The ISO code of Somalia is SO according to the ISO 3166 standard. The local name of the country is the same as its English name. Somalia capital city is Mogadishu. People in Somalia speak the Somali, and Arabic languages. Around 200 BC, Somalia emerged as a sovereign political entity. In the year 200 BC, Somalia emerged as a sovereign political entity. The largest city in Somalia is Mogadishu.
Somalia is located in the UTC +03:00 time zone, which is also called Eastern Africa Time or EAT. The internet country code top-level domain (ccTLD) for Somalia is .so. The International dialing code for Somalia is 252. People in Somalia drive on the right side of the road. Total land area of Somalia is 637,657 km² (approx. 246,200 mi²). Somalia is not a landlocked country. It means that is is bordered by at least one major body of water.
Somalia is located in Africa. Somalia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Somalia faces various issues, including famine, use of contaminated water contributes to human health problems, deforestation, overgrazing, soil erosion, desertification.
Doing business in Somalia
We offer various corporate services in Somalia jurisdiction. These services can serve both, people coming from Somalia and foreigners. If you plan on doing business in Somalia you might be interested in contacting us.
To find out about starting your business in Somalia click on company formation in Somalia.
To find out how to open a bank account in Somalia and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Somalia.
Choose preferred service below or continue reading to find out more about Somalia.
Demographics of Somalia
The total population of Somalia is 15,181,925 people. In Somalia, the population density is 14.6 people per square kilometer (38 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is very diverse according to a fractionalization scale which for Somalia is 0.8117. Somalia has approximately 24593 foreign immigrants. The median age is approximately 17.7 years. In Somalia, 1.38 in every 100 people use internet.
The majority religion of Somalia is Islam, Somalia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Somalia.
Culture of Somalia
People in Somalia speak the Somali, and Arabic languages. One of the most popular national dishes of Somalia is canjeero with goat stew. To read more click on culture of Somalia.
Geography of Somalia
Somalia is considered to be a large nation because of its total area. Its total land area is 637,657 km² (approx. 246,200 mi²). Somalia is located in Africa. Its capital city is Mogadishu. Somalia has 3 neighbouring countries. Its neighbours include Djibouti, Ethiopia, and Kenya. Total length of land borders of Somalia is 2385 kilometers (~921 miles).
The highest point of Somalia is Shimbiris, with its official height being 2450 m (8,038 ft). Including land mass and EEZ, the total area of Somalia is approximately 1,462,709 km² (~564,753 mi²). The most notable natural resources found in Somalia are uranium, iron ore, tin, gypsum, bauxite, copper, salt, natural gas.To read more click on geography of Somalia.
Economy of Somalia
The currency of the country is Somali shilling. The symbol used for this currency is Sh, and it is abbreviated as SOS. 6% of population in the country are unemployed. The total number of unemployed people in Somalia is 910,916. Each year, Somalia exports around $0.52 billion and imports roughly $1.26 billion. The Gini Index of the country is 30. The Global Peace Index (GPI) for Somalia is 3.307. Somalia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are light industries, including sugar refining, textiles, wireless communication.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Somalia is $6 billion. Each year, consumers spend around $1,461 million. The ratio of consumer spending to GDP in Somalia is 0%, and the ratio of consumer spending to the world consumer market is 0.0043. Personal income tax ranges from 2% to 10%, depending on your specific situation and income level. VAT in Somalia is 10%. In 2013, Somalia received 998.6 million USD in foreign aid.In 2014, the foreign aid amounted to 1095.6 USD.To read more click on economy of Somalia.
Infrastructure of Somalia
Infrastructure quality in Somalia is rated to be at 1.5. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Somalia, 32.7% of the population has access to electricity. There are 186 internet hosts in Somalia. Somalia has 61 airports nationwide.
The logistics performance index of Somalia is 1.77. It indicates a mediocre performance - shipping procedures are relatively unreliable, timeliness and safety of transferred goods are often a problem, although such a system may function relatively well if traffic is no too dense.
Tracking possibilities for shipments are rated at 1.75. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.
The number of road motor vehicles per 1000 inhabitants in Somalia is 73. To read more click on infrastructure of Somalia.
Politics of Somalia
Somalia, is a federal parliamentary republic. With regard to political and civil freedoms, Somalia is 3. Citizens in Somalia experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Mohamed Abdullahi Mohamed.
According to the World Bank Group, the government effectiveness index of Somalia is -2.48. This indicates that the government of Somalia is very ineffective. The government is unable to provide civil and public services for its citizens and has fostered a situation contributing to political and social unrest.In Somalia, the legislative power is vested in a Federal Parliament. The Global Peace Index (GPI) for Somalia is 3.307. In 2013, Somalia received 998.6 million USD in foreign aid. In 2014, the foreign aid amounted to 1095.6 USD. Somalia is a member of the United Nations (UN). On 20 September 1960, it joined the UN as a full member state. Somalia is a member of the African Union (AU). On 25 May 1963, it joined the AU as a full member state. Somalia is a member of the World Bank. To read more click on politics of Somalia.
Environment of Somalia
Somalia emits 0.1 metric tons per capita of CO2. 71310 km² of Somalia's territory is covered in forests. and forest land comprises 11% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Somalia is 73. To read more click on environment of Somalia.
Company formation in Somalia
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Somalia.
When establishing a company in Somalia, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Somalia that will affect the establishment and growth of one's business. Contact us or click on company formation in Somalia to read additional information when setting up a business.
Bank account opening in Somalia
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Somalia. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Somalia, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Somalia or contact us.