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 a foreign 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.
Globalization Partners understands the struggles of an expansion. We provide Côte d’Ivoire subsidiary outsourcing services to companies looking to expand quickly without worrying about compliance. As the Employer of Record, we can hire employees and assign them to work for you while taking the stress of compliance off your shoulders.
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. Try researching different locations before settling on an office so that you can choose a city with the best 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 their 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 what type of entity is chosen. If you choose to establish an LLC, you’ll need at least one director and one shareholder who can be of any nationality. You also need at least $2,000 in paid-up capital that should get deposited in your Ivory Coast bank account.
As an LLC, you’re responsible for appointing an auditor who will submit annual audited financial statements for your company. You’re also required to keep your 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 Ivory Coast legally and operating like a local company. So many companies choose to expand as an LLC because of the additional benefits it offers to both their subsidiary and their parent company. Your 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 you spending multiple months trying to set up a Côte d’Ivoire subsidiary, consider the fact that Globalization Partners offers a better way. We can use our existing subsidiary to help you start working in a few days. You won’t have to establish your own foreign entity when you choose Côte d’Ivoire subsidiary outsourcing 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 money you’ll need.
Let Globalization Partners Help With Your Expansion
Globalization Partners can help make your expansion easier through Côte d’Ivoire subsidiary outsourcing. Contact us today to learn more.