It takes 213 days to form a firm in Guinea-Bissau, compared to 46 days in Sub-Saharan Africa. The general technical steps for forming a business in Guinea-Bissau are outlined in this article. It contains information and requirements for maintaining a right stand with all relevant agencies other than the Company Registrar, such as the Social Security Administration.
Company Registration Procedures in Guinea-Bissau
The procedure for company registration in Guinea-Bissau is as follows:
Choosing a company name
Look for a company name and reserve it at the Centre for Formalization of Companies (Centro de Formalizaço de Empresas- CFE). The CFE has built an electronic database where company founders can make searches. The database contains data on businesses that have existed since 1974. It takes less than a day to complete the process.
Notarize the proof of company name
At the notary office, notarize the proof of company name reservation and the signatures of the company’s partners.
Creating and funding the official bank account
Create a bank account and deposit the required amount. The minimum capital for a limited liability corporation must be paid in full upfront. The deposit receipt is proof of the minimum capital requirement. To open a bank account, you’ll need a notarized copy of the certificate of name reservation, as well as the signatures of the company’s partners. The deposit receipt must be obtained by the applicant.
Submission of the company laws
Submit company laws to the Centre for Formalization of Companies to receive a public deed (Escritura Publica). The company laws, proof of bank deposit and name reservation, and copies of the partners’ identity documents must all be submitted by the applicant. Applicants can now use standard statutes from the CFE’s one-stop shop. If the applicant does not wish to utilize the standard statutes, an email must be sent with an electronic version of the legislation. The notary will review it and a public deed will be issued. He’ll also notarize the documents.
Acquisition of a registration certificate
At the Centre for Formalization of Companies, register the firm and acquire a registration certificate (Certidao de Matricula) from the registrar. The firm registration certificate (certido de matrcula) is issued once the public deed is completed. Internally, the registration certificate is forwarded to the CFE’s publication section. The registry’s Journal is published in a physical copy monthly. Non-risky business enterprises no longer require an operating license to begin operations; instead, a simple notice form suffices. However, the Director-General of the Chamber of Commerce must sign the form.
Obtaining a tax identification number
Obtain the tax identification number (NIF) from the CFE tax office representative. The CFE’s tax office has a list of pre-approved tax identification numbers (NIF) to assign to newly registered businesses. They are given out right away. The NIF is a one-of-a-kind tax identification number that is used to pay all taxes. The entire procedure takes less than a day.
- All required u payments are subsequently processed at the CFE’s cashier. The fees are as follows:
- XOF 7,098 for a negative name certificate (Certidao Negativa)
- XOF 21,780 for a public deed (Escritura Publica)
- XOF 3,867 for a notary certificate (Certidao Notarial)
- XOF 47,212 for a registration certificate (Certidao de Matricula)
- XOF 35,000 for publication (Publicaçao)
- XOF 10,000 for Declaration of Activities to Municipal Chamber of Commerce.
- The company then presents the bank with its tax identification number and proof of registration to activate the account and gain access to the capital invested there.
- At the Public Service Office, the applicant must register as an employer with the Ministry of Labor. The Social Security Administration should receive the workers’ contract. The procedure is free and takes no longer than a day.
- The applicant must also register with Social Security (Instituto National de Providencia Social) as an employer. The Social Security Administration should receive the workers’ contract.
- After you start doing business, the municipality will inspect you.
