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SDR FULL INTERNATIONAL BANKING LICENSE HOLDERS: |
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One of the main functions of Somalia International Financial Center regarding both domestic and international customers is to serve as a company
registration office on the territory of SDR with the aim to provide the international applicants wishing to conduct business within and under the
guidance of SIFC with corresponding Certificates of Commercial Activity.
To be able to fulfill this aim and in full accordance with Somalia Banking Act 2007 and International Banking Act 2003, the SIFC Company Registration
Department (CRD) has been created and assigned with the relative duties and responsibilities concerning the registration of international companies.
The Head of the Department is a Company Registrar appointed by the SIFC Managing Board and responsible for reviewing and processing applications and issuing
International Certificates to the successful applicants in compliance with the current legislation of SDR and SIFC rules and regulations. In addition to the
Company Registrar, the CRD is staffed with and supported by a Deputy Registrar of Companies, an Assistant Registrar of Companies, Senior Administrative Officer
and Registry Documentarian.
The financial institutions applying for company registration are of three types: banks, insurance companies and remittance companies. As regards the form of the
business, they may be limited by shares (LTD), limited by liability (LLC) or a branch of the existing foreign financial company (Registered Company). In each case
the applicant is to submit the necessary documents to be reviewed by the CRD staff and to pay the application fee.
The whole procedure of international company registration takes from 2 weeks up to one month after which the applicant is informed whether he/she will be granted the
International Certificate of Company Registration. In the process of reviewing the applicant’s documents he/she is asked to fill in the 'fit and proper' questionnaire
which is to be later discussed and approved by the Head of CRD. The goal of the questionnaire is to survey the applicant’s financial position and intentions with the
purpose of further financial development of SDR economy and its establishing solid and long-term international business relations with financial companies worldwide.
Besides, the applicant is to submit certain financial documents to be analyzed and processed by the CRD staff.
Please, note that the documents are to be submitted in the English language; in case the company documents are drawn in other language(s) a notarized
translation of the corresponding documents is to be provided by the applicant.
In case the applicant’s documents are found satisfactory, the Company Registration Department issues a certain Certificate of Incorporation (for LTD and LLC) or
Certificate of Registration (for Registered Company). The two documents are identical in form and are to bear the seal and signature of Company Registrar, the name
and status of the incorporated or registered financial institution, the registration number and the date of issuance. The document is issued by SIFC in full
accordance with both SDR legislation and international standards of issuing certified documents and thus will be recognized worldwide.
After the applicant is granted the Certificate, it is time to apply for a Commercial License to Financial Services Committee (FSC).
In order to satisfy the license issuing requirements the applicants are to:
- Establish a physical presence in SDR
- Have local employees
- Have at least one local Director approved by the International Financial Services Authority
- Establish and maintain a capital fund with fully paid- up capital of not less than USD 1,000,000 or its equivalent in another currency
- Hold a deposit of or invest at least USD 500,000 or its equivalent in another currency in such a manner as the International Financial Services Authority may require
- Appoint and notify the International Financial Services Authority by name a registered agent, who is not an official of the license holder to act as the registered agent on the territory of SDR.
The full licensing procedure is described under the corresponding link
Other details of the procedure and the documents required are to be asked from the SIFC representatives.
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