You want to incorporate a company but you still hesitate on which legal form to choose?
OHADA A FRAMEWORK FOR THE EASE OF DOING BUSINESS
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ABOUT THE OHADA
The OHADA is a framework of laws and regulations initiated by West and Central African countries to harmonize laws and bosst local and foreign direct investments in the region. The laws promulgated by OHADA are exclusively business-related. The OHADA includes nine validated Uniform Acts of which the most famous is the Act on commercial Companies and Economic Interest Groups.MEMBER STATES
The OHADA Treaty is made up of 17 African states: Benin, Burkina Faso, Cameroon, Comoros, Congo, Congo D.R.C, Ivory Coast, Gabon, Guinea, Bissau Guinea, Equato-Guinea, Mali, Niger, Centrafrican Républic, Senegal, Chad, Togo.FLEXIBLE
The OHADA uniform Act on commercial companies (AUSCGIE) was revised in 2014 introduced a few changes making it more flexible to incorporate SARL and possible to incorprate a new form called the SAS (simplified form of public limited company also known as Joint stock company)
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LES PRINCIPALES FORMES JURIDIQUES
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FIND OUT MORE ABOUT THE VARIOUS LEGAL FORMS OF COMPANY
The SARL is one of the most common legal forms in OHADA countries. The minimum share capital for an SARL has decreased from 1500 € to 7.5 €. It may be composed of cash contributions (money), contributions in kind (equipment, patent, etc.) and Contributions in skills or services. The Memorandum and Articles of Association are drawn up as a privately-signed deed or as an official deed (notarized instrument) The only governing bodies of a SARL are its legal directors called “gérants” in French and shareholders’ assembly.
The Uniform Act, was revised in 2014, introduced a new form of company The Société par Action Simplifiée (SAS), a simplified form of Public limited company Also aften referred to as a Joint stock company.The roles and powers of corporate bodies of the SAS can be freely defined in the bylaws. The head of a société par actions simplifiée is its Président (chairperson) However, a Director General may be appointed and granted powers. A SAS can issue preferred shares, with multiple voting rights, preferential dividend rights or veto rights.
The Public Limited Company is a type of business structure.To be valid the PLC must have a share capital of at least10 millions de FCFA (15240 €) One of its key benefits is that it limits the owners’ personal liability for the company’s actions It is is equivalent to a corporation in the United States or a public limited company in the United Kingdom. The PLC must have a managing director or a management board, The PLC must name a statutory auditor and deputy,
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