Senegal

Senegal

Senegal is an independent developing country located in West Africa.

Those, who want to set up a company in Senegal and open a corporate bank account in Senegal, must know the following:

  • Languages (official and national) are: French and Wolof;
  • The capital of the state is Dakar;
  • A population is more than 16 million people;
  • Six neighboring states: Mali, Cape Verde, Guinea, The Gambia, Mauritania and Guinea-Bissau;
  • West African CFA franc (XOF) is the official state currency;
  • The country is a member of the CEMAS, ICRM, FZ, ECOWAS, Group 77 and other organizations.

You can learn more about the jurisdiction by asking for personal advice on company registration process in Senegal from YB Case.

Business benefits

Opening a company in Senegal remotely can be a good idea for the following reasons:

  • It is an economically and politically stable jurisdiction. It is one of the most democratic states on the African continent;
  • Senegal includes a list of countries that are not involved in the automatic exchange of tax information (CRS), which means a high level of data confidentiality;
  • A flexible taxation;
  • The inexpensive rental office space is from $8 per 1 m2;
  • Another advantageous nuance for registering a company in Senegal: low wages for qualified personnel.
Best BUSINESS DIRECTIONS for a Senegal company

In order to open your own business in Senegal, you can choose one of the following popular options:

  • Registering an agricultural company in Senegal (cotton, peanuts);
  • Setting up a Senegalese chemical company (phosphates);
  • Registering a fish farming company in Senegal (cultivation of seafood and fish on specially created water plantations of the Atlantic and the Senegal River, 1700 km long);
  • Opening a Senegalese construction company.
Business entity types & tax treatment

Those, who want to start a business in Senegal and open an African bank, we recommend considering the following legal forms:

  • Tax resident LLC (SARL);
  • PLC (SA);
  • Free Zone LLC;
  • Branch;
  • RO.

Legal form

Corporate tax

VAT

WHT

Share capital

LLC

30%

18%

10% on dividends
8-16% on bond interest

20% on royalties

2 000 USD

PLC

30%

18%

20 000 USD

Free Zone LLC

0%

18%

1 USD

Branch

30%

18%

-

YB Case experts recommend you registering an LLC in Senegal as it is the most popular legal form.

Read also:
How to open a company in Senegal remotely

If you are intended to register a company in Senegal, then take into account the following:

  1. Individuals or legal entities of any nationality (at least two directors and shareholders);
  2. No need to hire a secretary and to register a local office;
  3. Financial statements are required.
Terms of registration are 4 weeks

You can register a Senegalese company without a personal visit and open a corporate account with a Senegalese bank remotely with a qualified assistance of our specialists.

We propose you to take a closer look at the following banks:

  • CBAO;
  • Group Bank Dakar Senegal;
  • Ecobank; UBA;
  • BGFIBank Senegal;
  • BHS Bank;
  • ABCA;
  • BHS;
  • BOA Senegal Agence Maristers;
  • Banque Atlantique;
  • Bank of Africa;
  • Orabank;
  • Diamond Bank.

YB Case company can provide you with qualified advice on a business organization process in Senegal and on opening an account for a Senegalese company.

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