Profit Repatriations
Zemen Bank handles profit repatriation for foriegn companies through a scheduled and planned manner via unbeatable service delivery.
Our Bank has a rich experience in carrying out scheduled dividend repatriation procedures for large foriegn companies since our establishement. As per the regulation of the National Bank of Ethiopia, Non-Resident foreign nationals who earn profits or dividends from recognized foreign investments shall be entitled to have a reasonable share of their profit or a reasonable return on their capital, as deemed necessary and applicable, remitted abroad on condition that the following documents are submitted and endorsed at the NBE;
• Extraction of the minutes of the Board of Directors or an equivalent body
distributing the profit or declaring dividend duly signed by the chairman
or secretary of the Board to authenticate the decision.
• Copy of the usual closing financial documents duly audited by an
independent third party auditing institution permitted to operate in
Ethiopia.
• Photo-copy of Exchange Controller’s letter recognizing the foreign
investment;
• Photo-copies of tax receipts evidencing the payment of all taxes due to
the government; and
• Any other document of evidence that the Exchange Controller may
require.
Zemen Bank's trusted and well organized repatriation programs come in handy when a foriegn owned corporateion has completed the above pre-requisites and is looking for a strong commerical Banking partner. We will provide you with with a negotiated rate and timeline along with a world class Relationship Management Service.
