Business Law and Regulation
Invest in Burkina Faso: Good to know
Any investor, whether foreigner or national, must imperatively take note of the law N ° 038-2018 / AN of October 30, 2018 on the code of investments of Burkina Faso, which favors the entry of the foreign capital and establishes a system of common law for the benefit of companies based on freedom of investment, the absence of discrimination between domestic and foreign investors, the total freedom of management and the freedom of financial transfers.
Legal and regulatory framework of the investment (source: Burkinabe ABI Investments Agency)
In terms of business creation:
Elimination of the requirement of equity contribution of 50 million FCFA for foreigners;
Substitution of the criminal record by the "Declaration on honor" in the list of documents to provide for the creation of enterprises.
In foreign trade:
The business climate observatory;
Simplification of the form of the advance import declaration;
A computerized system of customs declarations;
A national register of the register of commerce and furniture credit; *
New public procurement code renovated for greater transparency.
In terms of investor protection:
International agreements (UEMOA, ECOWAS, OHADA treaties) Burkinabè laws and regulations (the investment code and the labor code), guarantees without distinction of nationality.
Choose the legal form of your company:
Any person, whatever his nationality, who wishes to carry out a commercial activity, or to undertake by creating his own sole proprietorship, or a company in Burkina Faso, must comply with the provisions of the Uniform Act relating to the law of commercial companies and the economic interest grouping (in the case of companies) and the uniform act on general commercial law for sole proprietorships (as regards traders).
The freedom of trade and its limits:
In Burkina Faso, freedom of commerce is now a constitutionally recognized right under article 16 of the constitution.
economic police (interest of hygiene and public health, defense of the public)
economic dirigisme (legal monopolies);
incompatibilities (officials, lawyers etc ...);
The protection of certain categories of persons (unemancipated minors, incapacitated adults)
Remediation of commercial professions
The judicial organization of commerce:
There are commercial courts whose field of competence is defined by the law 022-2009 / AN of May 12, 2009; and arbitration which is a form of rapid dispute resolution procedure: Center of Arbitration, Mediation, Conciliation of Ouagadougou (CAMCO).
Ø Administrative structures managing national trade:
The Prime Ministry for the coordination of the general policy of the Government;
The Ministry of Commerce, for Trade, Business Promotion and Handicrafts,
Ministry of Economy and Finance, for money, credit and insurance;
The Ministry of Transport and the Digital Economy for transport and new information and communication technology components;
The Ministry of Culture and Tourism for the sections cuture and Tourism;
The Ministry of Foreign Affairs, for the negotiation of trade agreements and commercial representations abroad.
Ø Representation structures of economic interests:
The Economic and Social Council (CES);
The Chamber of Commerce and Industry of Burkina Faso;
Burkinabè Council of Chargers (CBC);
The Agency for the Promotion of Exporters of Burkina (APEX-Burkina)
Ø Representative structures of the business community grouping only professionals:
Professional group of tankers;
Professional group of the industrialists of Faso;
The Professional Association of Banks and Financial Institutions of Burkina Faso;
The Union of Importers and Exporters of Burkina Faso;
The National Union of Road Carriers of Burkina Faso;
The Professional Association of Insurance Companies of Burkina.