Equatorial Guinea’s Single Business Window was launched on 14th of January, allowing investors and corporations alike to set up a business in sub-Saharan Africa’s fourth-largest oil producer in only seven days. It will have a technical secretary, a business registry unit, a notary unit, a tax ID number section, and a treasury unit.
The step is a very positive move and a sign that Equatorial Guinea’s government is listening to international investors.
Single Business Window solutions allow businesses to deal with all permits and processes required to set up a business at a single counter, hence reducing bureaucracy and eliminating red tape. These have been gradually implemented across the world and Africa, resulting in increased local and foreign investments, and promoting small and medium enterprises (SMEs) growth.
Equatorial Guinea’s step is expected to be very positive for business and puts the country at par with its regional and global competitors. It further signals the country’s political will to reform and echoes President Obiang Nguema Mbasogo’s commitment to see the National Economic Development Plan: Horizon 2020 being fully implemented.
Equatorial Guinea has doubled efforts to reach out to the international community and boost its attractiveness to investors in recent years. The country joined the Organization of Petroleum Exporting Countries (OPEC) in 2017 and is now spearheading the LNG 2 Africa initiative, which seeks to create new markets for Africa’s natural gas.
Under its Year of Energy 2019, Equatorial Guinea is also hosting the APPO Cape VII Congress & Exhibition between April 1-5, and the 5thSummit of the Gas Exporting Countries Forum in November. In addition, the 3rdNational Economic Conference is also set to be held this year in Equatorial Guinea. These events are expected to attract billions of investments into the country’s energy and infrastructure sectors.