Togo - Investing - A legal framework that promotes investment

With a strategic positioning, a corridor development model, and the only naturally deep-water port in West Africa, Togo has many advantages while benefiting from an investment code that offers numerous benefits to investors.

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Improvements to the business environment and the launch of power plant construction projects are expected to facilitate an increase in FDI in the coming years. The sectors attracting the most foreign investment are phosphates, cotton, coffee, cocoa, and the service sector (port infrastructure). France, Canada, India, and China are the main investors. However, FDI is only permitted in certain sectors. Starting a business, managing building permits, obtaining electricity, registering property, and obtaining credit are the main subcategories where Togo has made significant improvements. In addition to establishing a one-stop shop for business creation (Business Formalities Center), reforms include reducing the minimum capital required to start a business and lowering the costs of obtaining building permits. The country has improved the monitoring and regulation of power outages by recording data on the System Average Outage Duration Index (SAIDI) and the System Average Outage Frequency Index (SAIFI). Electricity costs have also been reduced through lower utility charges for external work and security deposits for new connections. The country has improved access to credit by establishing a credit bureau.

Togo is a member of the Organization for the Harmonization of Business Law in Africa (OHADA). Therefore, the OHADA code applies to the creation of businesses.

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A favorable business environment
– Easier business creation (OHADA Uniform Act, Business Formalities Center): There are no restrictions on the rights of foreigners to manage local companies. A foreign investor can create a subsidiary at 100%.
– Tax advantages: A reduction in corporate tax is observed in addition to the advantages of the Investment Code and the Free Zone.
– Investment guarantee and promotion instruments with avenues for recourse in case of dispute. These include the Arbitration Court of Togo (CATO); the Common Court of Justice and Arbitration (OHADA); the Court of Arbitration of the International Chamber of Commerce; the International Centre for Settlement of Investment Disputes (ICSID); and MIGA (Multilateral Investment Guarantee Agency).
Foreign companies and individuals making an investment also have the right to repatriate or transfer capital and profits within the legal framework of exchange control regulations. This guarantee also extends to proceeds from the sale of a business. The GSP (Generalized System of Preferences) offers Togo preferential access for its products in Europe. The AGOA (African Growth and Opportunity Act) also allows preferential access for Togolese products to the American market.
Through various codes (SME/SMI Charter, Investment Code, Free Zone Law, Mining Code, General Tax Code), investors also benefit from significant tax and customs exemptions and support measures. Individual and corporate taxpayers, as defined by the General Tax Code, who invest in Togo under the stipulated conditions, can thus benefit from a reduction in their taxable income or corporate tax base.