1. FACT SHEET
Senegal
Senegal officially named as the Republic of Senegal and it is a country in West Africa. Dakar is the
capital city of Senegal. Extensive privatization has profoundly transformed broad sectors of economy.
Investors of international repute now exist in strategic sectors such as telecommunications, energy,
tourism, transportation. Foreign Investment Promotion and Protection Agreements (FIPA) offers
investors with assures, ensure non discriminatory treatment and safeguard their interests in all
circumstances. Senegal enjoys preferential access to European markets through ACP-EU agreements
and to the U.S. through AGOA (African Growth and Opportunity Act). These measures offer consumer
goods exports to these countries duty free or at lowers rates with no quota.
Company Incorporation in Senegal:
To establish an LLC the public notices related to incorporation and company modifications are made
either online on the web site of the Ministry of Economy and Finance by BCE, or by the notary in the
authorized newspaper.
In an LLC company a manager may be a partner must appointed by the associates
Licensing in Senegal:
Foreign investors are encouraged to utilize the "one stop" service of Senegal's Investment
Promotion Agency (APIX) for registration and obtaining APIX, Ministry of Senegalese Customs,
Economy and Finance and other approvals required to protect a business license
Accounting and tax:
Corporate tax rate is 30% and Value added tax (VAT) rate is 18%
Capital gains tax rate is 10% and dividends tax rate 10%
Nonresident corporation are subject to tax on only their Senegal source income
Nonresident in Egypt is subject to a withholding the tax rate of 20% on the gross amount
2. FACT SHEET
Senegal
Type: Limited Liability Company
Under Senegal law, foreigners can own 100%
Share Capital XOF 1,000,000
Manager Minimum One
Shareholders Minimum One
Memorandum and Articles of Association Yes
Can the entity hire expatriate staff in Senegal Yes
Tax Registration Certificate Required Yes
Statutory audit required Not Mandatory
How long to open Corporate Bank Account One Week
Timeframe for Incorporation 2 -3 Weeks
Annual Return No
Annual Tax Yes
Access to Senegal double tax treaties Yes
For more details, please contact bc@intuitconsultancy.com
You can also visit www.intuitconsultancy.com
