A SARL (Société à Responsabilité Limitée) is a type of private company in French-speaking countries, similar to a limited liability company (LLC) in the United States. It is characterized by having limited liability for its shareholders, meaning that their personal assets are protected and only the company’s assets can be used to pay off debts.

The formation of a SARL is done in two steps:

At the Notary’s Office:

1. Drafting of the Articles of Association: These must be signed by all founding associates or their representatives with the appropriate power of attorney.
2. Signing of the Minutes of Formation: This is the official record of the company’s establishment.
3. Issuance of a Compliance Declaration: A document confirming that the company complies with legal requirements.
4. Capital Deposit: The capital must be deposited with the notary or in a bank account named “Company in Formation Account”. The capital is released immediately after the company’s registration in the Commercial and Personal Property Credit Register (RCCM).
5. Contributions Valuation: Only contributions valued over 5,000,000 FCFA must be mandatorily appraised by a contributions auditor.
6. Notary Fees: Approximately 400,000 FCFA for a capital of 1,000,000 FCFA.

At the Business Creation Support Office (BCE) of APIX:

1. Registration of Constitutive Acts: The official documents that establish the company’s legal existence.
2. Registration in the Commercial and Personal Property Credit Register: This is the official business registry.
3. Registration in NINEA: The National Identification Number of Enterprises and Associations.
4. Publication in the Legal Announcements Journal: Official announcement of the company’s formation.
5. Required Documents:
   • A criminal record less than 3 months old; or a sworn declaration, available from the notary, filled out and signed by the Manager, or a criminal record less than 3 months old from the country of origin (for foreigners).
   • A photocopy of the identity card of the associates.
   • Registration fees: 25,000 FCFA.

This process outlines the legal steps and documentation required to establish a SARL in Senegal, ensuring that the company is properly registered and compliant with local business laws. Simplifying these steps and allowing for online registration, as seen in the US with systems like EIN and state registration, could facilitate the process for entrepreneurs. This modern approach can help streamline business creation, making it more accessible and efficient.