CÔTE D’IVOIRE Law and Practice Contributed by: Andy Lionel Biaou, Evelyne Biaou and Marine Quintric, Houda Law Firm
Houda Law Firm Résidence Nabil Rue du Commerce Plateau 1er étage à Gauche 01 BP 2778 Abidjan 01 Côte d’Ivoire Tel: +225 272 024 4387 Fax: +225 272 024 4386 Email: houda@avocatshouda.com Web: www.avocatshouda.com/en
1. Introductory 1.1 Forms of Corporate/Business Organisations
The SARL is often characterised by a fairly strong intuitu personae, which is why transfers of shares are often governed by specific authori - sation rules given by the non-transferring share - holder. The SARL is managed by one or more natural persons, associated or not. In addition, the SARL is not required to appoint an auditor unless it meets two of the following conditions at the end of the financial year: • a balance sheet total exceeding XOF125 mil - lion; • an annual turnover exceeding XOF250 million; and/or • a permanent staff of more than 50 persons. The partners in the SARL meet in a general meet - ing, either ordinary (each year for the approval of the accounts of the closed financial year, the appointment or dismissal of managers, and – more generally – to decide on all matters that do not require amendment of the articles of associ - ation) or extraordinary (for any decision involving a change in the articles of association). The SARL is a suitable corporate structure for greenfield projects, commercial activities and
Commercial companies are governed in Côte d’Ivoire by the Uniform Act on Commercial Companies and Economic Interest Groups ( Acte Uniforme révisé relatif au droit des Socié- tés Commerciales et du Groupement d’Intérêt Économique , or AUSCGIE), published on 30 January 2014. The most commonly used com - mercial forms are, in order, the société à respon- sabilité limitée (SARL), the société anonyme (SA) and the société par actions simplifiée (SAS). In Côte d’Ivoire, the creation of an SA or an SAS requires recourse to a notary public. SARL The SARL is the simplest form of commercial company, in which the liability of the sharehold - ers is limited to contributions. The SARL may be established by one natural or legal person or between two or more natural or legal persons. The amount of capital is freely determined by the partners in the articles of association and is divided into shares with a nominal value of not less than XOF5,000.
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