Trade and Industry Ministry bars banks from opening accounts for unregistered entities

The Trade and Industry Minister Hon. Abdirahman Abdi Osman has issued a directive to the remittance companies and banks in Somalia not open accounts for members of the public or business entities that are not registered with the ministry.

“From today I would like to inform the banks and the remittance companies not to open accounts for all individuals and businesses that are not registered with ministry of Trade and Industry” said the minister.

Speaking at a press conference where several other ministers and the Attorney General showed up, the minister also announced plans to drop licensing fee by 40% to encourage investment and business growth.

“The Ministry has dropped the fee to issue export and import license from $1,000 to $300, while the foreign companies were dropped by 70% and it’s now $3000 .For telecommunication companies , remittances and banks, private university networks, it would be $5,000” said the Minister.

On his side the Attorney General has told the ministry that it should take necessary steps when adjusting fees and tariffs and consider what the law says about it before it can be put into practice.

Most of the businesses in Somalia are not registered, and without any registered trademarks and logos.

Goobjoog News