Investing in companies established on the African continent is a relatively new, but quite promising line of business. This makes it probable to master unfilled market niches and develop optimal corporate structures.
Until recently, a small number of entrepreneurs were interested in registering a company in Sudan, but today there are more prerequisites for successful investment in the republic. After the country started exporting oil, the inflow of external funds increased significantly. In addition, there are now opportunities for doing business in the agricultural, energy, and infrastructure sectors – the state encourages and stimulates international entrepreneurs.
The country needs specialists and equipment for the oil-extracting and processing industry, construction, including road construction, packaging, and processing of agricultural products. When deploying a business here, you need to remember that Sudan is offshore in the classical sense, it is included in almost all lists of such jurisdictions. Information about the companies opened in the country, their beneficiaries, and their management was not disclosed.
Sudan has a sharia-based legal system and high levels of bureaucracy, making it difficult for investors to set up a firm to do without professional help.
Company formation process in Sudan
In the country, foreign entrepreneurs can start limited liability companies, which practically do not differ in form from related structures in other states. Shareholders can be non-residents, founders – individuals, and legal entities. The amount of capital and other features of the business must be approved by the pre-approval procedure by the official Registrar.
Entrepreneurs must initially submit a relevant application and attach to it:
- a memorandum, describing the goals of the business, the amount of declared capital, its distribution, and data identifying the founders;
- title reservation request – several options;
- a copy of the original version of the agreement.
The name approval and approval process takes three days and is subject to a fee (£ 200 local). The registrar can issue its recommendations, taking into account that the founders prepare the final versions of the charter and memorandum. They will need to be notarized, and the founders of the business will sign the documents. Further, the charter and the memorandum must be approved by the Tax Chamber. The procedure takes one day and a fee is charged.
After the application is approved by all authorities, you can start creating a company. Opening a company in Sudan consists of the following steps:
- obtaining a document confirming the lease or purchase of office space;
- submission of the entire unit (with approved charter and memorandum, confirmation of legal address) to the commercial register;
- payment of stamp duty, including the amount for certification stamps;
- passing a two-day check by the representatives of the Registrar – they check whether the company has an office with a sign;
- assignment of a tax number to the company and registration as a VAT payer (this can be done later or immediately) – for this, information about shareholders, constituent documents, and a power of attorney are submitted to the service, if the procedure is carried out by a representative;
- approval of a set of rules for the work of employees in the Labor Protection Department and registration of personnel with the Social Insurance Fund.
After approval by all authorities, the company has the right to start work. Then you can order and make the seal of the company.