESS
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