Togo is the smallest country in West Africa, but it is the one of the best places in the region to start your business. Here are some of the benefits of starting your business in Togo.
Read More: How to Start a Business in Togo?
Simple process
The World Bank Doing Business Report 2020 ranked Togo 15th of 190 countries in the “Starting a Business” category. That is a huge jump compared to 74th in 2019.
Togolese and ECOWAS nationals as well as all other foreigners residing in Togo can create companies. Companies last for 99 years and the process takes less than two weeks.
Not Expensive
It is not expensive to set up a company in Togo. There are two different prices depending on whether you are an ECOWAS national:
- 29,250 CFA francs for Togolese and ECOWAS nationals;
- 34,250 CFA francs for foreigners (non-ECOWAS nationals).
Investment Incentives
Investment incentives are available to foreign investors that invest more than $100,000. Incentives include exemption from VAT and Customs Duties on new imported plant and materials, reduced income taxes for up to five years, and depending on the number of permanent jobs created for nationals, reduction on salary taxes during an approved period of time. Incentives are also available in the Export Processing Zone (EPZ).
In addition there are other investment incentives for projects related to Togo’s national development plan (Plan National de Développement) and various free-trade zones.
Good Business Climate
Over the last few years, Togo has significantly reduced the costs and procedures required to establish a new business. In 2019, a new investment law streamlined many aspects of starting and investing in businesses in Togo. Togo ranked 96th in the World Bank Doing Business Report 2020, the highest in the West African region.