Deciding to expand to Namibia is a decision that will benefit your country in the long-term. However, going through the Namibia subsidiary setup process requires a good deal of time, energy, and knowledge of the country’s laws. If you want to operate in Namibia within the next year, you can count on Globalization Partners for help with your expansion.
Globalization Partners aids in the incorporation process through Namibia subsidiary outsourcing. You can use our existing subsidiary to work in the country, bypassing the need to learn how to set up a Namibia subsidiary. Then, our team will hire employees on your behalf, add them to our compliant payroll, and ensure that they get the right compensation and benefits. Through the entire process, you’ll only need to focus on building a successful company.
How to Set Up a Namibia Subsidiary
Your Namibia subsidiary setup process could look entirely different than that of another company. That’s because the process changes depending on your location and type of entity in Namibia. For example, incorporating in one city or region could involve favorable Namibia subsidiary laws, while another could have more challenging regulations. If you’re not familiar with all the areas and laws in Namibia, we recommend working with an expert who can help you stay compliant.
Another important incorporation factor is your entity. Namibia allows for three different types of entities — a limited liability company (LLC), public limited company, or branch office. The structure you choose should depend on your business activities and goals. That said, most companies decide to expand as an LLC because of the laws helpful to foreigners and ability to handle a wide range of activities.
The steps to set up a subsidiary as an LLC include:
- Creating a memorandum and articles of association and getting them certified by a notary public
- Registering documents with the Registrar of Companies and Close Corporations
- Completing all documents in black ink
- Submitting more than one unique name in order of preference
- Opening a local bank account and depositing initial registered share capital
- Drafting an association clause showing that you want to form a company and stating how many shares you agree to have
Appointing an auditor to work for the company
- And more
Namibia Subsidiary Laws
LLCs have their own Namibia subsidiary laws that differ from other entities. You’ll need only $1 of share capital, but you’ll also need at least one director and one shareholder. These individuals can be of any nationality and live anywhere in the world. However, you’ll need to lease an office space and include the address in your incorporation documents.
All LLCs need to undergo an annual audit of financial statements, so you’ll have to appoint an auditor to work for your company. Resident companies do not have to submit those documents to the government, but you may as a foreign company.
Benefits of Setting Up a Namibia Subsidiary
Although it can be time-consuming to learn how to set up a Namibia subsidiary, you’ll benefit from working in the country through new business relationships, product and service offerings, and more. Companies also choose to establish an LLC for the benefit of limited liability between the parent company and subsidiary. Both can operate with a degree of independence and won’t have to worry about litigation or financial problems from the other.
While these benefits are great, you won’t start to get them until well into the Namibia subsidiary setup process. Globalization Partners offers Namibia subsidiary outsourcing to make your incorporation process faster. You can use our subsidiary instead of establishing your own, and you won’t have to worry about Namibia subsidiary laws, as we act as the Employer of Record.
Other Important Considerations
Companies can still expand without the help of a global PEO, but you’ll need the expertise to do so. Does anyone in your company know Namibia’s subsidiary laws? If not, you need to hire a lawyer, accountant, or compliance expert who will help you avoid fines and delays. You also need a significant amount of time and money to set up your subsidiary.
Let Globalization Partners Help With Your Expansion
Globalization Partners provides the fast and compliant expansion you need. Contact us today to learn more about Namibia subsidiary outsourcing.