In a significant move to bolster foreign direct investment, Ethiopia has streamlined its investment registration process, making Addis Ababa an increasingly attractive destination for international investors. The Ethiopian Investment Commission (EIC) has introduced a digitized system to facilitate and expedite investment procedures.
Step 1: Gather Necessary Information
- Visit the EIC website to understand investment opportunities, requirements, and necessary documentation.
Step 2: Prepare Required Documents
For Sole Proprietorships:
- Valid passport and visa.
- Business plan or project proposal
- Two passport sized photos
For Private Limited Companies (PLCs):
- Memorandum and Articles of Association.
- Notarized certificate of incorporation.
- Board resolution authorizing investment.
- Power of attorney for the company's representative
Step 3: Reserve a Company Name
- Submit three proposed company names to the EIC for approval.
Step 4: Authenticate Documents
- Authenticate necessary documents through the appropriate legal channels, including the Ethiopian Ministry of Foreign Affairs.
Step 5: Open a Foreign Currency Bank Account
- Obtain a permission letter from the EIC.
- Open an account at the National Bank of Ethiopia.
Step 6: Deposit Minimum Capital
Deposit the intended investment capital (at least the minimum required per the Ethiopian Investment Proclamation) into a foreign currency (FX) account opened under your name or business. This is a critical step before registering your project with the Ethiopian Investment Commission (EIC).
Step 7: Obtain Tax Identification Number (TIN)
- Apply for a TIN at the Ethiopian Ministry of Revenue.investin.et
Step 8: Secure Investment Permit
- Submit all documents, including bank credit advice and TIN, to the EIC.
- Receive your investment permit and commercial registration certificate.
Conclusion:
With the EIC's digitized system and clear guidelines, registering an investment in Addis Ababa has become more accessible than ever. Prospective investors are encouraged to utilize these resources to establish and grow their ventures in Ethiopia's dynamic economy.
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