Investing in companies established in the African continent is a relatively new but promising business area. This makes it possible to master unfilled market niches and build optimal corporate structures.
Until recently, a registration of a company in Sudan was of interest to a small number of entrepreneurs, but today there are more prerequisites for successful investment in the republic. After the country began to export oil, the inflow of external funds increased significantly. In addition, there are now opportunities for doing business in the agricultural, energy and infrastructure sectors - the state supports and stimulates foreign entrepreneurs.
There is a need in the country for specialists and equipment for the oil-producing and processing industry, construction, including road construction, agricultural products packaging and processing. Expanding business here, one must remember that Sudan is offshore in the classical sense, it is included in almost all lists of such jurisdictions. Information on companies that are open in the country, their beneficiaries and management are not disclosed.
Sudan has a law system based on Sharia law, and the level of bureaucracy is high, so investors will find it difficult to establish a company without a professional assistance. "Prifinance" will help register a business, undertake all the procedural formalities and minimize the loss of time and energy for its customers.
The process of a company establishing in Sudan
In the country, foreign entrepreneurs can open limited liability companies, which practically do not differ in form from similar structures in other states. Shareholders can be non-residents, the founders can be private and legal entities. The amount of capital and other business features must be approved by the procedure of preliminary approval by the official Registrar.
Entrepreneurs should initially submit a corresponding application and attach the following to it:
- memorandum, describing in it the objectives of a business, the amount of declared capital, its distribution, the data identifying the founders;
- an application for the name reservation - several options;
- a copy of the original version of the Charter.
The procedure for approval and authorization of the name takes three days, it is paid (200 local pounds). The registrar may issue its recommendations, taking which into account the founders prepare the final versions of the charter and memorandum. They will need to be notarized, and the business founders shall sign documents. Further, the charter and the memorandum should be approved by the Tax Chamber. The procedure takes one day, it is chargeable with the duty.
After an approval of the application by all the authorities, you can start to establish the company. The company's establishing in Sudan consists of the following stages:
- an obtaining of a document confirming a lease or a purchase of an office space;
- a submission of the entire package (with the approved charter and memorandum, confirmation of the legal address) to the commercial register;
- payment of stamp duty, including the amount for certifying seals;
- a two-day check by the representatives of the Registrar - they check whether the company really has an office with a sign;
- an assignment to the company of a tax number and its registration as a VAT payer (this can be done later or at once) - for this purpose, information on shareholders, constituent documentation and the power of attorney are submitted to the Services Agency if the procedure is carried out by the representative;
- an approval of a set of rules for the work of employees in the Department of Occupational Safety and Personnel Registration at the Social Insurance Fund.
Upon an approval by all instances, the company is entitled to commence the operation. Then you can order and fabricate a company seal.