Somaliland’s Ministry of Commerce, Industry, and Tourism has reduced business registration fees in the country by 50 percent.
The ministry issued a directive on January 7 stating that the cost of registering a business now drops by half.
The new fees apply for both Somaliland nationals and foreign investors.
According to the commerce ministry, the reduction in fees has been occasioned by economic hit the country has suffered due to the COVID-19 pandemic.
Although the fees are now lower, persons registering businesses still have to grapple with an arcane process.
For example, registering a simple business often involves visiting several government departments and agencies.
Typically, such a venture would mean visiting the Ministry of Finance, Chamber of Commerce, and the Attorney General’s offices.