DOING BUSINESS IN TOGO
Since 2003, Healy Consultants has assisted our Clients with Togo business registration. Our services include i) Togo company formation services ii) government license registration iii) corporate bank account opening services in Togo and/or abroad iv) employee recruitment v) visa strategies and vi) office rental solutions in Togo.
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Advantages and disadvantages
Advantages of Togo company registration
- It is possible to register a Togolese limited liability company (SARL) with 1 director and 1 shareholder, who can be of any nationality and can either be individuals or corporate bodies. The minimum paid-up capital required is only US$1,800 and our Clients do not need to travel to complete the engagement;
- Our Clients will also find it easy to incorporate a Togolese public limited company (SA) because the entity can be incorporated by a single shareholder and only requires a minimum paid-up share capital of US$18,000;
- The creation of the One-Stop-Shop (CFE) has significantly reduced the procedures and time required to form a company in Togo. It averagely takes 10 days to register a company in Togo, as compared to an average of one month for other Sub-Saharan Africa countries;
- The Togolese Republic is listed as the 12th largest producer of phosphate in the world. Entrepreneurs looking to invest in this commodity and its products will find this tiny West African country one of the best spots to establish their business.
Disadvantages of Togo company registration
- Following its formation, a Togolese company (SARL) is subject to i) a corporate tax rate of 29% ii) a 20% withholding tax on dividends and interests remitted abroad and iii) a VAT of 18% on the sale of goods and services;
- Our Clients will not make many sales in Togo, as its market is recorded at US$6.9 billion for a population of only 6.3 million residents. Togo investments by foreigners represented less than US$170 million in 2014, reflecting that Togo does not offer a substantial consumer market for global entrepreneurs;
- Togo’s official and business language is French thus non-French speaking entrepreneurs looking to establish a business in Togo will incur extra costs in translation of business documents. Furthermore communication and interaction with suppliers and Clients will be a major difficulty;
- The corruption perception index 2014 ranks Togo at 126th out on 175 economies. Corruption remains a major problem to invest in Togo and run a business in this country. It is also common practice to issue money for faster business transactions or procedures.
Best uses for a Togolese company
- French-speaking investment and development: French is the most widely-spoken language in Togo, making it more accessible for Francophone investors. However, as Togo is an LEDC, successful investments should be focused on growing and developing the economy and skills base.
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- Time to incorporate: Six weeks
- Cost to set up: US$7,330
- Minimum capital: US$1,800
- Physical office required: No
- Shareholders: 1
- Directors: 1
- Company secretary: No
- Resident director: No
- Corporate tax rate: 29%
- Corporate tax base: Territorial
- Shelf companies: No
- Main company type: SARL
Useful links for Togo