If you are considering doing business in Senegal, you’ll need translation services and the below information and steps you may wish to consider as you get started:
According to the 2016 World Bank Doing Business report, the country is one of the world’s top business reformers and among the top ten business environment improvers for two consecutive years. In Africa, Senegal is classified among the top three fastest-growing economies. In the last years, Senegal enjoyed a strong economic growth, among the highest within countries of West African Economic Monetary Union (UEMOA. In 2018, growth remained around 7% of the GDP and a consolidation is expected, supported by big investment projects in energy and infrastructure.
Current state of Senegal economy
Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources of employment in rural areas. The country’s key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and Senegal is also working on oil exploration projects. President Macky SALL, who was elected in March 2019 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending.
Starting a Business in Senegal
Starting a business, or company, in Senegal takes approximately 6 days as compared to about 46 days for the Sub-Saharan Africa region. In the past few years, the procedures for establishing a company have been simplified. The 2017 Doing Business report ranks Senegal 90th out of 190 economies for starting a business. The cost and time to start a business has decreased since 2005 as well as the cost to register property. This piece outlines the general technical procedures for starting a company in Senegal. It includes details and requirements to be in good standing with all relevant agencies beyond the company registrar like social security agencies. Additional notes may be found here.
The steps involved in registering a company – [société à responsabilité limitée (SARL)] a form of private company that exists mainly in French-speaking countries- in Senegal are:
- Get a copy of the criminal record of founders.
- Deposit the founding capital with a bank.
- Notarize company bylaws and bank deposit of subscribed capital.
- Register your business at the one-stop shop.
Ministry of Commerce, of the Informal sector, Consumption, Promotion of Local Products and SMEs www.commerce.gouv.sn
Taxes and Domains www.impotsetdomaines.gouv.sn
Public service – Trade and Property Credit Register www.servicepublic.gouv.sn
Invest in Senegal – Information on procedures investinsenegal.com
French is the official language of Senegal. Wolof is widely spoken as a first or second language and has become the vehicular language in Dakar. In urban areas, English is understood but not widly spoken
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