Since 2003, Healy Consultants Group has assisted our Clients with business registration in Ivory Coast. Our services include i) Ivory Coast company incorporation ii) government license registration iii) corporate bank account opening services in Ivory Coast and abroad iv) employee recruitment v) visa strategies and vi) office rental solutions in Ivory Coast.

Ivory Coast company registration summary

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• Advantages and disadvantages

  Advantages of Ivory Coast company registration

  A limited liability company in Ivory Coast can be incorporated with a minimum of one shareholder and one director of any nationality. The minimum paid-up capital required for incorporation is US$2,000 (FCFA1 million) and our Client will not have to travel to Ivory Coast to complete the process;
  

  1. The procedures to form a company have become much easier to complete for foreigners because:
     • The government of Ivory Coast has established a one-stop-shop (CEPICI) for company registration which in turn has greatly reduced the amount of time taken to register a new company in Ivory Coast;
     • Since 2012, only investment projects by foreigners representing an amount over US$1.7 million (FCFA 1 billion) are required to be previously approved by the Ivory Coast authorities. Projects below this amount just have to be notified to the Government;
     • Ivory Coast is a member of the CFA Franc Zone and benefits from financial assistance from the French Treasury, which guarantees the convertibility of the CFA Franc. The exchange rate has been pegged to the Euro at €1 for CFA Franc 656 since 2009, stabilizing prices and limiting currency exchange risk for foreign investors.
  2. Ivory Coast is an attractive location to start a trading business in Sub Saharan Africa because:
     • The market constituted by Ivory Coast is the 8^th largest of Sub Saharan Africa, with a i) population of 20 million ii) an economy recorded at US$35 billion in 2016 and iii) a GDP per capita of 1,500;
     • Ivory Coast’s infrastructure is better than in other Sub-Saharan African countries: for example, it takes about 8 weeks for businesses to get electricity connection in Ivory Coast, against a 16 weeks regional average;
     • The second largest port in Africa is located in Abidjan, resulting in much lower costs to trade globally: the average cost to export a container is US$423 and takes 10 days while importing a container costs US$456 and takes 5 days. In other Sub-Saharan African countries, it costs an average of US$603 to export a container and this takes about 4 days while importing a container costs US$690 and takes 5 days;
     • Foreigners investing in Ivory Coast at least US$70,000 (FCFA70 million) in specified industries are eligible to up of 8 years of tax holidays and partial exemptions from social security contributions. The tax advantages granted by the Ivory Coast authorities can be extended to up to 15 years, for larger projects representing at least US$120,000 (FCFA 120 million);
     • Ivory Coast is a member of the Economic Community of West African States (ECOWAS) which has enabled the country to achieve economic integration, regional peace and stability. Because of the economic partnership ECOWAS has with the European Union (EU) for goods and development, Ivory Coast achieved the status of being one of the largest trading partners of EU in the Sub Saharan African region.

  Disadvantages of Ivory Coast company registration

  1. Foreigners generally avoid to do business in Ivory Coast due to the UN sanctions, which result into:
     • Additional scrutiny for their Government: virtually all countries in the world are implementing sanctions against some Ivory Coast individuals and corporations. Consequently, trade with this country is monitored and considered high risk;
     • Closed corporate bank accounts: global banks also associate trade and financial transfers to Ivory Coast as high risk in terms of anti-money laundering/countering the financing of terrorism compliance. They are reluctant to open corporate bank accounts for Ivory Coast subsidiaries and can close the accounts of connected businesses.
  2. French is the national language of Ivory Coast therefore all business documents must be translated into French prior to incorporation of a company. If required, Healy Consultants will be pleased to provide translation services to our Clients.
  3. Businesses not eligible to the tax incentives granted by the Ivory Coast Government have to pay a significant amount of taxes, because:
     • The corporate income tax rate is high: 25% of the earnings of a company. Ivory Coast also implements a minimum tax corresponding to 0.5% of the company’s annual turnover;
     • Dividends repatriated overseas are subject to withholding tax, at rates of up to 15%. Withholding tax is also payable on directorship fees at a 12% rate;
     • Ivory Coast has signed only twenty eight double taxation avoidance treaties, mostly with other African nations. The only Western countries included in the list are: i) France ii) Belgium iii) Canada iv) Germany v) Italy vi) Switzerland vii) Norway and viii) the United Kingdom.
  4. Whereas a company can easily repatriate profits and funds from businesses in Ivory Coast, exchange controls exist for financial remittances outside the West African Economic and Monetary Union (UEMOA);
  5. It would be a challenging task for entrepreneurs to hire skilled workers in Ivory Coast since the literacy rate is as low as 48.7% in this nation. Moreover, 50% of the population lives below the poverty line and the economy still suffers from rampant deaths caused by HIV/AIDS.

• Best uses for an Ivory Coast company

  1. Ivory Coast is a good place to produce cocoa and derived products.