DECREE TO OPERATE THE FREE ZONES

11 January 2005

The Puntland State of Somalia issued the original Decree dated 2 January 2005 to create the Horn of Africa Free Zone and Free Zone Authority (HAFZA) in accordance with an Agreement entered into 23^rd October 2004.

The Puntland State of Somalia shall publish the full Articles of the Decree so that the terms of the Decree can be viewed on the HAFZA website by interested parties. A draft copy of the terms of the Decree can be found here. (Eleven pages in one .... please wait)

In view of the misinformation being promoted by opposing parties to the government of Somalia and/or Puntland, supporting documents leading up to the Decree have been posted (in part as signed confidentiality permits) here.

Meanwhile HAFZA has commenced in establishing the offices required in Dubai and finalizing financing for commencing work on the huge free zone project outlined in this website.

Governing Laws

Subject to the following paragraph the laws of HAFZ generally shall be those formed by HAFZA adopting the Law of Puntland and the Federal Somalia Laws. These laws are based on British Law as the initial law makers.

HAFZA shall be free to establish its own finance laws to world-class standards, using the best examples of legislation from around the globe (the “Finance Laws”). The Finance Laws shall be clear and concise, and will provide certainty as to the rights and obligations of the financial institutions and other companies who will operate within or from the HAFZ.

Any dispute or difference of the Laws of Somalia, the Finance Laws and/or any corporation or individual dispute licensed within HAFZ shall be referred under the arbitration Rules of the International Chamber of Commerce, France (I.C.C.), London, UK or any other mutually agreed location.

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