Togo: The number of businesses created over the first eight months of 2019 was up 7%, year-on-year

Economic governance
Wednesday, 02 October 2019 17:36
Togo: The number of businesses created over the first eight months of 2019 was up 7%, year-on-year

(Togo First) - Spurred by new reforms, the number of businesses created in Togo over the first 8 months of this year were up 7% compared to last year, over the same period. Indeed, data from the Center for Business Formalities puts this figure at 9,895 between January and August 2019, against 9,205 in 2018. 

The trend should be sustained given economic recovery and the various measures implemented to improve the business climate. Among the latter is a significant reduction of time needed to get a business establishment card (from 24 hours in 2018 to 7 hours last February), the dematerialization of key processes to mobile (Flooz, T-money) and banks (Mastercard, Visa, wiring). 

There is also the elimination of a requirement that limited liability companies have their articles of association drafted by a notary. This reform was even lauded by the World Bank which recently put Togo among the top 20 economies that improved their business climate most in the past 12 months.

It should also be noted that since last Monday, registration and stamp duties have been effectively suppressed. 

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