Once you decide to expand to Senegal, you must prepare to incorporate in the country. Many factors impact the incorporation process, from where you base your physical office to what kind of entity works best for your business goals. It can take anywhere from a few weeks to a few months to set up your Senegal subsidiary and begin working.
Luckily, G-P can help with our Senegal subsidiary outsourcing services. We use our Employer of Record platform to hire employees that work for you and take on all matters of compliance so you can focus on running your new business location.
How to Set Up a Senegal Subsidiary
Before you start researching how to set up a Senegal subsidiary, you need to answer a few questions about your business goals. Start by discussing where you would like to incorporate within Senegal. Different regions follow separate rules and regulations that impact the Senegal subsidiary setup process. Always research an area before settling on office space.
Senegal allows companies to incorporate as various structures, including a limited liability company (LLC), public limited company, branch office, and representative office. The most popular entity is an LLC, which allows companies to operate under limited legal liability but still continue to work in the country with many rights.
The process to set up a Senegal subsidiary as an LLC includes these steps:
- Obtaining a copy of your criminal record issued in your home country less than three months before you start the registration procedure
- Obtaining photocopies of your partners’ identity cards
- Paying registration fees of around 25,000 CFA francs
- Securing national identity cards or passports for all partners or shareholders
- Depositing your share capital
- Submitting an information sheet that includes your corporate name, head office, share ownership, contributions, and more
- Turning in another information sheet on all shareholders and partners including their names, addresses, occupations, and more
Senegal Subsidiary Laws
Senegal subsidiary laws also vary based on what type of subsidiary you choose to incorporate as. LLCs need at least one director and one shareholder who can be of any nationality. You will also have to turn in minimum paid-up share capital of $2,000 to set up your Senegal subsidiary.
All subsidiaries must keep their account books in French. If you don’t have a staff member fluent in French, you will need to hire someone, outsource your accounting, or work with a global PEO such as G-P. You also need to employ a notary to help notarize important documents you need to complete your registration.
Benefits of Setting Up a Senegal Subsidiary
The biggest benefit of going through the Senegal subsidiary setup process is that you can legally start working in the country. A limited liability company also offers the benefit of limited legal liability for the parent company and subsidiary. The parent company does not have to worry about incurring liability from the subsidiary, and the subsidiary can operate independently as they see fit.
However, you can get even more benefits from choosing Senegal subsidiary outsourcing through G-P. Our goal is to help you start working in Senegal faster by using our established subsidiary. When you work with us, we take care of hiring your employees, adding them to a compliant payroll, and giving out the right compensation and benefits. Throughout the process, you can focus on building a new company location while we worry about compliance.
Other Important Considerations
We recommend setting aside the time and money to set up your Senegal subsidiary before you begin the process. You will most likely need to travel back and forth to Senegal to hire employees, turn in documents, and make sure you are staying compliant. In addition to the share capital and registration fees, other steps in the process could cost, so it’s a good idea to work with your accounting team to budget for these fees ahead of time.
Let G-P Help With Your Expansion
If you’re ready to expand to Senegal, you don’t have to learn all of the country’s subsidiary laws and figure out how to set up your subsidiary alone. G-P can help with our Senegal subsidiary outsourcing services. Contact us today to learn more.