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The purpose of this Law is to set out a legal framework for the establishment and registration of commercial companies in special economic zones in the Republic of Somaliland and is administered by the Somaliland Special Economic Zones Authority. The law provides the types of legal entities, to include; a) an establishment with limited responsibility and a single shareholder (an "SEZ Establishment"); b) a limited liability company (an "SEZ Co"); and c) a branch of an offshore or onshore company (a "Branch Office"), Together, the "SEZ Commercial Companies" and each an "SEZ Commercial Company"). Commercial Companies enjoy their legal entity status pursuant to their registration with the Authority and entry into the Register and would be accorded the capacity, rights and privileges of a person. The law provides extensively for the formation, shareholding, objects, naming, etc. of a commercial company. On the other hand, private company, while having full legal personhood, shall not be permitted to offer any of its shares to the public by way of any subscription of shares, stock, debentures or debenture stock. Similar provisions are made with regards shareholding, objects, naming, etc of the private companies. Provisions also require companies to have meetings, keep certain mandatory registers, appoint board of directors, etc.
Title:
Law on the Registration of Commercial Companies at the Duty Free Zones, Law No. 96/2021
Country:
Somalia
Type of document:
Legislation
Date of text:
2021
Data source:
Repealed:
No