When you decide to expand to Togo, you have 2 options — you can set up your own Togo subsidiary or work with a global EOR like G-P. Expanding on your own requires time and money, and you’ll need to learn all of Togo’s subsidiary laws. Once you establish your subsidiary, you can hire employees, start your payroll, and give out benefits and compensation.
However, G-P offers a better option. Instead of learning how to set up a Togo subsidiary, you can use our Togo EOR to start working immediately. We’ll handle everything from hiring to dispersing benefits and payroll. You’ll only have to focus on growing 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 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
Togo’s subsidiary laws vary based on the type of entity you choose, but LLCs typically have laws friendly to international incorporation. As an LLC, you need at least 1 director and 1 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 USD 1,800 for incorporation. If you have share capital over USD 180,000, see annual turnover over USD 450,000, or hire 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 setting up a Togo subsidiary
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 being affected by the subsidiary’s actions, and your subsidiary will be free to operate the way it sees fit.
However, you can save time and money by partnering with G-P instead of undergoing the lengthy setup process. You can leverage our existing subsidiaries to expand in minutes instead of months. Our goal is to eliminate the stress of hiring employees, choosing a payroll option, and providing benefits and compensation, so you can focus on your business.
Other important considerations
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 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.
Enter new markets with G-P — no new entities required.
Beat the competition and enter new markets in minutes, not months, with G-P. We’ve paired our industry-leading team of in-region HR and legal experts with our #1 global employment platform to help you hire compliantly in 180+ countries, eliminating the need to set up local entities or subsidiaries.
Get in touch today to learn more about how we can streamline the global growth process.