Togo : Number of firms created in Q1 2018 increased by 13.6%

Economic governance
Wednesday, 11 April 2018 20:53
Togo : Number of firms created in Q1 2018 increased by 13.6%

(Togo First) - In Q1 2018, the number of firms launched soared by 13.6% year-to-year, according to statistics from the Centre for Business Formalities (CFE).

This increase results from reforms implemented by the government to improve business climate. Overall, 2,935 enterprises were created in the first three months of the year, against 2,583 a year earlier.

In detail, 2120 of those firms were Togolese, which is 83% of the total. Remaining companies, 417 overall (about 16% of total) were foreign.

Data also shows a constant increase monthly since January 2018. The related figure rose by 4%, 12.4% and 26% respectively in January, February and March 2018, as compared to the same months last year.

This trend should be maintained throughout the rest of the year and even accelerate further if the current sociopolitical crisis that the country experiences comes to an end. This will also be as a result of the various measures initiated by Lomé to improve its business environment.

Among these reforms, there are : reduction of fees to launch a business, online business creation, creation of business under private deed, liberalization of social capital for LLCs, issuance of construction permit in few days, reduction of cost and delay needed to connect users to power grid. All these, promote entrepreneurship in Togo. 

Fiacre E. Kakpo

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