Norebase founder, Tola Onayemi, recognized a challenge in the African market environment that hindered businesses from operating in other African nations without going through a drawn-out, expensive incorporation procedure to set up a subsidiary for each new market.
The main issues were a fragmented market comprising 54 markets and 41 currencies, confusing rules, and language barriers. These issues serve as a challenge for enterprises to operate efficiently throughout Africa. Hence, Norebase was established to provide solutions to these issues.
Our goal as VCs is to assist and support businesses in growing and operating successfully, and watching the Norebase team take action that enhances this goal is highly commendable. Tola and his team are working to make these firms run smoothly and effectively across Africa. Norebase was developed as a legal services solution to facilitate the seamless expansion of African businesses across the continent. The company’s primary offering is Country Africa, an incorporation setup service that takes care of the whole incorporation procedure for the firm. It helps a corporation instantly establish subsidiaries in numerous companies by simply uploading the necessary papers and responding to relevant questions. Each incorporation comprises a bank account in the new market and the applicable legal foundations. To achieve this, Norebase uses cloud computing technology, extensive knowledge, and a team of outside counsel. Intellectual property protection is also a component of incorporation. They have helped founders incorporate companies in Ghana, Kenya, South Africa, Nigeria, Rwanda, Senegal, Ivory Coast, Togo, Tanzania, Egypt, Mauritius, and Burkina Faso, and recently started offering incorporation services in the US.
The company also offers some other digital infrastructure products, one of which is the Compliance-as-a-Service (CaaS) solution for clients in the financial services industry. The product conducts efficient AML, CFT, KYC, and other transaction monitoring for banks, fintech companies, and other financial institutions with country-specific criteria using cloud services technology.
Other products are legal insurance and subscription services that include customized legal solutions, access to automated legal documents and templates, five hours of live consultation per month, and additional consultation at a reduced rate; and a One Africa Multi-Currency Account that functions as a digital ledger for receiving and sending money in different currencies throughout the continent.
The objective is to achieve exponential growth across the continent over the next decade with Norebase’s diversified solutions, digitizing and expanding the African markets. To achieve this, the company keeps abreast of the 54 countries’ business legislation to provide their clients with competent legal advice and rapidly adapt their incorporation and CaaS products.
We are delighted to collaborate with Norebase as they address the issue of the fragmented market and provide opportunities for businesses to grow conveniently. Their accomplishments to date merit praise because the company is constructing a future in which opening a business or expanding an existing one in any African nation will require only the click of a button - Feel free to reach out to learn more about them. As the market grows, Norebase solutions will be highly sought after by organizations in various African countries to operate successfully.
