1️⃣- Initial documents gathering and review: you will need a checklist to ensure that you have all the necessary documents required by the local authority in the destination country. It would be ideal to get them notarized or legalized (but not compulsorily).
2️⃣- Translation of documents: all documents in foreign language must be translated into French. Indeed, French is the national language in francophone countries, so the local authorities need to clearly understand the documents provided. Some countries require that the translation be made only locally by a sworn translator or the Ministry of Foreign affairs.
3️⃣- Drafting and signature of deeds: this can be either a private deed or a notarized deed, depending on the type of company and the amount of the share capital.
4️⃣- Deposit of share capital (if applicable) in a bank account or with a notary against a receipt or a notarized declaration of subscription and payment.
5️⃣- Submission of the completed file to the business creation unit.
6️⃣- Receipt of company creation documents from the company creation unit and sending of a copy of the documents to the bank.
7️⃣- Tax and social affiliation The tax and social affiliation is separate in some countries where in others it is made at once at the business creation unit. It is important to not forget this last step if it is not made at the business creation unit.
by Idayath OLORY-TOGBE, Chartered Accountant, facilitating the establishment of foreign investors (English-speaking) in Francophone Africa, in compliance with local standards (legal, tax, accounting and social).