More than 7,000 new businesses were formally established in Togo in H1 2021 (CFE)

Economic governance
Tuesday, 06 July 2021 16:02
More than 7,000 new businesses were formally established in Togo in H1 2021 (CFE)

(Togo First) - A total of 7,311 new businesses were registered in Togo during the first half of this year. The figure was released on July 2 by the Business Formality Center (CFE). This is up by 21% compared to the number recorded in H1 2020. 

In detail, 60.83% of the businesses registered (4,447) were owned by natural persons, while the remaining 39.17% or 2,864 were held by legal persons. 

The data also reveals that 5,375 of these businesses were launched by men, against 1,936 by women. A majority of the businesses, 82.2% exactly, were owned by Togolese, and the remaining 17.18% by foreigners.

It’s worth noting that last month alone 1,184 businesses were registered at the CFE - 732 by natural persons and 452 by legal persons. 

Number of businesses registered in Togo from January to June 2021 / Source: CFE 

According to Togolese authorities, the increase recorded is attributable to several reforms introduced by the government in recent years to improve the country’s business climate. These include reducing the time needed to register a business, canceling the fees previously demanded to publish legal notices, and dematerializing registration procedures.  

Amid the Covid-19 pandemic that hit Togo in 2020, and the resulting health crisis, 12,529 businesses were formally established; that is 9% more than in 2019 where 11,482 businesses were registered. 

Esaïe Edoh

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