Choosing to expand to Côte d’Ivoire is a big decision for your company and brings many potential benefits, such as new business relationships, talented employees, and opportunities for growth. However, incorporating in another country also brings challenges. You have to learn how to set up your Côte d’Ivoire subsidiary according to local labor laws and continue to build a new company location by hiring employees, setting up your payroll, and more.
G-P understands the struggles of expansion. We provide an alternative for companies looking to expand quickly. As a global Employer of Record (EOR), we can hire employees and assign them to work for you while taking the stress of compliance out of the equation.
How to set up a Côte d’Ivoire subsidiary
Once you decide to open a new company location in Côte d’Ivoire, you need to consider factors that could impact the subsidiary setup process. We recommend looking at different locations for your office space first since different regions or cities can have their own Côte d’Ivoire subsidiary laws.
You should also discuss important business factors such as how you would like to incorporate in the country, as this choice can impact the subsidiary type you choose. Côte d’Ivoire allows businesses to choose between a limited liability company (LLC), public limited company, branch, or representative office, and each entity has its own regulations. Many companies opt to establish an LLC because it gives them numerous freedoms in the country and protects the parent company from litigation.
The steps to set up your Côte d’Ivoire subsidiary as an LLC include:
- Creating an initial notary draft of your statutes with proof of paid-up capital.
- Opening an in-country bank account.
- Depositing your paid-up capital.
- Registering with a one-stop-shop and legal notice publication.
- Creating a company seal.
Côte d’Ivoire subsidiary laws
Côte d’Ivoire’s subsidiary laws vary based on the type of entity. If you choose to establish an LLC, you’ll need at least 1 director and 1 shareholder who can be of any nationality. You also need at least USD 2,000 in paid-up capital that should get deposited in your Côte d’Ivoire bank account.
LLC’s must appoint an auditor who will submit annual audited financial statements. Companies are also required to keep financial books in French according to the OHADA system, so you’ll need to hire an expert who is fluent in French or work with a third party.
Benefits of setting up a Côte d’Ivoire subsidiary
The biggest benefit of the Côte d’Ivoire subsidiary setup process is getting to work in the country legally and operating like a local company. Many companies choose to expand as an LLC because of the additional benefits it offers to both the subsidiary and the parent company. The parent company won’t gain liability from the subsidiary, and the subsidiary can create a structure that matches Côte d’Ivoire’s overall business culture.
Instead of spending multiple months trying to set up a Côte d’Ivoire subsidiary, consider the fact that G-P offers a better way. We can help you start working in a few days. And the best part is you won’t have to establish your own entity when you partner with us. We can handle everything from hiring employees who work on your behalf to ensuring compliance with all of Côte d’Ivoire’s subsidiary laws.
Other important considerations
Before getting ready to establish an Ivory Coast subsidiary, you’ll need an expert to help you understand the country’s subsidiary laws. You can also appoint a current employee to learn the local subsidiary laws that apply to your entity or work with a consultant or lawyer to make sure you stay compliant.
You should also make sure you have the time and money you need to incorporate successfully. Try to clear your schedule to travel back and forth to Côte d’Ivoire, and make sure you work with your accounting department to set aside the resources you’ll need.
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