Understand the Jurisdictions of the Company Registration Process In Senegal
Looking forward to investing in Africa? Then Senegal should be your choice to set up a business. Strategically located in the northwest of Africa with the biggest port in West Africa, Senegal’s business environment is very enticing. Here’s how to register a company in Senegal.
Deposit Initial Share Capital
A foreign business owner can start by depositing the initial share capital directly at the local bank. Otherwise, as the business owner, you can do so through a public notary.
Choosing the Structure
There are several company structures a business owner can choose to incorporate. The most common entity is a SARL which is the easiest to incorporate and register. They are the branch office, representative office, SARL (equivalent to LLC), SA (equal to a public limited company) and SAS (identical to the simplified joint stock company).
Propose a Name
After choosing the structure, you need a name for your company and provide it to your company incorporation services provider. They will assist in submitting the name proposal to the respective organisation, which is the Court.
Preparing Company Documents
All official documents in Senegal must be in French. If you have an article of association of the company in English, please hire a professional translator to translate all documentation into French. After which, a notary public must sign them. Another way is to get a notary to draft the articles of association.
To smoothly register a company in Senegal, a notary will be your best choice. They are knowledgeable in company bylaws and Senegal’s regulatory framework. They will also issue the declaration of conformity and register the statutes.
Registering At The One-Stop Center
A business owner can register at the one-stop centre that assembles related organisations for company registration. There are four organisations within the one-stop centre: the tax authority, the Commercial Registry, the NINEA (to obtain a company identification number) and the Labour authority.
Social Security and Pension Fund
Companies can also register with the Social Security and Pension Fund at the one-stop shop. This is optional if there is one shareholder in the company. Only when you have employees is it advisable to register the company with these organizations so that it is easier to write your employees for these benefits.
Registering a company in Senegal can take up to five weeks at maximum. Registering a SARL may take up to four weeks before you can begin invoicing your customers. In Senegal, you can only sign a lease agreement for office space after officially registering the company.
Benefits of Register Company in Senegal
There are many benefits and advantages when registering a company in Senegal. One of them is that you can register a SARL with one shareholder and director of any nationality. It doesn’t have to be a Senegalese. Foreign business owners can sign the company incorporation documents wherever they are based. There is zero need to be present to sign the documents in Senegal. Business owners can expect suitable trading with Senegal’s neighboring countries through good road, rail, air and sea links. Registering a company in Senegal has many more benefits, and all you have to do is speak with your company incorporation service provider.
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