Yemen
Yemen
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$
3000
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6 months
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Local legal address (Handled by B2B Hub)
1.Passport
2.Proof of Residence
The country is under sanctions by the United Nation’s Security Council and/or the UK Government. Currently B2B Hub is not providing legal and financial services for the present country.
Registrar
Abbreviation
Phone
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Location
Capital
Official languages
Population
Currency
ISO 4217
Yemen
Sana'a
Arabic
34,449,825
Yemeni Rial
YER
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Delivery
Registration documents and guidance
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Certificate of incorporation
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Articles of association
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Meeting minutes
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Company stamp
Certificate of incorporation
Company stamp (By stempil.com)
Company formation process in Yemen
Step 1
Register on our website
Step 2
Select Yemen from the list and complete the registration form.
Yemen
Step 3
Submit your application and continue to the payment step.
Step 4
After the specified period, receive your company formation documents and start growing your business successfully.
Company formation in Yemen
FAQ for company formation in Yemen
Frequently Asked Questions (FAQ) for company formation in Yemen:
Q: What types of companies can be formed in Yemen?
A: The types of companies that can be formed in Yemen include limited liability companies (LLCs), joint-stock companies, and partnerships.
Q: What are the requirements to form an LLC in Yemen?
A: To form an LLC in Yemen, you need at least two shareholders, and the minimum share capital required is YER 1,000,000. You also need to register your company with the Ministry of Trade and Industry.
Q: What are the requirements to form a joint-stock company in Yemen?
A: To form a joint-stock company in Yemen, you need at least three shareholders, and the minimum share capital required is YER 10,000,000. You also need to register your company with the Ministry of Trade and Industry.
Q: What are the requirements to form a partnership in Yemen?
A: To form a partnership in Yemen, you need at least two partners, and there is no minimum capital requirement. You also need to register your company with the Ministry of Trade and Industry.
Q: What is the process for registering a company in Yemen?
A: The process for registering a company in Yemen involves obtaining a commercial registration certificate from the Ministry of Trade and Industry, obtaining a tax registration certificate from the General Authority of Zakat and Tax, and obtaining a social security registration certificate from the Social Security Corporation.
Q: How long does it take to register a company in Yemen?
A: The time it takes to register a company in Yemen varies depending on the type of company and the completeness of the application. However, the process can take several weeks to several months.
Q: What are the taxes and fees associated with company formation in Yemen?
A: The fees associated with company formation in Yemen include registration fees, stamp duties, and legal fees. The taxes associated with company operation in Yemen include corporate income tax, value-added tax (VAT), and withholding tax.
Q: What are the labor laws and regulations in Yemen?
A: The labor laws and regulations in Yemen include minimum wage requirements, maximum working hours, paid leave, and social security contributions. Employers are required to comply with these laws and regulations when employing workers in Yemen.
Q: What is the legal system in Yemen?
A: The legal system in Yemen is based on Islamic law (Sharia) and civil law. The judiciary in Yemen consists of Sharia courts, civil courts, and specialized courts.
Q: Are there any restrictions on foreign investment in Yemen?
A: There are no specific restrictions on foreign investment in Yemen, but foreign investors may face challenges related to the security situation and the economic and political instability in the country. It is recommended to consult with local legal and financial experts before making any investment decisions.
Q: Can foreign individuals or companies own property in Yemen?
A: Foreign individuals and companies can own property in Yemen, but they are required to obtain approval from the Yemeni government.
Economy of Yemen
Yemen's economy has been in a state of decline for many years. According to the World Bank, the country's GDP per capita was $1,845 in 2019, a decrease of 8.3% from 2018. The unemployment rate in Yemen is estimated to be around 50%, and the poverty rate is estimated to be around 80%. Inflation is also high, with the inflation rate estimated to be around 20%. The country's public debt is estimated to be around $7.5 billion, and the government's budget deficit is estimated to be around $2.5 billion. The country's external debt is estimated to be around $4.5 billion. The country's currency, the Yemeni rial, has been in a state of decline since 2015, and is currently trading at around 250 rials to the US dollar. The country's trade balance is estimated to be negative, with exports estimated to be around $2.5 billion and imports estimated to be around $4.5 billion. The country's main exports are crude oil, coffee, and fish. The country's main imports are food, machinery, and fuel.
Taxation in Yemen
In Yemen, there are taxes on both corporate and personal income, as well as other taxes such as value-added tax (VAT), customs duties, and other miscellaneous taxes.
For corporate income tax, the standard rate is 20%, although some industries may have different rates. Companies are required to file a tax return within four months of the end of their fiscal year, and taxes are due within two months of filing the return.
For personal income tax, there are several tax brackets ranging from 0% to 20%, depending on income level. The tax year runs from January 1st to December 31st, and individuals are required to file their tax returns by March 31st of the following year. Taxes are due within two months of filing the return.
Value-added tax (VAT) is charged at a standard rate of 5% on most goods and services, with some exceptions for basic necessities like food, medicine, and education. VAT returns must be filed monthly, and taxes are due within 10 days of the end of the month.
Customs duties are also charged on imports and exports, with rates depending on the type of goods being shipped. There may also be other miscellaneous taxes or fees for specific industries or activities.
It's worth noting that the ongoing conflict in Yemen has severely disrupted the country's economy and tax collection systems. As a result, tax enforcement and collection may be irregular or limited in some areas.
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