Reforms relative to starting a business

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A significant reduction of the time needed to register a business at the one-stop shop CFE

From many weeks before, the time needed to secure a registration card for starting a business at the one-stop shop, CFE, was first reduced to 24 hours at the beginning of 2018, then to 7 hours since February 28, 2019. To make sure this performance is sustained, the CFE has fixed its opening hours to 7:30 am - 2:00 pm, for submission of applications only, and 2:30 pm to 6:00 pm, for issuance of registration cards.

 

Possibility to create an LLC by private deed

This caused the number of LLCs created to soar drastically. LLCs created without the help of a notary currently make up 85% of all LLCs established since 2018.

 

Liberalization of the social capital and nominal value of social shares

The amount of social capital and the nominal value of social shares are freely determined by associates, under statutes.

 

Cancellation of registration fees and stamp duties while starting a business

Starting a business has fully been exempted from tax, with no need to pay registration fees and stamp duties.
Exemption of registration fees and stamp duties concern mainly share capital contributions, in kind and/or cash.
It should be recalled that prior to being suppressed, registration fees were set at 2% of share capital for cash contribution, and 4% for contribution in kind. As for stamp duties, they used to cost XOF1500 per page for private deeds and XOF100 for notarized deeds.

 

Online registration of a business

Since March 6, 2019, it is possible to submit online requests for starting a business. Associated payments can be made via T-Money and Flooz mobile money services.

 

Linking databases of the Registre de Commerce et de Crédit Mobilier, RCCM, and the CFE

 

  • Digitized applications : New registrations are directly processed in the online database of the RCCM which was established by the OHADA. The address is: www.rcccm.ohada https://www.rccm.tg/app/public/login
  • Creation of trade registers across the country : Five local RCCM registers established at the courts of Kpalimé, Atakpamé, Sokodé, Kara and Dapaong.

 

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REFORMS OVERVIEW

 

 

 

 

STARTING A BUSINESS (more info)

Drastic reduction in the time needed to register a business at the one-stop shop CFE  • Possibility to create an LLC by private deed  • Liberalization of the social capital and nominal value of social shares • Cancellation of registration fees and stamp duties while starting a business • Online registration of a business  • Interconnecting business databases.

 

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts  • Creation of chambers of commerce at the Court of Appeal  • Civil and commercial cases now handled by distinct clerks  • Establishment of commercial courts in Lomé and Kara  • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

 

TRADING ACROSS BORDERS (more info)

Creation of an electronic single-window system for external trade .

 

CONSTRUCTION PERMIT (more info)

Dematerialization of the application process  •Launching of an insurance  • Control of quality during and after construction  •Compulsory credentials for the expert in charge of the construction’s supervision • Delays and procedures reduced

 

GETTING ELECTRICITY (more info)

Reduction of the time needed to process a request for connection  • Reduction of 50% of the cost to get connected to the medium-tension grid  • Improved power supply ● Dematerialization and centralization of information, and of the procedures of claims and payments .

 

PROPERTY REGISTRATION (more info)

Reduction of registration fees  • Only XOF35000 to pay for property transfers  • Digitization of land deeds  • The descriptive statement of the land title is issued in 48 hours only!  • Substantial reduction in the time needed to process a full transfer request • Creation of a Property Transfer Office  • Cancellation of second and third stamp duties  • Creation of a one-stop shop for land titles, available online also  • Free access to land data for all .

 

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