Senegal

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DOING BUSINESS

 


Local business incentives - Legal forms of companies - Registration and licensing procedures - Legal framework - Foreign exchange control - Regulations concerning equity investment - FDI inflows - Expertise of the political risk

Local business incentives

The industrial free trade zone of Dakar has been implemented in order to encourage foreign investors to set up and develop exports. Particular regimes are applicable to small and medium-sized companies, companies developing technological innovation as well as those that enhance domestic resources. The Investment Promotion Agency of Senegal provides assistance and support to foreign investors.

 

Legal forms of companies

Form Number of partners/shareholders Minimum and/or maximum capital Liability Registration fee Release of financial documents
Private Limited Company Minimum 2 partners.
Maximum 50 partners.
FCFA 500,000 Liability is limited to the amount contributed. About FCFA 215,000 on the basis of a company with a FCFA 500,000 capital.
Public limited company Minimum 7 shareholders.
FCFA 2,000,000 Liability is limited to the amount contributed. About FCFA 400,000
on the basis of a company with a FCFA 2,000,000 capital.

Registration and licensing procedures
Private Limited Companies and Public Limited Companies are the two most current corporate forms in Senegal. However, other corporate forms such as general partnership, joint-venture company, do exist but remain rare.
The declaration formalities with tax administrations, social and work office are complicated, expensive and take time. That is why, in order to simplify the registration procedure, a unique office has been created. This unique office is linked to the Treasury and receives the companies' declarations requesting approval to the Code of Investment. This organization is in charge of the companies' registration with the different ministries.

Foreign exchange control
There are no limitations on currency exchange control. Free repatriation of profits and capital is carried out.  


Foreign Direct Investment inflows in Senegal

FDI inflows 2003 2004 2005 World rank (*)
2005
FDI inflows (USD million) 52 77 54 118/141
Source : UNCTAD - World Investment Report
Note : (*) World Rank = UNCTAD Inward FDI Performance Index. It is a measure of the extend to which a host country receives inward FDI relative to its economic size. It is calculated as a ratio of the country's share in global FDI inflows to its share in global GDP.

 

Last modified in 2006 - ongoing update
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