Doing business in Eritrea can be profitable and there are number of business sectors to choose from. The different areas of business venture in Eritrea include the transportation sector including air travel and car rental services and shipping business. This apart the banking sector, share market investments, real estate, computer oriented businesses, courier services, hotel business, insurance, photography, export and import business, insurance agencies, press and publication houses and travel agencies are the new sectors that are experiencing an unprecedented boom.
Setting up private businesses in Eritrea is easy and certain formalities need to be fulfilled and sufficient investment made before businessmen can start off with their full-fledged business venture. It takes between 76 to 89 days or maximum of 3 months to complete the thirteen stages of formalities.
Steps To Start Business In Eritrea
- Deposition of the initial capital in the concerned bank account
- Looking for the company name the businessman would like to adopt for his company.
- Notarizing the statutes of the company: Charges Apply
- Registration formalities with the Commercial Registry: Charges Apply
- Submission of incorporation notice in official journal: Charges Apply
- Application for tax I.D. number at the Inland Revenue Department: Charges Apply
- Acquisition of tax clearance from Inland Revenue Department
- Application for business license with the Ministry of Trade and Industry: Charges Apply
- Acquisition business license inspection from Ministry of Trade and Industry 7: Charges Apply
- Receive commendation from local municipality: Charges Apply
- Submission of notice to the Ministry of Labor and Human Welfare
- Preparing the company seal: Charges Apply
- Application of the tax receipts from the Inland Revenue Department: Charges Apply
Doing business in Eritrea has become the latest interest of international companies and can be profitable for both the company and the country.
