Summary

It takes 5 procedures and 10 days to establish a foreign-owned limited liability company (LLC) in Senegal (Dakar). This process is among the fastest in Sub-Saharan Africa and much faster than the IAB global average. In addition to the procedures required of a domestic company, a foreign company that wants to engage in international trade must obtain an import-export card for trading purposes from the investment promotion agency (APIX) or a business court. Entrepreneurs register their company at the one-stop shop and obtain a tax registration; commercial registration; company identification number; and labor, social security, and pension fund registrations. This takes only 2 days. According to a directive of the Economic Community of West African States (ECOWAS), companies in Senegal are not allowed to open bank accounts in foreign currency unless they get approval from the Senegal Ministry of Finance and the Central Bank of West Africa. This approval must be renewed yearly. The minimum capital requirement of XOF 1,000,000 (~$2,000) is applicable for all OHADA (Organization for the Harmonization of Business Law in Africa) member states. It must be paid in full for the incorporation of an LLC.