Step-by-step guide to getting licensed in Ethiopia's capital market
Self-Assess
Prepare Docs
Apply to ECMA
Get Licensed
Under Proclamation No. 1248/2021, ECMA issues licenses to market intermediaries. The process typically takes 60-120 days from complete application submission.
Underwrite securities, advise on IPOs, manage large transactions
Steps to License
Register company (S.C.)
Meet 100M ETB capital
Appoint 5+ board members
Hire compliance & risk officers
Set up trading technology
Submit application to ECMA
Pass ECMA review (60-90 days)
Receive license
Buy and sell securities on behalf of clients on ESX
Steps to License
Register company
Meet 25M ETB capital
Appoint 3+ board members
Hire compliance officer
Connect to ESX/CSD systems
Submit application
Pass review
Receive license
Advisory, consulting, research, and other capital market services
Steps to License
Register company
Meet 10M ETB capital
Appoint 3+ board members
Hire compliance officer
Prepare service documentation
Submit application
Pass review
Receive license
Manage investment portfolios and collective investment schemes
Steps to License
Register company
Meet 50M ETB capital
Appoint 5+ board members
Hire compliance & risk officers
Set up fund management systems
Submit application
Pass review
Receive license
Take the self-assessment test to check if your company meets ECMA requirements
Start Self-Assessment β