Burundi is one of the African countries that you do not always hear much about. Let’s learn the process of starting a business in Burundi.
When it comes to starting a business, it is important to know what it takes to start a business in this country.
This article is about learning how to start a business in Burundi, the requirements and the cost implications.
In Burundi, the different kind of companies that you can register are:
• Sole Owner Company
• Limited Liability Cooperative
Sole Owner Company
A sole owner requires:
• Physical presence of the company shareholder
• Two passport photographs
• National ID card – this should include one passport photograph when the sole company owner is a foreigner.
• A 25 USD fee
• Forms that should be filled.
Partnership with Limited Liability
• Minimum 2 Shareholders
Limited Liability Company
This type of business requires a minimum of three shareholders. Passport photographs are not required and the procedures are identical.
• The physical presence of all shareholders or a proxy from and appointed by each shareholder is required.
• National ID card and one passport photograph is required for foreigners. The same is need for each shareholder. You need a certified copy of your ID and a passport is needed. Also required is a notarized proxy.
• A fee of $25 is needs
• Also required are forms to fill.
Limited Liability Cooperative
• You need your Chairperson and the Board of Directors
• One national ID card and one passport photograph for foreigners. You may also get a certified copy of the national ID and a notarized proxy.
• Notarized minutes of the meeting are required along with the list of all the cooperative members.
When the procedure is done, it will take about 8 hours and the following documents would be delivered to you.
• Trade registry
• Your company statutes
• Tax Identification number (TIN)
You must publish a press release about your registered company in the local business newspaper. This concludes the process of learning how to start a business in Burundi.
In addition, there are opportunities to open bank accounts in varying banks. The list of companies in Burundi can be found here.
Good luck starting a business in Burundi.