Doing business in Senegal

How quickly can I set up a business?

It takes 10 days to set up a business.  

What is the minimum investment needed?

No minimum requirements, depending on the project.

Some requirements for investment code advantages.

Agriculture, fishing, health, education: 23K Euros

Manufacturing, tourism, audio-visual: 150 K Euros

How can I raise finance?

Investors raise the capital.

What are the legal requirements for setting up my business?

Setting up company: limited liability company (SARL), limited company (SA), simplified joint stock company (SAS).

Branch duration is 2 years, renewable once.

Equity participation 51% for security activity. For mining, oil & gas, transportation equity participation to be agreed.

What structure should I consider?

Limited liability company (SARL)

• minimum capital 1500 Euros
• one or several shareholders

Limited company (SA)

• minimum capital 15000 Euros
• one or several shareholders

Simplified joint stock company (SAS)

• no minimum capital
• two or several shareholders

Branch

• no share capital
• for work in progress activities

Taxation is the same for all structures.

What advice can you give me in regards to payroll and taxation requirements?

No discrimination between nationals and foreigners

• Free recruitment of foreign personnel
• Health insurance mandatory for all employees
• Protection against nationalization, expropriation, or requisition
• Guarantee of foreign exchange supply
• Free transfer of capital and remuneration
• Access to raw materials
• Certain business activities are subject to prior approval: banking, insurance, security, mining, water, electricity, gas, oil, transport, telephone.
• Tax and customs advantages open to manufacture, tourism, agriculture, fishing, railways, mining activities

Is there anything else that I should know?

To encourage investment, Senegal has signed with various countries (United Kingdom, United States, Republic of Korea, Mauritius, Argentina, etc.), Bilateral Investment Agreements (BIAs).

These agreements aim to promote and protect the investments of nationals of one of the contracting countries in the territory of the other contracting country of the agreement.

They aim to secure the business environment in Senegal, increase the confidence of nationals of countries with which Senegal contracts, and protect Senegal’s investors in these said countries.

As a member of the franc zone, through its participation in the West African Economic and Monetary Union (UEMOA), Senegal benefits from a guarantee of availability of foreign currency for the transfer of payments abroad and from a fixed exchange rate between the CFA Franc and the euro

Senegal is a member of ICSID (International Centre for the Settlement of Disputes) and MIGA (Multilateral Investment Guarantee Agency) and has ratified the New York Convention on the Enforcement of Foreign Arbitral Awards.