10 Steps to incorporating in Eritrea

PRE-INCORPORATION STEPS

1. Client commitment and due diligence: Prior to Eritrea company incorporation, our Client i) settles Healy Consultants’ Eritrea incorporation fees ii) signs and returns our Client engagement letter and iii) provides us all the required due diligence documents;
2. Planning phase: Healy Consultants drafts a detailed Eritrea company setup engagement project plan. This plan will map out, week by week, each step to engagement completion, optimizing transparency and settling Client expectations;
3. Corporate structure: Healy Consultants and our Client agree on the optimum corporate structure including directors and shareholders. We then prepare a memorandum and articles of association and proceed to notarize the same with a notary public;
4. Corporate bank account opening: Healy Consultants will collect all necessary due diligence from our Client and details of the proposed company’s activities and then proceed to open a corporate bank account for the company with a recommended bank in Eritrea and then if required, deposit the required initial capital into the corporate bank account and obtain a deposit slip;
5. Company name reservation: Healy Consultants will then conduct a company name search and proceed to reserve the company name with the Commercial Registry at the Business License Office;

INCORPORATION STEPS

1. Company registration: Healy Consultants and our Client ensures all registration documents are signed, translated into Arabic and notarized. Thereafter, we submit all the corporate documents and register the company with the Commercial Registry at License Department of the Ministry of Trade and Industry. Thereafter, we then publish the incorporation notice with the Ministry of Information in the official journal in both Arabic and English;
2. Tax registration and business license application: After registration, we will then proceed to i) apply for a tax identification number (TIN) at the Inland Revenue Department ii) obtain tax clearance from Inland Revenue Authority and iii) apply for a business license at the Ministry of Trade;

POST-INCORPORATION STEPS

1. Business premises inspection: Our Client will then supply Healy Consultants with a lease agreement of their office premises. If our Client does not have a business premise, Healy Consultants will provide virtual office services for the first six months or until our Client finds a business address. An officer from the Ministry of Trade and Industry will then visit the business premises for inspection;
2. Additional approvals and notifications: Next, Healy Consultants will proceed to i) obtain approval for the business from the local municipality ii) notify the Ministry of Labour and Human Welfare by completing the registration form and submitting it to the Ministry for approval, iii) make a company seal and iv) apply for tax receipts from the Inland Revenue Department;
3. Engagement completion: Following the company incorporation engagement completion, Healy Consultants will courier a full company kit to our Client, including original documents, unopened bank correspondence and a Client feedback survey.