Wednesday, September 14, 2016

Equatorial Guinea Leads Trade Facilitation in Central Africa

Equatorial Guinea led trade facilitation in Central Africa in 2015 through a Government program to improve the investment climate. The new program will position the country as a major player in global trade and drive the economy of the west African nation.

Equatorial Guinea has adopted the single-window system for the registration of companies and corporations to streamline trade inflows into the country and vastly improve the country’s ease of doing business ranking with the World Bank.

On 7 September, Equatorial Guinea’s Prime Minister’s office issued an executive order to reduce the registration process from over 15 procedures to four simple steps:

Notary legalizes company statutes;
Register public deed in the Commercial Registry;
Apply for tax registration; and
Apply for registration with the corresponding Ministry (based on business purpose).

By reducing the number of steps, individuals and foreign companies can establish companies, corporations, partnerships, and branches in Equatorial Guinea easier and more affordable.

The number of days to complete the registration will be reduced from 120 days to 10 days.

Additionally, the costs of registering a business will be cut by almost 45 percent.

The Government of Equatorial Guinea has made it easier and more attractive for entrepreneurs to register their businesses, as well as foreign investors, and to comply with laws and regulations by simplifying the process. This Government program will stimulate investment in key sectors to drive economic growth in Equatorial Guinea.