Located in the central part of Africa, Chad's economy is mainly based on livestock and cotton production. Since 2000, the exploitation of oil from this country has begun. Chad has about 16 million residents, while the capital N'Djamena has about a million residents. Business areas with good business opportunities are agriculture, fishing, telecommunications, and tourism.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole proprietorship in Chad
A sole proprietorship is a business entity owned by an individual. You, as a sole proprietor, have unlimited liability with the sole proprietorship. That means that you are responsible for all revenues, costs, profits, and debts of the business. A sole proprietorship is the most frequent form of business entity in Chad.
How to register a sole proprietorship in Chad
Sole proprietorship registration in Chad is a straightforward process. To register, you need to submit the following documents to the Formalities Center (Centre de Formalité des Entreprises) at the Chadian Chamber of Commerce:
- Copy of articles of incorporation or bylaws and annexes
- The decision of the General Assembly (Societé Anonyme)
- ID card
- Criminal records or affidavit of no criminal record
- Residence permit (for foreigners)
- Lease or title of Property
- Three photos
Notary and registration fees are approximately $280 plus 1.5- 5% of the bsuiness capital. The registration fee for a sole proprietorship in Chad costs around $63.
Choose a business name for your proprietorship
You should ensure that the business name you would prefer is not taken already. Trading under someone else's name can lead to a potential lawsuit. You can check the availability of the name at the Chadian Chamber of Commerce.