Business entities in Senegal

Business entities in Senegal

Healy Consultants will assist our Clients with setting up the optimal corporate structure in Senegal for their business objectives. There are several ways of doing business in Senegal, the most common being the setup of a Senegal limited liability company (also known as a SARL in Senegal). Foreign entrepreneurs may also opt to set up a public limited company, a branch office or a representative office.

The Senegal limited liability company (SARL)

    business entity setup requirements in Senegal
  • The Senegal limited liability company (LLC, locally known as SARL) must appoint at least 1 director and 1 shareholder who can be of any nationality. The minimum paid-up share capital required for Senegal business setup is US$2,000;
  • The Senegal LLC must maintain its books of accounts in French at its registered office in Senegal. The accounts must be maintained according to the OHADA system. Senegal LLCs are also required to appoint a statutory auditor and to submit annual audited financial statements.

The Senegal public limited company (Société anonyme – SA)

  • The Senegal public limited company (PLC), locally known as a SA, requires a minimum capital of US$20,000 for Senegal company setup. At least 1 shareholder and 1 director must be appointed, whom can be of any nationality;
  • Like LLCS, the Senegal PLC’s books of accounts must be maintained in French at its registered office in Senegal. The accounts must be maintained according to the OHADA system of accounting. Annual financial statements must be prepared and an audit must be submitted every year. A Senegal PLC must also appoint an approved auditor.

The Senegal branch (Succursale)

A Senegal branch office can be 100% foreign owned. The scope of operations for this entity will be defined by the parent company. Also, the branch office must have a registered office in Senegal as well as a resident agent appointed by the company to receive summons, notices etc. on behalf of the company.

The Senegal representative office (Bureau de représentation)

While the Senegal representative office can be 100% foreign owned, it is not allowed to carry out any income generating activities in Senegal. All expenses of the representative office are required to be met through inward foreign currency remittances. Consequently, this entity can only engage in i) market research and ii) promoting the business of the parent company. Similarly to a branch, the parent company of a representative office must also appoint a representative ordinarily resident in Senegal.

Table of comparison between Senegal entities

 LLCPLCBranchRep Office
Also known as:SARLSASuccursaleBureau de représentation
How long to set the company up?4 weeks5 weeks4 weeks4 weeks
How long to open company bank account?4 weeks4 weeks4 weeks4 weeks
Legal liability?LimitedLimitedUnlimitedUnlimited
Wholly foreign owned?YesYesYesYes
Minimum paid - up share capital?US$2,000US$20,000US$1US$1
File annual tax return?YesYesYesNo
Tax registration certificate required?YesYesYesNo
Recommended corporate bank account?BICISEcobankBank Of AfricaUBA
Does our Client need to travel?NoNoNoNo
Resident director or representative required?NoNoYesYes
Resident shareholder required?NoNoNoNo
Minimum directors allowed?1111
Minimum shareholders?1111
Tax identification code needed?YesYesYesYes
Senegal resident corporate agent required?YesYesYesNo
Corporate shareholders allowed?YesYesYesYes
Corporate director(s) allowed?YesYesYesYes
Statutory audit required?YesYesYesNo
Senegal corporate tax rate?30%30%30%0%
Annual financial statements required?YesYesYesNo
Regulated by?Ministry of CommerceMinistry of CommerceMinistry of CommerceMinistry of Commerce
Allowed to issue sales invoices?YesYesYesNo
Allowed to sign contracts?YesYesYesNo
Allowed to import and export goods?YesYesYesNo
Can rent an office space in Senegal?YesYesYesYes
Can buy Senegal property?YesYesYesNo
Total Senegal business setup costs in yr. 1?US$17,600US$18,600US$18,950US$19,650
Subsequent annual costs (incl. accounting and tax fee)?US$6,400US$6,400US$6,400US$6,400
Sample engagement invoice?Senegal LLC invoiceSenegal PLC invoiceSenegal branch invoiceSenegal RO invoice

Contact us

For additional information on our business setup services in Senegal, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon
apix, investment promotion and major projects in Senegal senegal chamber of commerce industry and agriculture senegal ministry of trade, informal sector, consumer affairs, promotion of local products and SMEs senegal ministry of economics and finances IPRES - institution Provident Retreat Senegal social security fund of Senegal senegal-bank