If someone wants to start a company in the African continent, Ivory Coast should be a great choice. This is true for companies of all sizes and operating in most industries. Cote d’Ivoire is a country in West Africa whose current capital is Yamoussoukro and its former capital is Abidjan. The official language of Ivory Coast is French and its currency is West African CFA Franc. Ivory Coast is bordered by Burkina Faso to the northeast, Mali to the north, Guinea to the northwest, Ghana to the east, Liberia to the west, and reaches the Atlantic Ocean from the south. In Côte d’Ivoire, the growing population with higher education offers unprecedented opportunities for doing business, especially in the digital market. Ivory Coast’s economy is stable and currently growing after political instability in recent decades.
Decide to expand your company abroad Accessing a foreign market can be complicated. Determine the best company structure for your specific needs. Understand how local laws relate to your business and what your legal responsibilities are. Make sure all your assets are safely protected. Create a tax structure that optimizes the amount of tax you have to pay. Determine the best company structure for your specific needs. Understand how local laws relate to your business and what your legal responsibilities are. Make sure all your assets are safely protected. You need to be aware of local regulations, culture, language, customs and habits. If you do not properly plan and execute your company formation, you will face unnecessary obstacles and challenges that will probably lead to the failure of your business.
Ivory Coast made the process of setting up a business very easy for foreign companies. Among the most important reforms, it reorganized all administrative offices and hosted all company data and information. In addition, the country has established a shop procedure that allows for lower notary fees. And it makes it mandatory to submit an affidavit (instead of a copy of criminal records) at the time of company registration. Finally, the reduction of the minimum capital requirement reduced the corresponding registration fees.
Ivory Coast’s economy and government is based on liberalism, which promotes private initiative, market mechanisms, and openness to capital and foreign trade. This country has fertile soils for agriculture and natural resources such as oil, natural gas, etc. Since 2011, the country has maintained political stability and is focusing its efforts on economic growth to become an “emerging” economy. Côte d’Ivoire has a fairly developed road infrastructure, the second largest port in West Africa, and a modern airport with a reliable national airline, Air Cote d’Ivoire, that serves all the major capitals in the region. Corporate tax in Ivory Coast imposes a 25% tax on industrial and commercial profits, subject to the minimum tax. Telecommunication, information and communication technology companies pay 30%. When a non-resident entity does not have a permanent establishment in Côte d’Ivoire, it is subject to withholding tax (WHT) at 20%, subject to existing double tax treaties (DTTs) (PE). Non-residents who have a PE are taxed in the same way as residents. 18% value added tax is collected from the sale of goods and services. Foreign investment has an important place in the economy of Ivory Coast and constitutes between 40 and 45% of the total capital of Ivory companies.
Almost 70% of Ivoirians are engaged in some form of agricultural activity. Natural rubber plantations in Ivory Coast, the continent’s largest producer, reached 200,000 tons in 2008, which has increased from 188,500 tons in 2007. Farmers are confident that price support measures will be maintained. Cote d’Ivoire is also the world’s biggest cocoa producer in terms of crop diseases, with old trees leading to reduced yields and halting growth in the country’s rubber industry. Many farmers in Ivory Coast have now switched to rubber cultivation due to high cocoa taxes and lack of government support, which many analysts say will boost prices in the short term but could prove disastrous later on. Agriculture is the economic backbone of Ivory Coast and the main source of growth. This country is an important producer and exporter of coffee, palm oil and cocoa beans and the largest producer and exporter of cocoa beans in the world. Agriculture accounts for 29.2% of GDP. The potential of the agricultural sector is huge and creates an ideal market gap for foreign investors to enter.
Cote d’Ivoire Mines, a member of the Extractive Industries Transparency Initiative (EITI), recently created a mining investment code that is very attractive to foreign direct investment (FDI). Ivory Coast currently operates seven gold mines, four manganese mines, one bauxite mine, and one nickel/copper mine. The mining sector in Ivory Coast and West Africa in general is clearly expanding. And it opens up many business opportunities in drilling, blasting, shipping and handling, drainage, mineral resources, machinery procurement and chemical reagent management.
Energy, the primary sources of energy in the country are water energy, oil, natural gas and biomass. Biomass accounts for 70% of total energy consumption. In terms of energy efficiency and renewable energy, this country has vast virgin resources. Energy is central to Ivory Coast’s development strategies.
Tourism, the growth of the tourism industry can be seen as part of a wider trend of increasing interest in African tourism, which has led to the creation of business opportunities in transport, accommodation, food and beverage, leisure, entertainment and travel services. Cote d’Ivoire Transport has invested heavily in its transport system. The transport infrastructure is far superior to other West African countries. Since its independence in 1960, Côte d’Ivoire has prioritized expanding and modernizing its transportation network for both people and goods. Railways, roads, waterways and airports were among the main infrastructures built, which created a favorable environment for the country’s exports and imports.
In the business context, “offshore” is associated with a jurisdiction outside the mainland that has more favorable terms. An offshore company often comes with many benefits such as favorable taxation, asset protection, business privacy, etc.
Digital businessmen/entrepreneurs: with a marine computer
To determine the exact costs of setting up a business in Ivory Coast there are various issues that need to be considered, such as: How many shareholders and managers are involved?
Usually up to 2 or 3 are included at no extra charge
This country has fertile soils for agriculture and natural resources such as oil, natural gas, diamonds, manganese, iron ore, copper, gold and nickel.
For more information, you can contact the legal unit of the Iran and Africa Business Club every day and consult with our experienced lawyers. You can also fill out our legal advice request form and through that our advisors will check all your conditions and contact you to let you know the necessary solutions.