Company registration in Equatorial Guinea

Equatorial Guinea is a land of economic opportunities / How to register a company in the oil country of Equatorial Guinea / what business is required in this country

Equatorial Guinea is a small country in Central Africa that has experienced significant economic growth in recent years due to the discovery of oil and gas reserves. This has made this country attract foreign investors to establish businesses. However, before entering this country and investing and doing business, one should have a proper understanding of the business registration process in Equatorial Guinea. Malabo, the capital of Equatorial Guinea, is located on Bayoko Island, which is the northernmost point of the country. Between Bioko and Annobón lies the Portuguese-speaking island nation of So Tomé and Principe. The main area of Ro Muni is bordered by Cameroon to the north and Gabon to the south and east, respectively. Bata, Equatorial Guinea’s largest city and Ciudad de La Paz, the country’s future capital, are both located here. Corisco, Elobey Grande, and Elobey Chico are just a few small offshore islands that comprise Rio Moni. Equatorial Guinea gained its independence from Spain in 1968.

Company registration in Equatorial Guinea

When deciding to open a company in Equatorial Guinea, you have to make several important decisions, such as where to locate your headquarters, what kind of business activities you want to perform, and what other companies should establish relationships with. The company must be subject to the laws and regulations of Equatorial Guinea. Different regions or cities can operate with the sub-laws and regulations of Equatorial Guinea. If you are not familiar with different regions, we recommend that you consult a familiar expert to enter each region of the country. In the next step, an institution must be chosen from the sub-options of Equatorial Guinea. You can register as a limited liability company (LLC), corporation, or branch. Each has rules related to activities, freedoms, and other things. If you plan to offer a wide range of products and activities, you should incorporate it as an LLC, whereas companies offering a limited range of operations can choose to branch out.

Ways to immigrate to Equatorial Guinea:

1- Brand name reservation: When you decide on the type of business entity, the next step is to reserve the brand name. This is made possible by sending a request to the Ministry of Commerce, Industry, and Tourism.

2- Obtain a notarized copy of the articles of association: Articles of association are legal documents that define the structure and purpose of the business. They must be notarized before being submitted to the Ministry of Commerce, Industry, and Tourism.

3- Registration to the commercial registry office: The next step is to register the business in the commercial registry office. This is possible by submitting notarized articles of association along with other required documents, such as copies of the founder’s identification documents.

4- Obtaining a tax identification number: All businesses in Equatorial Guinea must obtain a tax identification number from the Ministry of Finance and Budget. This number is required to pay taxes and conduct other financial transactions.

5- Registration in social security: Employers in Equatorial Guinea are required to register for social security at the National Institute of Social Security.

6- Obtaining a business license: When a business is registered in the Commercial Registration Office and the tax identification number and social security registration number are obtained, the last step is to obtain a business license. This is possible by sending a request to the Ministry of Commerce, Industry and Tourism.

7- Registration of public documents to the trade office.

8- Open a bank account and obtain a bank certificate.

9- Obtain a debt payment certificate at the UNIGES.

10- Obtaining a certificate of financial ability from the Ministry of Finance.

11- Request for establishment license by the Prime Minister

12- Announce the beginning of the activity to the Ministry of Labour.

13- Application for registration in the Department of Small and Medium Enterprises of the Ministry of Commerce.

14- Application for registration in the Ministry of Commerce.

15- Apply for registration to the Minister of Development and Planning (Ministerio de Desarrollo y Planification).

16- Deposit expenses for the bank account of the Ministry of Treasury.

17- Receiving confirmation for receipt and payment from the treasury

18- Obtain the registration number from the Ministry of Labor.

19-Obtaining a license from the Small and Medium Enterprises Department.

20- Obtaining a license from the Ministry of Commerce

21- Obtaining a license from the Ministry of Development and Planning

Ways to immigrate to Equatorial Guinea:

Immigrate to Equatorial Guinea by investment

Emigrate through Companion to Equatorial Guinea

Immigration by birth to Equatorial Guinea

Work migration to Equatorial Guinea

Work immigration to Equatorial Guinea

Registration of the company in Equatorial Guinea by the Iran and Africa Business Club

Advantages of setting up an Equatorial Guinea subsidiary

1- Although it may take weeks or months to complete company registration, you will benefit from starting a business in Equatorial Guinea. Registering your company as an LLC has additional benefits, as you do not have to worry about your parent company.

2- It is currently the richest country in Africa, and its GDP ranks 43rd in the world according to purchasing power parity (PPP).

3- Equatorial Guinea has been one of Africa’s largest oil producers since the mid-1990s.

4- Equatorial Guinea is a member of the Organization for the Harmonization of African Trade Laws (OHADA).

5- Equatorial Guinea is currently one of the African countries with the highest economic opportunities for companies. This development was due to political stability, international investment, and the practical development of the country.

6- The country is rich in oil and gas resources, and the discovery of oil in the 1990s led to significant economic growth.

7- The government is looking for investment in agriculture; fishing; energy and mining; petrochemical, plastic, and composite industries; travel and tourism; banking; and other industries.

8- The government of Equatorial Guinea has implemented proposed plans with international partners such as the World Bank and the International Monetary Fund (IMF) to improve the business climate and has created advantages for investors, entrepreneurs, and tax exemptions.

Types of companies in Equatorial Guinea

1- Exclusive ownership

2- Limited liability Company

3- Public joint stock Company

Economy in Equatorial Guinea

According to a World Bank report, Equatorial Guinea has the highest gross national income (GNI) per capita among African countries. Before independence, Equatorial Guinea exported cocoa, coffee, and aloe vera. The country became the first non-franc African member of the franc zone on January 1, 1985, when it adopted the CFA franc as its currency. The discovery and subsequent exploitation of large oil reserves in 1996 led to a significant increase in government revenues. Equatorial Guinea has been the third-largest oil producer in sub-Saharan Africa since 2004. The oil production in the country has increased to 360,000 barrels per day. Forestry, agriculture, and fishing all contribute significantly to the GDP.

Subsistence Agriculture is the norm and the largest source of employment in the country, which employs 52% of the labor force, and the income of 57% of rural households is obtained from this business. The country is also a member of the Economic and Monetary Community of Central Africa (CEMAC), a sub region of over 50 million people. Equatorial Guinea sought to be certified as a country compliant with the Extractive Industries Transparency Initiative (EITI), focusing on oil revenue transparency and responsible use of natural resources. Equatorial Guinea’s economy has traditionally depended on commodities such as cocoa and coffee but is now heavily dependent on oil because of the discovery and exploitation of significant oil reserves. It was the only country in the Central African region in 2017, leaving the list of least developed countries such as Botswana, Gabon, Namibia, Seychelles, and Angola.

Equatorial Guinea’s GDP is forecasted to grow by 2.6 percent in 2023, depending on the successful completion of a significant gas project and improvement in the global economy by the second half of the year. Hydrocarbons account for 97% of the country’s exports and are members of the African Petroleum Producers Organization.

Frequently asked questions about company registration in Equatorial Guinea

. Is it a good idea to set up a business in Equatorial Guinea?

Equatorial Guinea has a population of over one million and is located in West Central Africa, a land with countless opportunities. Despite the country’s economy, local job prospects are limited, forcing the country to develop its own businesses.

Can a foreigner establish a company in Equatorial Guinea?

The government of Equatorial Guinea is looking to invest in agriculture, fishing, energy and mining, petrochemicals, plastics and composites, travel, tourism, and banking. However, most of these industries remain undeveloped. Foreigners are encouraged to establish businesses in Equatorial Guinea, and companies can register a branch office in Equatorial Guinea. The branch must have a registered office in Equatorial Guinea as well as a resident agent.

. What are the benefits of doing business in Equatorial Guinea?

Equatorial Guinea is an African country with the best economic opportunities for companies. Development is based on political stability, international investment, and the practical development and safety of the country

What challenges can I expect when expanding my business to Equatorial Guinea?

You have to deal with corruption, lack of transparency, and the ease of doing business. This is a difficult and ambiguous space for both domestic and foreign companies to operate.

What kind of business can I start in Equatorial Guinea?

The country is open to various business opportunities, including sectors such as agriculture, automotive, construction, education, food, healthcare, Internet, manufacturing, oil and gas, real estate, transportation, hospitality, and tourism.

. What is the corporate tax rate in Equatorial Guinea?

: The current corporate (federal) tax rate is 21%.

How long does it take to register a business in Equatorial Guinea?

It takes approximately four weeks

At the end

The legal and business consulting team of the Iran and Africa Business Club is ready to be by your side for entry into the country of Equatorial Guinea so that you can confidently enter into a prosperous business. To take advantage of the services of the Iran and Africa Business Club, become members of the club, and take advantage of the consulting services of specialized teams.

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