DOING BUSINESS IN GUINEA
Since 2003, Healy Consultants Group PLC has assisted our Clients with business registration in Guinea. Our services include i) Guinea company incorporation ii) government license registration iii) business bank account opening iv) employee recruitment v) visa strategies and vi) office rental solutions.
Summary table of Guinea company registration
|Summary||Limited Liability Company||Manufacturing company||Tourism company||Mining company||Representative office||Energy company|
|Also known as||Société à responsabilité limitée||Entreprise de fabrication||Entreprise de tourisme||Société minière||Bureau de représentation||Société d'énergie|
|Best use of company?||All products and services||Manufacturing and export activities||Discovery, health and hiking tourism||Mining and exploration activities||Marketing and research activities||Energy production activities|
|How soon can you invoice Clients/sign sales contracts?||7 weeks||7 weeks||7 weeks||8 weeks||Can not invoice||8 weeks|
|How soon can you hire staff?||7 weeks||7 weeks||8 weeks||8 weeks||8 weeks||8 weeks|
|How soon can you sign a lease agreement?||2 weeks||2 weeks||2 weeks||2 weeks||2 weeks||2 weeks|
|How long to supply corporate bank account numbers?||5 weeks||5 weeks||5 weeks||5 weeks||5 weeks||5 weeks|
|How long to supply company registration / tax numbers?||7 weeks||7 weeks||7 weeks||8 weeks||8 weeks||8 weeks|
|Corporate tax rate on annual net profits?||35%||0% for first 7 years, 35% thereafter||35% for 1st two yrs, 17.5% for 3rd and 4th year||30%||0%||35%|
|Limited liability entity?||Yes||Yes||Yes||Yes||No||Yes|
|Government grants/incentives available?||Yes||Yes||Yes||Yes||No||Yes|
|Government approval required for foreign owners?||No||Yes||Yes||Yes||No||Yes|
|Resident director/partner/manager/ legal representative required?||No||No||No||Yes||No||No|
|Minimum paid up share capital?||None||US$11||US$11||US$11||US$1||US$11|
|Can bid for Government contracts?||Yes||Yes||Yes||Yes||No||Yes|
|Corporate bank account location?||EcoBank||United Bank of Africa||Afriland First Bank||FBN Bank||Banque de developpement de Guinée||Banque Islamique de Guinée|
|Can secure trade finance?||Yes||Yes||Yes||Yes||Yes||Yes|
|VAT payable on sales to local customers?||18%||0%||18%||18%||0%||18%|
|Average total business set up engagement costs?||US$18,325||Request a proposal||Request a proposal||Request a proposal||US$17,175||Request a proposal|
|Average total engagement period?||3 months||3 months||3 months||4 months||4 months||4 months|
Guinea business setup summary
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Advantages of Guinea company registration
- A Guinea limited liability company (SARL) can be incorporated with just 1 director and 1 shareholder of any nationality and can either be and individual or body corporate. The director and shareholder both do not have to be resident in Guinea. No minimum paid-up capital is also required and our Clients do not need to travel to Guinea to complete the engagement;
- The Guinean government has significantly reduced the timeline for company incorporation by creating a one-stop-shop, Agency for Promotion of Private Investment (APIP), for company registration that allows entrepreneurs to register their company with different governmental departments including tax and VAT registration, and social security registration at one station;
- Republic of Guinea is a natural resources and mineral-rich country with vast untapped deposits of iron ore. The country is the 5th largest producer of Bauxite aluminum ore in the world, and number 1 in Africa, with an estimated production of at least 17 million tonnes per year;
- The Republic of Guinea in the bid to attract FDIs and to boost investor confidence has recently gained membership to the Extractive Industries Transparency Initiative (EITI), an organization that seeks to embed transparency within oil, gas and mining companies in developing countries globally;
- Republic of Guinea has immense potential in the production of hydroelectric power in West Africa. Dubbed the “water tower” of West Africa, the country boasts a water system of at least 1,165 rivers across the country with a potential of guaranteed hydroelectric energy output of 19,300Gwz per year, enough to power the entire West African region;
- Guinea is the emerging agricultural hub of Africa. It has a total of 6.2 million ha of arable land along with abundant levels of sunshine and a 300km of coastline along the Atlantic sea. Its climate is well-suited for agriculture and related industries, as well as livestock production and has an abundant stock of fisheries. All in all, the agriculture sector contributes to 20% of Guinea’s GDP;
- Companies incorporated in Guinea are legally registered for a period of 99 years, business owners do not have the annual expense of company renewals until the 100th year.
Disadvantages of Guinea company registration
- Businesses in Guinea experience higher taxes compared to other neighboring countries in the region. Total tax paid by a business in Guinea represents on average 68% of its profits, against 46% for other Sub Saharan countries. Payments are also very cumbersome to submit, as local companies are required to file for VAT, corporate tax and other taxes an average 57 times per year;
- Guinean companies are subject to i) a corporate tax rate of 35% ii) a 10% withholding tax on dividends and interests iii) 10% withholding tax on royalties iv) 18% Value Added Tax (VAT) and v) capital gains tax of 35%;
- Since 2019, the tax authorities in Guinea require registered businesses to have a physical office space with visible company signage;
- Foreign investors looking to setup branches of their companies in Guinea should prepare to pay higher taxes than other Guinean companies. Branches of foreign companies are subject to an additional 10% withholding tax on after tax profits gained in Guinea;
- Although blessed with numerous natural resources and potential for development, Republic of Guinea remains mostly underdeveloped and with deplorable conditions due to i) wanton corruption both in the private and public sector, ii) poor infrastructure and iii) an ineffective rule of law;
- Guinea faces major socio-economic challenges due to i) its political instability, ii) re-emergence of Ebola and iii) rampant corruption.
- Time to incorporate: Seven weeks
- Cost to set up: US$18,325
- Minimum capital: None
- Physical office required: Yes
- Shareholders: 1
- Directors: 1
- Company secretary: No
- Resident director: No
- Corporate tax rate: 35%
- Corporate tax base: Worldwide
- Shelf companies: Unavailable
- Main company type: SARL
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