Business entities in Senegal

Healy Consultants Group will assist our Clients set up the optimal corporate structure in Senegal for their business goals. The most common entity is a Senegal limited liability company (SARL). Foreign entrepreneurs may also opt to set up a public limited company, branch office or representative office.

Senegal limited liability company (SARL)

business entity setup requirements in Senegal

  • The Senegal limited liability company (LLC) requires at least one director and one shareholder, who can be of any nationality and need not be resident in Senegal;
  • The minimum paid-up share capital required for Senegal business setup is XOF25,000 (US$45) and must be deposited with a local bank or Public Notary before company incorporation. However, we recommend our Client assigns a higher share capital, starting from US$1,000;
  • The Senegal LLC must appoint a local accountant and 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 must submit annual financial statements audited by a qualified auditor who is a member of National Order of Chartered Accountants and Chartered Accountants of Senegal (ONECCA).

Senegal public limited company (Société anonyme – SA)

  • The Senegal public limited company (PLC) requires i) a minimum capital of XOF10 million (approximately US$16,600) and ii) at least one shareholder and one director whom can be any nationality and must not be resident in Senegal;
  • Like LLCs, each Senegal PLC must appoint a local accountant and maintain books of accounts (in French) at its registered office in Senegal. The accounts must be maintained according to the OHADA accounting system;
  • Each Senegal PLC must appoint an approved auditor who is a member of ONECCA and who must prepare and submit annual audited financial statements with the Tax Office.

Senegal branch (Succursale)

  • Foreign companies looking to do business in Senegal without establishing a separate entity can set up a Senegal branch office. The scope of operations is defined by the parent company;
  • A branch office must have a registered office in Senegal as well as a legal representative resident in Senegal appointed by the company to receive summons, notices etc. on behalf of the company;
  • Branch offices must register for tax and appoint local accountants to file monthly and annual returns with the Senegalese tax office.

Senegal representative office (Bureau de représentation)

  • Although foreign companies can establish representative offices in Senegal, they are not allowed to carry out any income-generating activities in Senegal;
  • All representative office expenses must 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;
  • Similar to the branch office, a representative office must also appoint a legal representative ordinarily resident in Senegal who will be legally responsible for the operations 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$16,300US$20,600US$18,450US$17,450
Subsequent annual costs (incl. accounting and tax fee)?US$4,700US$6,400US$5,600US$5,600
Sample engagement invoice?View invoice PDFView invoice PDFView invoice PDFView invoice PDF

Contact us

For additional information on our business setup services in Senegal, 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