Guinea is a state in West Africa bordering Guinea-Bissau, Senegal, Mali, Cote d’Ivoire, Liberia, and Sierra Leone. The capital of Guinea is Conakry.
Since Guinea is a former colony of France, French is the official language. The country possesses considerable reserves of natural resources, but at the same time, it remains poorly developed economically.
Registration of an LLC in Equatorial Guinea is a very long process. Sometimes it takes about 8 months to register a company in Africa.
If you are interested in registering a company in Guinea, you should read this article.
Spheres of application of investments when registering a company in Guinea
Registering a company in Guinea can be beneficial in the field of:
- Energy. The Republic of Guinea has enormous potential in the production of hydropower in West Africa.
- Agriculture. Guinea is a developing agricultural center in Africa. Registration of an agricultural enterprise in Guinea provides access to 6.2 million hectares of arable land and 300 km of coastline along the Atlantic Ocean.
- Construction (industrial facilities and other real estate);
- Extraction of minerals. The Republic of Guinea is a country rich in natural resources and minerals, with huge untapped reserves of iron ore. Those wishing to register a mining company in Guinea should know that the country is the 5th largest producer of bauxite in the world and No. 1 in Africa, with an estimated production of at least 17 million tons per year. To attract FDI and boost investor confidence, Guinea recently became a member of the Extractive Industries Transparency Initiative (EITI), an organization that seeks to bring transparency to oil, gas, and mining companies in developing countries around the world;
- Information and communication technologies.
If you are interested in the opportunity to establish an energy company in Guinea or open a construction company, then to clarify the details, you can order consulting on business registration in Guinea.
Acceptable legal forms
The main legal form in which you can open a company in Guinea is SARL. Alternatively, you can also consider an OPF such as SA.
It is possible to establish a limited liability company in Guinea with only 1 director and 1 shareholder of any nationality. Business can be either private or corporate. A minimum paid-up capital of $ 14 is also required.
Foreign entrepreneurs have the opportunity to register an LLC in Guinea remotely. The registration of a branch of a foreign company in Guinea is also allowed.
The government has significantly shortened the time it takes to register companies by creating a one-stop shop for company formation in Guinea at the Agency for the Promotion of Private Investment (APIP). It allows non-resident entrepreneurs to register a Guinean company with various government departments, including tax and VAT registration as well as social security registration in one instance.
Taxation of companies in Guinea
When planning to establish a Guinean company, carefully read the following information:
Businesses in this jurisdiction are subject to higher taxes than other neighboring countries in the region. The total tax averages 68% of profits, versus 46% for other sub-Saharan countries.
Guinean companies are subject to a corporate tax rate of 35%, an income tax of 10%, and a tax on dividends, interest, and royalties of 10%. They also undertake to pay Value Added Tax (VAT) at 18% and Capital Gains Tax at 35%.
Foreign investors wishing to open branches of companies in Guinea must be prepared to pay higher taxes than other Guinean companies. In particular, this is expressed in the need to pay an additional income tax of 10% after the tax on profits earned in Guinea.
Reporting in Guinea
There are no requirements for maintaining and submitting financial statements.
Audit – no requirements.