Joint-Stock Company

A join-stock company  is a company set up by one or more partners, whose bylaws freely define its organization and operation.

Specifications

Francs CFA TEN MILLION (10, 000,000)
With General Administrator. With Board of Directors. NB: the management mode is : - Either with PCA + DG. - Or with CEO. The CEO formula, is the one where the same person ensures the presidency of the Board of Directors and ensures the daily management of the company in his capacity of General Manager.
Mandatory
Corporate tax (I.S.)

Documents to be provided for the creation

  • The record of the country of origin of less than 3 months
  • The photocopy of the identity card of the partners
  • The articles of association, the minutes of incorporation and the declaration of conformity are established by the notary
  • It should be noted that the evaluation of the contributions in kind for SARLs and SAs must be made by a contribution auditor chosen from the list of auditors. For the SA, the recourse to the auditor for the evaluation of the contributions in kind is compulsory whatever their value.
  • For the SARL, only contributions with a value of more than five million francs must be evaluated by a contribution auditor.
  • The capital must be deposited with a notary
  • The establishment of the articles of association at the notary's office and the deposit of the capital.
  • The articles of association must be signed by all the founding partners or their proxies who can prove that they have the power to do so.

Documents received after creation

  • Articles of association and declaration of regularity and conformity
  • Registration in the Trade and Personal Property Credit Register (RCCM)
  • Registration with NINEA
  • Declaration of existence
  • Declaration of establishment
  • Published in the Senegalese journal of legal notices

 

Benefits

  • The shareholders are only responsible for the debts of the company up to their participation in the capital.
  • At the incorporation of the company, half of the capital must be paid up. The rest can be paid up within 5 years.
  • In case the capital of the corporation is more than 10 million, the corporation can make a public offering and generate substantial capital.
  • The shares of the corporation are freely transferable. The capital can also be increased according to the needs of the company.
  • The corporation is characterized by contractual flexibility. Its shareholders can enter or leave the company very easily without paying registration fees.
  • The SA is considered by investors as a guarantee of security. It is credible towards its stakeholders (bankers, customers, suppliers).
  • The directors of the SA benefit from the status of employees.

 

Drawbacks

  • The SA is reserved for large projects that require significant capital
  • The constitution of this company requires at least the meeting of 7 shareholders.
  • It has a rather heavy structure.
  • The SA must appoint an auditor.