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A Quick Guide Into Buying a Business in East Africa
East Africa as a region is a pleasant place to do business. The countries here have several successful businesses in different industries ranging from big commercial stores to small and medium entities. They include industries such as mining, agriculture, Information Technology, architecture, engineering, mechanics and health. Each country in the larger East African region has a ministry that coordinates business related affairs.
Governments in the East African countries have indeed encouraged foreign investors to come and conduct business in their nations, a factor that has largely contributed to the quick growth that is currently being experienced in the region. Foreigners from all over the world feel free to do business in these countries thanks to factors like free flow of information.
If you intend to buy a business in any East African country, there are a number of crucial legal requirement you would need to certify including getting a permit. All the East African countries have potential, deep rooted businesses that can be bought and sold. Buying a business in these countries requires that one clearly follows the requirements for acquisition of a business. The requirements may differ slightly between the different countries but will essentially help you to establish the viability of the business you want to buy.
Important Tips Worth Remembering
Upon identifying a potential business to buy in Kenya, Tanzania, Ethiopia, Rwanda or Uganda, the first thing you ought to do is to ask the seller to show verification that he or she indeed owns the business. Demand for registration documents and be sure to confirm ownership. This could involve acquisition of financial statements going back to one or more years. The buyer should also ensure that business licenses and other operating documents can easily be transferred.
Depending on the location of the business you want to buy, you may want to look at the overall security of the neighborhood. Whether you want to buy a business in Nairobi or Addis Ababa, you want to be sure that your business will be secure. All these considerations are common and will indeed apply to every other country where you want to buy a business.
Overall, all the East African countries are enjoying strong growth just like the rest of Africa where businesses are reporting impressive profits and steady expansion. From West to East, this is the best time to buy a business in East Africa. Take that first step of deciding where you will buy your East African business and narrow down on to the country specifics. Remember the rule of thump remains the same: That the business you will eventually buy ought to be credible and profitable beyond reasonable doubt.