Company Formation in Senegal | Business Registration in Senegal | IMC
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SET UP A BUSINESS IN SENEGAL

senegal-COMPANY-FORMATION

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

TypeLimited Liability Company
Under Senegal law, foreigners can own100%
Share CapitalXOF 1,000,000
ManagerMinimum One
ShareholdersMinimum One
Memorandum and Articles of AssociationYes
Can the entity hire expatriate staff in SenegalYes
Tax Registration Certificate RequiredYes
How long to open Corporate Bank Account1 -2 Weeks
Timeframe for Incorporation5 – 6 Weeks
Tax Registration Certificate RequiredYes
Statutory audit requiredNot Mandatory
How long to open Corporate Bank AccountOne Week
Timeframe for Incorporation2 -3 Weeks
Annual ReturnNo
Annual TaxYes
Access to Senegal double tax treatiesYes