Company Formation in Senegal | Business Registration in Senegal | IMC
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Senegal officially named as the Republic of Senegal and it is a country in West Africa. Dakar is the capital city of Senegal. Extensive privatization has profoundly transformed broad sectors of economy. Investors of international repute now exist in strategic sectors such as telecommunications, energy, tourism, transportation. Foreign Investment Promotion and Protection Agreements (FIPA) offers investors with assures, ensure non discriminatory treatment and safeguard their interests in all circumstances. Senegal enjoys preferential access to European markets through ACP-EU agreements and to the U.S. through AGOA (African Growth and Opportunity Act). These measures offer consumer goods exports to these countries duty free or at lowers rates with no quota. Scroll down to read more on the procedures for a company formation in Senegal.

 Company Formation in Senegal

  • To establish an LLC in Senegal the public notices related to incorporation and company modifications are made either online on the web site of the Ministry of Economy and Finance by BCE, or by the notary in the authorized newspaper.
  • In an LLC company in Senegal a manager may be a partner must appointed by the associates

 Company Registration in Senegal – Licensing

  • Foreign investors are encouraged to utilize the “one stop” service of Senegal’s Investment Promotion Agency (APIX) for registration and obtaining APIX, Ministry of Senegalese Customs, Economy and Finance and other approvals required to protect a business license

 Accounting and Tax for Company Registered in Senegal

  • Corporate tax rate is 30% and Value added tax (VAT) rate is 18%
  • Capital gains tax rate is  10% and dividends tax rate 10%
  • Nonresident corporation are subject to tax on only their Senegal source income
Type Limited Liability Company
Under Senegal law, foreigners can own 100%
Share Capital XOF 1,000,000
Manager Minimum One
Shareholders Minimum One
Memorandum and Articles of Association Yes
Can the entity hire expatriate staff in Senegal Yes
Tax Registration Certificate Required Yes
How long to open Corporate Bank Account 1 -2 Weeks
Timeframe for Incorporation 5 – 6 Weeks
Tax Registration Certificate Required Yes
Statutory audit required Not Mandatory
How long to open Corporate Bank Account One Week
Timeframe for Incorporation 2 -3 Weeks
Annual Return No
Annual Tax Yes
Access to Senegal double tax treaties Yes

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