Togo : 10,545 firms were created in 2018

Investments
Monday, 14 January 2019 16:56
Togo : 10,545 firms were created in 2018

(Togo First) - In Togo, the number of companies created jumped by 27.5% in 2018 to reach 10,545, a bit below the record reached in 2015.

About 82% (8,625) of the companies created in 2018 are owned by nationals and 1,920 by foreigners. Nigeria (375), Benin (280) Niger (211), China (155) and India (121) were the top five foreign countries whose nationals created companies in Togo in 2018.

That year, 71% (7,512) of the companies created were established by private persons and 29% (3033) by established companies.

6,661 of the new companies operate in the trade sector, 44 in the industrial sector and 3,840 in the services sector according to figures from the businesses formalization centre.

Out of the 2,587 limited liability companies created, there was a marked preference for private registration. Indeed, 85% (2,200) of those LLCs were established without the aids of a lawyer.

54 public limited corporations were created, six of which had only one partner.

According to the business affairs centre, this rise is due to the reforms initiated in 2018 and reinforced in 2019, to simplify life for entrepreneurs.

The suppression of registration and stamp duties, the possibility to initiate the creation of a firm online, the reduction of the deadline for the issuance of a firm owner’s card, the waiver of the business tax for the first operation year are reforms that led to this improvement.

Fiacre E. Kakpo

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