This index evaluates the regulatory regime for business start-up.
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Are your country's laws and regulations regarding the establishment process available online through a website of a public institution (e.g. Parliament, official gazette, etc.)?
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Y
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What is the precise name of limited liability company (LLC) in your country (for example, LLC, private limited company, private limited liability company)in English ?
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Limited Liability Company
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What is the precise name of limited liability company (LLC) in your country (for example, LLC, private limited company, private limited liability company)in your principal official language (if different from English).
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Société à Responsabilité Limitée (SARL)
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Is Limited Liability Company (LLC) the most commonly used legal form for the establishment of foreign-owned companies?
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Yes
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If no, what is the most common form of establishment of foreign companies in your country?
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N/A
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Does your country have any restrictions related to the composition of the board of directors of foreign owned but locally incorporated companies (nationality, ethnicity, race, gender, etc.)?
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No
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If Yes, what is/are this/these restriction(s)?
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N/A
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Is a foreign-owned company required by law to establish its subsidiary through a local private sector third party (local counsel, notary etc.) or public entity (investment promotion agency)?
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Required by law
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Comment
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A notary is required.
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Can a foreign-owned company expedite any of the establishment procedures through an official channel (fast-track procedure)?
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Yes
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Comment
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Guichet unique
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Is the investment approval/authorization a mere formality, only requiring submitting a notification to an appropriate authority?
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No
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Does your country give the investor the right to appeal the decision on the approval/authorization?
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Yes
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Is a minimum of projected annual sales required for an approval/authorization?
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No
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If Yes, what is this minimum (in local currency units, LCU)?
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N/A
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Is there a limit on the period of validity of a foreign investment approval (separate from any operational licenses/permits that need to be renewed)?
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No
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If Yes, what is the approval’s validity period (in years)?
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N/A
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Additional Comments
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Do laws and regulations specify a time limit within which authorities must notify the foreign company of the result of its registration?
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Yes
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If Yes, what is this time limit?
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3
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If Yes, is this limit usually respected?
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Yes
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Do laws and regulations specify that no response from authorities within this time limit can be interpreted as consent and registration complete (that is, silent/deemed approval)?
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No
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Is the company registration documentation downloadable online?
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No
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If Yes, can the investment registration documentation be submitted online?
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No
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Can the registration process be monitored online? (e.g., check the status of registration, etc.)
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No
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Comment
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Can a foreign-owned company hold a commercial bank account in a foreign currency in your country?
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Yes
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If Yes, does a foreign-owned company have to seek approval/authorization before opening such an account?
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Yes
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If Yes, which authority issues such approval/authorization (e.g., Ministry of Finance, Central Bank, etc.)?
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The Ministry of Finance after advice of the Central Bank of West Africa - in French BCEAO. Art 43 rule 09/1998/CM UEMOA relatif aux relations financières extérieures des états membres de l'UEMOA - an ...morenexe 2) ...less
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If Yes, how long does it take, on average, to receive such an approval/ authorization?
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May take months. It depends of the negociations with the Government and the economic and strategic importance of the project.
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Comment
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In order to open an offshore account (or account in foreign currency), the company will need authorization from Minister of Finance who has to go through the Central Bank (BCAO) for advice. The reque ...morest has to include information on repayment of a loan in foreign currency. This is a Regulation of the Monetary Union of West Africa (UMOA). ...less
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Does your country have a paid-in capital requirement for foreign-owned limited liability companies?
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Yes
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If Yes, is this requirement a different amount than the one for domestic companies?
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No
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Comment
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Is your country party to the Hague Apostille Convention ?
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No
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