When you decide to expand to Togo, you have two options for how to proceed — you can set up your own Togo subsidiary or work with a global PEO like Globalization Partners. Expanding on your own requires time and money, and you’ll need to learn all of Togo’s subsidiary laws. Once you establish that subsidiary, you can hire employees, start your payroll, and give out benefits and compensation.
However, Globalization Partners offers a better option. Instead of learning how to set up a Togo subsidiary, you can use our Togo PEO to start working immediately. We’ll handle everything from recruiting employees to making sure they receive all statutory benefits. You’ll only have to focus on how you can grow your company.
How to Set up a Togo Subsidiary
Learning how to set up a Togo subsidiary requires several moving parts. First, you need to consider where in Togo you want to establish your office. Togo’s subsidiary laws can change depending on the region or city where you incorporate. If you’re unsure about which place is best for your business, you should work with a consultant or other expert who can recommend the best location.
Next, you have to consider what type of subsidiary is best for your operations. Every company is different, and you may have your own ideas for what business activities you would like to perform in Togo. You can incorporate as a limited liability company (LLC), public limited company, branch, or representative office. Companies looking to perform a wide range of activities almost like a local company often incorporate as LLCs.
The Togo subsidiary setup process typically includes the following steps:
- Setting up an in-country bank account
- Depositing minimum share capital
- Appointing directors and shareholders
- Appointing a statutory auditor if you meet certain requirements
- Filing all required documents
- And more
Togo Subsidiary Laws to Follow
Togo’s subsidiary laws vary based on the type of entity chosen, but LLCs typically have laws friendly to foreign incorporation. As an LLC, you need at least one director and one shareholder who can be of any nationality and do not have to live in Togo. Shareholders can be an individual or corporate body, and shareholders are usually limited in liability by the amount of capital they contribute.
Entities require a minimum capital of $1,800 for incorporation. If you have share capital over $180,000, see annual turnover over $450,000, or employ more than 50 people, you need to appoint a statutory auditor. Your auditor will make sure you meet all of Togo’s tax laws and stay compliant.
Benefits of Incorporating in Togo
Once you finish the Togo subsidiary setup process, you’re ready to start working in the country. If you chose an LLC structure, you’ll get additional benefits because your parent company will have limited liability from your subsidiary. You won’t have to worry about the parent company becoming affected by the subsidiary’s actions, and your subsidiary will be free to operate the way it sees fit.
You’ll get more benefits if you opt for Togo subsidiary outsourcing with our team. Globalization Partners has experience helping companies expand across the world. We can use our existing subsidiaries to help you expand faster — usually in a day or two. Our goal is to take the risk of compliance off your shoulders and eliminate the stress of hiring employees, choosing a payroll option, and providing benefits and compensation.
Everything You Need to Succeed
You’ll need to work with everyone in your company for a successful expansion. You can start by meeting with all company executives to clear your schedules and delegate tasks. Then, talk with your finance or accounting department about how much it will cost to incorporate, including travel fees.
Most companies don’t already have a global compliance expert. You can have a current employee learn Togo’s subsidiary laws, but it’s better to work with an expert. A consultant, accountant, or lawyer will help you stay compliant and avoid any fees or delays.
Contact Globalization Partners Today
Globalization Partners can act as your hiring resource, payroll partner, benefits manager, and more. You can trust us to help you expand easily through Togo subsidiary outsourcing. Contact us today to learn more about our global expansion solution.