Doing business in Senegal
- How quickly can I set up a business?
- What is the minimum investment needed?
- How can I raise finance?
- What are the legal requirements for setting up my business?
- What structure should I consider?
- What advice can you give me in regards to payroll and taxation requirements?
- Is there anything else that I should know?
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
- 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.
Our firms in Senegal
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Kreston HM focuses on providing audit, accounting services, and tax advisory and was founded by managing partner Hitesh Mehta, in 2005. Based in Kampala, with another office in Jinja, the firm has 3 partners and 45 staff and has rebranded as Kreston HM to take advantage of the extensive global reach of the Kreston network.
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