What are the types of companies in Somalia?

There are various types of companies in Somalia. Here are some: 1st Person Company: It is a simple type of company established and operated by one person. The owner of the sole proprietorship assumes all responsibility for the company.

2. Limited liability company (LLC): The most common type of company. It is a type of company established by more than one partner and each partner carries limited liability.

3. Joint stock company: It is a type of company that can be established publicly or closed. Shares are easy to sell and transfer.

4. Cooperative: There are different types of cooperatives in Somalia, such as agricultural, consumer or housing cooperatives. The partners manage the business together and share the profits.

5. Foreign company branch: This type of company is established when a foreign company opens a branch in Somalia. The branch operates as an extension of the parent company. These company types offer different options for entrepreneurs looking to start a business in Somalia. However, each type of company has its own rules and requirements. Therefore, it is important for those planning to establish a company in Somalia to act in accordance with local laws and regulations.