Addis Ababa Trade Bureau disclosed more than 15,000 businesses have returned their business licenses to the Bureau. The major factors, according to the Trade Bureau, for the businesses returing their license are redevelopment activities and changes of profession by the business persons.
In the last fiscal year, there were more than 260,000 business persons with business licenses obtained from the Addis Ababa Trade Bureau.
The law requires business licenses to be renewed from July 8 to January 8 of the fiscal year. Nonetheless, out of the total number it was only 154,000 business persons that have renewed their license as of December 27, 2016, the Bureau explained.
The Bureau has set fines for businesses not renewing their licenses within the period specifies. The fines range from 1,500 Birr to 2,500 Birr for delays per month.