355 companies were registered in 2012 in Yemen

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355 companies were registered in 2012 in Yemen

By Faisal Darem, Yemen Observer, April 24, 2013

Last year 355 companies with a capital of 13 billion riyals ($60.7 million) were registered in

Yemen, a development officials, businessmen and experts attribute to improving economic conditions.

Companies registered in 2012 include 329 limited liability companies and 26 private companies, said Aayad Baabad, director general of the General Directorate of Companies at Yemen’s Ministry of Industry and Trade.

“Commercial companies ranked first in terms of number [of registrations] with 148, followed by service companies with 138,” Baayad told Al-Shorfa.

“Also, 41 construction companies were established, 19 industrial companies, eight currency exchange companies, and one accounting company,” Baayad said.

It is important for “those companies to start actual operations in order for the economy and society to benefit from their registration”, she said, adding that “70% of them have started their activities, be they commercial, industrial, service or some other type”.

“Yemen’s economy got back in gear in 2012, which created favorable conditions for businessmen to start new companies,” said economics professor Hammoud Aqlan.

New companies play an important role in supporting the economy and supplementing and enhancing the national income, Aqlan said, provided they “start actual activities, making a valuable contribution to the development and combating poverty and unemployment”.

The establishment of new companies, especially by foreign investors, is important “as that brings hard currency into the country and is an important factor for economic stability and steadiness of the exchange rate of the Yemeni riyal against foreign currencies”, he said.

“The trade and investment climate has improved considerably compared to 2011, paving the way for the registration of new companies,” Sheikh Mohammed Salah, deputy chairman of the Sanaa Chamber of Commerce, told Al-Shorfa.

“The Chamber of Commerce, in partnership with concerned stakeholders, is currently reviewing and amending the investment law to ease procedures and remove obstacles impeding the return of expatriate capital to the homeland,” he said.

As part of its quest to improve the company registration process, the Ministry of Industry and Trade launched the Trademark Electronic Application System in mid-February.

“This system will help businessmen inside and outside the country save money, effort and time by enabling them to register their trademarks online without having to come to the ministry,” said Abdel Baset al-Bakri, assistant director general of the General Administration of Intellectual Property Protection.

“Service beneficiaries are able to track the progress of their applications, and whether they were approved or rejected and why, from their offices, so they can fulfill the requirements of approval of their trademark registration application to protect their intellectual property,” he told Al-Shorfa.

The General Administration of Intellectual Property Protection plans to conduct awareness campaigns and workshops for local businessmen on the new electronic application, he said.

Figures

$203 million
Yemen and Arab Fund for Economic and Social Development (AFESD) signed on April, 22 three agreements worth of $203 million allotted to contribute to finance three vital development projects in the country.

$35 million
Under the first agreement, the AFESD grants $35 million to contribute to finance reconstruction projects in the affected areas of Abyan governorate.

$63 million
The Fund gives, in the second agreement, $63 million to assist in financing a project of establishing and equipping an educational hospital of Aden University. The project is part of the Transitional Program for Stabilization and Development (TPSD) 2012-2014.

$105 million
The third agreement allocates $105 million granted by the AFESD to contribute to finance a project of expansion and rehabilitation of Sana’a – Hodaida road.

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