Never be disheartened that organization development in Senegal is longer or monotonous, it is one of the least demanding and most limited legitimate procedures ever. Senegal's financial status is classified as one of the dynamic and developing each monetary year in the Africa. Senegal appreciates a key geological position which is made more grounded for business by its great global relations. The political steadiness in the nation is another quality that gives Senegal the capacity of its business condition to flourish.
Another beneficial thing about the nation is the accessibility of moderate work. Senegal is a nation that has more noteworthy control of its common assets particularly oil and gas making it an affordable condition financial specialist. As Part of Senegal’s major economic reforms in Senegal is the legal systems that have enacted laws that have attracted both local and international investors, presenting a relatively healthy economic ground for doing business. The political legal system is designed to be investor friendly regardless of the nationality and financial background.
About the Senegalese Legal System
The legitimate framework in Senegal is as a common plan and passed by the national assembly. The legitimate framework is involved three arms, including the Supreme Court which is the most noteworthy in Senegal. The following level is the court that offers guidance accounts for auditing decisions conveyed by the lower courts on the off chance that gatherings are not fulfilled. The other degree of the lawful framework contains the regional courts and the high court that get questions in the principal occurrence.
At this level are the specialized courts like the trade court as well as the labor courts. The most important part of the Senegalese law regarding investment is article nine (9) which indicates the principle of ‘equal treatment’. Therefore the commercial in Senegal perceives all investors with a uniform legal eye. However, some sectors which receive special regulations like the mining industry, banking industry, Hydrocarbons, and finance. This is due to the sensitivity of the sector.
There are several business forms that you can start while in Senegal. Both foreigners and locals have equal opportunities to start companies in the region without citizen status restrictions. The most common business setups in Senegal include; Sole proprietorship, Partnership, Limited Liability Company, Public Limited Liability Company. The support body for the creation of all types of businesses in Senegal is known as BCE (Business Support Creation Office). It will take 24 hrs to a maximum of 5 days for one to complete company formation in Senegal.
The first thing to do, you need to visit the BCE regional office in Senegal to present your intentions. They will advise you on the required documents to start a sole proprietorship firm. According to the Senegalese law, this is a type of business that is solely owned and managed by one person. The following documents are needed for full registration for both locals and foreigners;
Foreigner Nationals in Senegal
Senegal Limited Liability Company LLC- (SARL) Creation
This is also known as SARL where the books of accounts have to be kept under the provisions of the OHADA accounting system and kept in French. Senegal LLC is mandated to appoint a statutory auditor and present an audit report on an annual basis. For the full operation of an LLC in Senegal, there should be an appointment of at least one (1) director as well as one (1) shareholder regardless of nationality.
The least c share capital to be provided should be $2,000. Apart from meeting the above, the company has to present articles of association and memorandum of understanding to the authorities. Besides, a deposit slip of share capital has to be presented to the BCE in the formation stage with copies of identity cards or passports of the director/s with a criminal record of not less than three months old.
Public Limited Liability Formation PLC-(SA) in Senegal
In the same way, this is regarded as a large investment commercial tool in Senegal and locally known as (SA). A PLC constitution in Senegal requires that share capital of $20,000. Just like an LLC, PLC, there should be an appointment of at least one (1) director as well as one (1) shareholder regardless of nationality. The least c share capital to be provided should be $2,000. Apart from meeting the above, the company has to present articles of association and memorandum of understanding to the authorities. Besides, a deposit slip of share capital has to be presented to the BCE in the formation stage with copies of identity cards or passports of the director/s with a criminal record of not less than three months old.
There should be a declaration of registration with the Tax authorities, declaration of the registration by the Trade and Personal Credit property (RCCM) and finally the recordation of compliance with labor inspectorate. The other requirements include the director’s identification documents to accompany other establishing statutes of the company. The articles of the association presented at the BCE, may at some point be amended by the parties involve; the procedure should also be legally done. Similar revisions must be enlisted and distributed in the Trade and Personal Property Credit Register and through a lawful newspaper notice. This is imperative to be enforceable against any outsider. A proof of the business that is has been properly enrolled by the social reserve or any annuity conspire must be confirmed with the goal that workers are made to contribute the plan.