Never be discouraged by the fact that organization growth in Senegal takes longer or is tedious; it is one of the simplest and most limited legal processes ever. Each monetary year, Senegal’s financial situation is described as one of the most active and developing in Africa. Senegal benefits from a strategic geological location that is bolstered by its strong international ties. Senegal’s political stability is another attribute that contributes to the country’s ability to thrive economically.
Another advantage of the country is the availability of reasonable work. Senegal is a country with greater control over its natural resources, particularly oil and gas, making it a low-cost financial specialist. The legal systems of Senegal have established regulations that have attracted both local and international investors, presenting a relatively healthy economic ground for doing business as part of the country’s substantial economic changes. Regardless of nationality or financial status, the political-legal system is supposed to be investor-friendly.
Company structures
While in Senegal, you can start many different businesses. Foreigners and natives alike enjoy equal possibilities to create businesses in the region, with no restrictions based on citizenship. Sole proprietorship, partnership, limited liability company, and public limited liability company are the most frequent business structures in Senegal. BCE is Senegal’s support organization for the start-up of all types of businesses (Business Support Creation Office). The formation of a corporation in Senegal might take anything from 24 hours to 5 days.
Sole Proprietorship
The initial step is to go to the BCE regional office in Senegal and explain your aims. They can help you with the paperwork needed to form a sole proprietorship. This is a sort of business that is exclusively owned and controlled by one individual, according to Senegalese legislation. For both residents and foreigners, the following documents are required for full registration:
Nationals
- Two copies of a government-issued identification card
- Details of recent criminal records
- A certificate of domicile issued by a district manager, police, or town hall in your place of residence
- Two 2000 FCFA Tax Stamps
Foreigners
- Two copies of a valid passport
- A valid document issued by the police department or the nearby city hall stating the place of residence
- A criminal record from the country of origin that is less than three months old
- Two 2000 FCFA Tax Stamps
- A registration fee of 10,000 FCAF is required (sole proprietorship with no names)
- A registration fee of $20,000 is required (in the case of the name included)
- A commercial name registration charge of 10,000 FCAF is required for booking with the intellectual property body (OAPI)
Limited Liability Company LLC- (SARL)
This is also known as SARL, and it requires that the books of accounts be kept in accordance with the OHADA accounting system and French. Senegal LLC is required to select a statutory auditor and submit an annual audit report. For an LLC to function properly in Senegal, at least one (1) director and one (1) shareholder must be appointed, regardless of nationality.
A minimum of $2,000 in c-share capital should be furnished. Aside from the aforementioned requirements, the firm must also submit articles of association and memorandums of understanding to the appropriate authorities. A deposit slip of share capital must also be given to the BCE at the formation stage, together with copies of the director/s’ identity cards or passports with a criminal record dating back at least three months.
Public Limited Liability Formation PLC-(SA)
Similarly, in Senegal, this is recognized as a major commercial investment instrument and is referred to as (SA). In Senegal, a PLC must have a share capital of $20,000 to be formed. In the same way that an LLC has at least one (1) director and one (1) shareholder, a PLC should have at least one (1) director and one (1) shareholder, regardless of nationality. A minimum of $2,000 in c-share capital should be furnished. Aside from the aforementioned requirements, the firm must also submit articles of association and memorandums of understanding to the appropriate authorities. A deposit slip of share capital must also be provided to the BCE at the formation stage, together with copies of the director/s’ identity cards or passports, and a criminal record of not less than three months.
