Togo : More than 11,000 new businesses registered last year

Economic governance
Tuesday, 14 January 2020 11:46
Togo : More than 11,000 new businesses registered last year

(Togo First) - In 2019, exactly 11,482 new businesses were registered at Togo’s Centre for Business Formalities (CFE) - a figure that is very close to the peak recorded in 2015. According to the CFE, this is about 9% more than the number recorded the year before that.

In detail, more than 67% of the new businesses (7,844) were created by individuals; this reflects a low level of association between Togolese entrepreneurs. 

Over the year reviewed, 3,156 LLCs were created. Out of these, 86% were without resorting to a notary - a feat that is attributable to a reform approved by the World Bank in 2019.   

It appears that 80% of the newly registered firms are owned by Togolese citizens. Meanwhile, the rest (2,349) belong to foreigners. While local businesses dominate the entrepreneurial industry, it must be emphasized that the number of new businesses launched by foreigners is 22% more than that recorded in 2018.

The increase is driven by the new government-led reforms to improve Togo’s business climate. These reforms, in fact, enabled the country to stand at the 15th place in the 2020 Doing Business’ “Starting a business” index. This represents a 40 ranks rise compared to 2019.

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