Starting a business, or company, in Sao Tome and Principe takes roughly 144 days as compared to about 46 days in the sub-Saharan Africa region. This article outlines the general specialized procedures for starting a company in Sao Tome and Principe, according to the doing business.org database by the World Bank. It includes details and conditions to be in good standing with all applicable agencies beyond the company register like social security agencies. The development of telecommunications and profitable globalization has made it possible for interested investors to form companies around the world. With proper exploration, fiscal investments, and legal backing, business activities can safely be established in nearly all world countries. While it was a previously complicated commercial bid to establish a global business, it’s now commonplace with the help of educated legal and economic counsels.
How to register your company in Sao Tome and Principe
The method involved in registering a company (Private Limited Company) in Sao Tome and Principe are:
- Notarise the company bills.
- Deposit the legitimately needed initial capital in a bank and get deposit proof.
- Apply for advertising relating to objectification notice in the formal review (Dià ¡ Rio da República).
- Announce the objectification notice in a public review.
- Register the company with the Commercial Registry.
- Apply for a marketable operations permit (alvarà ¡).
- Apply for a taxpayer identification number.
- Register workers with the social security authorities.
- Check the authenticity of the proposed company name, reserve a name, register the company, get a taxpayer identification number, and publish the corporation record.
Actual Office
The incorporated Company at the Guiché Único requires the following documents;
- Operation form properly completed.
- Certificate attesting the authenticity concerning the company name (which may be attained at the Guiché Único).
- Written duplicate about by-laws (the Guiché Único provides model by-laws that must be used, but the parties may conclude to use a different model of by-laws other than those offered by the Guichet Único).
- Proof of payment about the single charge for the incorporated company.
- The document attests to the identity of signatories or the identity of the representative.
Company formation
Regarding the advertising of the incorporation, the company may conclude to announce in the Official Gazette concerning OSS or in a public review. A duplicate of a published record can be attained as early as the day following the incorporation in the Guiché Único. 4 days on average * Gain and legalize the special company books.
Companies must gain and legalize obligatory books. Some books (i.e., the general assembly and the Board of Directors’ books) must be initialized by the court during the first case. As stated in Article 32 of the Commercial Code, “the account books should be presented to the presiding judge at the court of the company’s governance, so that the court officers can number and subscribe to each sheet and prepare the opening and ending sheets.” Employers must register workers with the applicable social security authority within 30 days of duty enrolment.
Legal documents
Every state in the world offers its own set of intricate difficulties relating to forming, developing, and sustaining a business. Possessors, financiers, and investors must enter into these engagements with the support of knowledgeable and educated legal members. Only someone with detailed knowledge of regional and global commercial law will be suitable to set up an overseas business while avoiding the risks that affect numerous new companies.
Also, shrewd businesspeople may consider chances to invest in overseas businesses without actually forming their own companies. In these situations, it still benefits the investor to team up with knowledgeable counsel in global economics and action. International investments produce a truly different portfolio that offers openings for growth that were unbelievable just decades ago.
Opening a bank account
In concurrence with the company formation, it’ll be necessary to open one or extra bank accounts in Sao Tome and Principe.
Tax-duty regulations
Communicate with a counselor adviser with expansive experience in the area which you’re considering if you’re in the process of researching company formation in Sao Tome and Principe. This counsel will be suitable to help you with everything from laws and duty structures to regional support staff. You’ll need to consider every aspect from the regional office to your topmost association structures; be sure to matriculate the best instructors possible as you enter this instigative yet difficult process.
