Business entities in Syria

Business entities in Syria

Healy Consultants will assist our Clients to incorporate the optimal corporate structure in Syria. There are several ways of doing business in Syria, the most common being the setting up of a limited liability company. Foreign entrepreneurs may also opt to set up a joint stock company or a branch office.

The Syria limited liability company (LLC)

    Syria business entity types and requirements
  • The Syria limited liability company (LLC) requires only 1 director and 1 shareholder of any nationality for incorporation process to be complete. The minimum paid-up capital required is US$2,000 which must be paid-up before the company is incorporated. All incorporation documents must also be translated into Arabic and legalized by the nearest Syrian Consulate;
  • All LLCs in Syria must submit annual audited financial statements. For this purpose, they must therefore also appoint a certified auditor. If required, Healy Consultants will assist our Clients with finding the certified auditor required for this purpose.

The Syria joint stock company (JSC)

  • To setup a Syria joint stock company, our Clients are required to appoint a minimum of 5 shareholders and 5 directors, who can be of any nationality and may be ordinarily resident outside of Syria;
  • The minimum paid-up capital required to complete the incorporation process is US$5,000, of which 40% must be paid-up in cash before registration and the remaining 60% must be paid-up within 3 years from the date of incorporation. A Syrian joint stock company must also offer 45% of its shares to the public through an IPO on the Damascus Securities exchange;
  • Like limited liability companies, Syria joint stock corporations are required to submit annual audited financial statements. If required, Healy Consultants will assist our Clients with finding the certified auditor required for this purpose.

The Syria branch office

A foreign company may pursue business in Syria through the establishment of a branch office. The branch will operate in the name of the foreign company and must therefore use the registered name of its parent company. It must also have a registered office in Syria.

Table of comparison between Syria entities

 LLCJSCBranch Office
How long to set the company up?6 weeks7 weeks8 weeks
How long to open company bank account?3 weeks4 weeks5 weeks
Legal liability?LimitedLimitedUnlimited
Wholly foreign owned?YesYesYes
Minimum paid - up share capital?US$2,000US$5,000US$1
File annual tax return?YesYesYes
Tax registration certificate required?YesYesYes
Recommended corporate bank account?Byblos BankBank of Syria and OverseasCommercial Bank of Syria
Does our Client need to travel?NoNoNo
Resident director required?NoNoNo
Resident shareholder required?NoNoNo
Minimum directors allowed?151
Minimum shareholders?151
Tax identification code needed?YesYesYes
Syria resident company secretary required?NoNoNo
Corporate agent required?NoNoNo
Corporate shareholders allowed?YesYesYes
Corporate director(s) allowed?YesYesYes
Statutory audit required?YesYesYes
Syria corporate tax rate?10% to 28%10% to 28%10% to 28%
Annual financial statements required?YesYesYes
Regulated by?Ministry of Internal Trade and Consumer ProtectionMinistry of Internal Trade and Consumer ProtectionFederation of Syrian Chambers of Commerce
Allowed to issue sales invoices?YesYesYes
Allowed to sign contracts?YesYesYes
Allowed to import and export goods?YesYesYes
Can rent an office space in Syria?YesYesYes
Can buy Syria property?NoNoNo
Total Syria business setup costs in yr. 1?Contact usContact usContact us
Subsequent annual costs (incl. accounting and tax fee)?Contact usContact usContact us
Sample engagement invoice?Contact usContact usContact us

Contact us

For additional information on our company setup services in Syria, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
General Foreign Trade Organization General Social Security Organization Ministry of Internal Trade and Consumer Protection Federation of Syrian Chambers of Commerce Syrian Ministry of Finance