In Togo, more than 4,000 new businesses were officially launched since the year began

Economic governance
Wednesday, 06 May 2020 17:00
In Togo, more than 4,000 new businesses were officially launched since the year began

(Togo First) - In the first quarter of  2020, 3,668 new businesses were officially started, 25% of which were by women. 

This figure corresponds to nearly 90% of all businesses started since the beginning of this year, knowingly 4,304 businesses, and 37.48% of the figure recorded throughout the past year). 

In detail, 65% of the created firms since the year began were registered by private individuals while the remaining 35% were registered by corporate bodies. Also, 3,324 of them (77% of the total) were started by Togolese citizens while 980 (23%) were started by foreigners. 

It should be noted the number of newly registered businesses between March and April was down by 46% (from 1,180 to 636), mainly as a result of the Covid-19 pandemic. However, a good point is that 1,187 firms were registered without resorting to a notary (which is one of the reforms initiated by Lomé to improve the local business environment). 

Last year, a total of 11,482 businesses were created in the country, a record. This was in a context where Togo was ranked the 15th top reformer in the world, regarding starting a business in the Doing Business report.

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