Formal registration of companies has many immediate benefits for the companies and for business owners and employees. Legal entities can outlive their founders. Resources are pooled as several shareholders join forces to start a company. Formally registered companies have access to services and institutions from courts to banks as well as to new markets. And their employees can benefit from protections provided by the law. An additional benefit comes with limited liability companies. These limit the financial liability of company owners to their investments, so personal assets of the owners are not put at risk. Where governments make registration easy, more entrepreneurs start businesses in the formal sector, creating more good jobs and generating more revenue for the government.
Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Guinea. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.
This information was collected from World Bank: Doing Business
Time to Complete
Deposit the legally required initial capital in a bank and obtain deposit evidence
Check the uniqueness of the company name
Prepare the company deeds and Articles of Association with the notary
Notary fees vary between GNF 1.8 million and GNF 3.5 million
Register with the One-stop shop (APIP) to obtain company registration, tax registration, and social security registration and pay fees.
6 days (registration) + 20 days (publication)
100,000 (registration at RCCM) + 100,000 (Tax ID) + 150,000 (publication) + 1,000/page (stamp duty) + 1% of capital (registration tax)
Notification to Employment Bureau (Office National de l’Emploi et de la Main-d’Oeuvre)
7 days (simultaneous with previous procedure)
Make a company seal
1 day (simultaneous with previous procedure)
GNF 100,000 + 15,000
* Takes place simultaneously with another procedure.