Equatorial Guinea is a sovereign land positioned in Central Africa. It is placed on the shores of the Atlantic Ocean. It is one of the smallest African countries. It shares borders with Cameroon to the north and Gabon to the south. Currently, the country is home to about 1.8 million people, and the capital Malabo is home to about 300 thousand people. Economically, this country has large oil reserves, which makes it one of the wealthiest countries in Africa. GDP growth in 2021 is projected at around 2.1%.

If you are planning to register a company in Equatorial Guinea and open an African bank account, please note the following:

• Three official languages: Portuguese, French, and Spanish;
• Capital – Malabo;
• XAF is the official currency;
• Neighboring states – Cameroon and Gabon;
• Population: more than 1.3 million people;
• The country is a part of the next companies: CPLP, OIF, OPEC, AU, and others.

BUSINESS TYPES AND TAX REPORTS

• LLC (SARL);
• PLC (SA);
• SME;
• Oil and gas company;
• Travel Company;
• Branch.

Registration of an LLC in Equatorial Guinea is the most popular option, but it also means a lengthy procedure. Sometimes it takes about 6-8 months to join a business in Africa.

REGISTRATION PROCESS

To open a company in Africa remotely, you need:

• Provide a criminal record;
• Prepare and approve the constituting documents of the organization;
• Come up with a unique name for your future company;
• Prepare and submit documents to the commercial register;
• Present an account for a firm in Equatorial Guinea;
• Payment of stamp duty (approx. EUR 100).

In addition, if you want to set up a company in Equatorial Guinea, you must submit an application describing the economic value of the business. The company registration period is 4 weeks.

VAT and tax registration in Equatorial Guinea

The value-added tax (VAT) flow in Equatorial Guinea is 15%. To register for tax purposes, attach a copy of the institution’s statement of authorization approved by the Prime Minister and a notarized charter. Commissions are paid to the State Treasury at the bank. All types of registration can only be done in person. After making all the required payments (2,000 CFA francs), apply for a tax identification number. Having received the TIN, you can continue the registration process.

To start your business, apply for registration with the Ministry of Labor. All new companies must provide proof of payment and obtain a license from the Department of Commerce. Optional registration is not likely for any form of enterprise.

Legal documents

Each country in the world presents its own set of complex challenges in informing, developing, and sustaining a business. Owners, financiers, and investors must enter into these commitments with the support of a knowledgeable and experienced team of lawyers. Only someone with a thorough knowledge of local and international corporate law will be able to start a business abroad, avoiding the pitfalls that many start-up companies face.

In addition, experienced businessmen may consider investing in an overseas business without actually starting their own companies. In these situations, it is still beneficial for the investor to team up with knowledgeable global economics and litigation advisor. International investment creates a truly diverse portfolio that offers growth opportunities that were unthinkable just a few decades ago.

Possible investors, venture capitalists, and entrepreneurs should examine the existing infrastructure in Equatorial Guinea when planning to begin a new company. While substantial infrastructure and systems can help make the process of starting a business smoothly, they can also signal market saturation and diminishing potential for growth. On the other hand, lack of infrastructure is often a significant obstacle to increase; however, the lack of infrastructure indicates a clear opening of the market for creative and efficient new business.

Opening a bank account in Equatorial Guinea

In connection with the creation of the company, it will be necessary to open one or more bank accounts in Equatorial Guinea. Confidus Solutions offers the ability to open a bank account in over twenty jurisdictions, making it easy to avoid complex language barriers or bureaucratic delays.

Virtual office in Equatorial Guinea

Since a registered address is required to conduct international business, Confidus Solutions allows foreign investors to open a virtual office in Equatorial Guinea. This address will allow international entrepreneurs to receive mail, arrange delivery and open a registered bank account in the country of their business.