Togo is a country based in West Africa. It lies in the Gulf of Guinea and is popularly known for its beaches. Most villages within are situated on hills and are composed of huts made of clay. French is the solemn language spoken while the most domineering indigenous languages are Ewe and Kabiye. The newest statistical data records its population to be approximately 8.6 million. This essay covers the main guidelines for company enrollment in Togo.
Companies in Togo
Just like most Western countries, Togo has many registered businesses that comportment their operations within and outside. The government accounts for about 115880 firms that are obliged to operate in the country. The National statistic in Togo oversees conducting surveys on the number of businesses across its boundaries. However, research designates that about 15% of most businesses function in the formal sector. These records implicate that majority of companies operate in the informal sector. In the year 2018, the government assisted by the Ministry of Planning and Development initiated registration processes that were effective in updating firms’ data. National Development Plan (PND) aimed at upgrading company operations and providing a conducive working environment for owners of investment activities.
Company registration
The policies of setting up a company in Togo are indistinguishable in most countries in Africa. The initial process of incorporating a firm in Togo is acquiring legal establishments. Other procedural requirements for incorporating a business entity are discussed below.
Filling the registration forms
Business operators who wish to incorporate their businesses are required to collect registration forms and questionnaires. They should then fill those documents with accurate details. The final condition is that the documents should have Guichet uniqueness.
Must provide legalized documents
The legitimate document for locals interested in initiating the incorporation process in the country depends on their nationality. For instance, investors in Togo are supposed to provide copies of the Identity cards as part of their legal entities. For members of ECOWAS, a consular card should accompany the registration documents. While foreign business owners are required to produce passports during application.
Make deposit
Togo tax authorities offer suggestions for the required amounts that a company needs to deposit as its opening capital in the bank. Such conditions help to discourage investors from starting their operations with lower profits. Company owners must be aware of the minimal capital expected to open a limited firm before making decisions on incorporation. At this point when the down payments are made in the bank, the owners must receive receipts of their deposits. This receipt is used to confirm the owner’s ability to sustain the activities of the business for a stated period.
Criminal records of directors
A Limited entity is composed of a board of directors that are entitled to manage all the activities of the business. Company creators must provide documents that show the criminal state of each director. In a case where one or more than one director has records of criminal activities, the registration process is normally suspended until further investigations are made.
Ministry authorization
The ministry of Togo is the final decisions making board that provides permits for an investment to begin its operation. Despite a new investment having all the legal documents, it cannot start operating without authorization from the ministry. The ministry of investment and Promotion in Togo oversees making permission or decisions on the company’s incorporation processes. It, therefore, decides whether the business has met all the legal requirements and is eligible to smoothly conduct its operations.
Submission of registration documents
The final step for investment registration is submitting all the legal documents to authorized bodies. Once the entity owners have accurately filled the required documents and made all the payments, they are required to submit them to the ministry for the authorization process. The government then lists the incorporated companies in the official Gazette. Company owners should check on the national gazette to confirm whether their firm was listed.
