DOING BUSINESS IN SYRIA IN 2020
Since 2003, Healy Consultants Group PLC has assisted our Clients with business registration in Syria. Our services include i) Syria company incorporation ii) government license registration iii) business bank account opening iv) employee recruitment v) visa strategies and vi) office rental solutions.
Syria company registration summary
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Advantages of Syria company registration
Syria business registration
- In Syria, incorporation of a limited liability company (LLC) requires i) a minimum of one shareholder and one director of any nationality and ii) minimum paid-up capital of US$2000. Our Client will not have to travel to Syria to complete the process;
- Syrian government offers foreign entrepreneurs reduced tax rates depending on i) number of employees, ii) the strategic value of the project to the country and iii) the location of the project for example the projects in the Eastern province may get taxes on their profits reduced up to 20%. Joint stock companies that offer 51% or more of their shares on the stock exchange get even further reduction on taxes to 14%;
- Syria has 8 free trade zones in the major cities of Damascus, Aleppo, Lattakia and Adra amongst others where investors can set up companies to enjoy tax free incentives;
- In this time of war in Syria, many businesses have foreclosed, thus there are ample opportunities to provide services in Syria in the fields of infrastructure, aid and general trade;
- Syria beholds lucrative opportunities for Russian companies belonging to the power and energy sector. This is due to the latest Russia-Syria ink agreement signed in January 2018 for cooperation in electrical power. Moreover, Russia would be investing in the development of Syria’s oil and gas fields as well as its infrastructure thereby improving the socio-economic environment of the country.
Disadvantages of Syria company registration
- Syria is a politically unstable country and is currently rife with civil war. This has basically crippled the economy as many of the citizens have died in the war or have fled for safety;
- Since the outbreak of a full civil war, access to the country is limited. Hence access to business domains and government is mere impossible at this time, making it extremely difficult to invest in this war torn nation;
- Since the conflict, the economy has shrunk significantly and has devalued the Syrian pound tremendously, with a reduction of value of over 80%;
- The prices of goods and services have risen day by day. The average prices are estimated to have increased by 4.8% between 2015 and 2019.
- According to the World Bank Group – Doing business 2020 report, Syria ranks at 176 of the 189 in the world to do business, due to the many restrictions placed and the current situation at hand;
- The official language in Syria is Arabic and hence all official business incorporation documents must be translated into Arabic before they are submitted to the Ministry of Internal Trade and Consumer Protection. Communication for non-Arabic speaking nationals will also be a problem;
- Repatriation of funds from Syria is restricted and investors must seek prior authorization from the Ministry of Economy in order to remit funds outside the country;
- Certain business activities in Syria are restricted to Syrian Nationals such as financial agencies, banks, Ministry of Defense Contracts and some maritime activities;
- Corporate tax in Syria varies from 10% to 28% depending on type of business entity, location of the business and importance to the country’s economy. Investors must therefore review tax implications before embarking on business setup in Syria;
- Syria is mainly a cash based country and credit cards are not accepted nation-wide with the exception of a few hotels. Currency exchange is also becoming quite difficult due to the current political situation in the country.
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- Time to incorporate: Six weeks
- Cost to set up: US$30,450
- Minimum capital: US$2,000
- Physical office required: Yes
- Shareholders: 1
- Directors: 1
- Company secretary: No
- Resident director: No
- Corporate tax rate: 10 – 28%
- Corporate tax base: Territorial
- Shelf companies: No
- Main company type: LLC
Useful links for Syria