Senegal is hailed as a highly successful African democracy, having established a multi-party system and a framework of civilian rule. Although unemployment levels are high, Senegal enjoys a relatively stable economy. GDP has shown steady growth over recent years.
Mining remains a viable source of income for Senegal, although the country does still depend on international donor assistance. A number of middle-eastern companies have come together to regenerate Dakar's maritime port, and in doing so establish a new special economic zone.
Recent years have seen Senegal and the IMF form a non-disbursing, policy support initiative program, which is hoped to steady the markets further.
The legal system is taken from French civil law system, and features the judicial review of legislative acts in Constitutional Court.
The Firm recently conducted a review of banking regulation for an international bank, and a review of the telecommunications sector for a US-based telcoms company.
We have conducted a review of the power generation sector for an international independent power producer (“IPP”).
The Firm is currently acting on a major due diligence exercise for a French-based multinational acquiring assets across the region.
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Senegal – Experience
International Outsourcing Service Provider
We have assisted this world-leading service provider of consulting services to the IT industry in setting up in Togo. We have advised on company incorporation, outsourcing procedure and detailed employment and employee tax advice. We are assisting with employee notifications and transfers as well as all the relevant registrations and procedures.
Close Out/Netting & Sovereign Immunity – Major Merchant Bank – Senegal & Ivory Coast
Acting for this major “Bulge Bracket” bank we advised on ISDA based transactions in Ivory Coast and Senegal. We reviewed in detail the procedure for closing out financial positions and setting off debts both in the event of commercial default and insolvent default. We also reviewed our answers to deal with the situation where the counterparty was a sovereign entity, or an agent or department of a sovereign government.
Employee Benefits – Share Schemes Plan
Acting for this international sector consultant, we advised on the in-country rules for setting up and running an international share scheme from the client’s home country of incorporation. We also advised on the practicalities of registering each individual interest with local regulators.
Environmental Legislation – Magic Circle law firm
We have reviewed and analysed all the environmental legislation in Senegal, especially that relevant to large scale projects and infrastructure development. In particular we studied sponsor liability, transfer and assignment of liability, indemnities and end of project-life cleanup obligations.
Branch Establishment - International IT Consulting Firm
Acting for one of the world’s largest IT consulting firms, we advised on procedure for establishing a branch in Togo, applicable tax rules, rules on repatriation of funds, foreign control and ownership, employment law and land ownership.
Banking Regulation - Major International Bank
We have assisted a major international bank in determining its in-country rules for opening bank accounts and offering ?nancial services. This involved a review of the regulatory environment, legislation and industry rules, as well as speaking to industry players in-country to determine established practice.
M&A Mergers + Security Legislation – Magic Circle law firm
We have reviewed and analysed all the legislation in Senegal concerning host-country control over international mergers and acquisitions, as well as studying the ease (or otherwise) of taking security. In particular we studied merger approvals, transfer of undertakings, registration procedures and ease of realisation of security.
International NGO – set up and registration
We have assisted a major US-based international NGO in determining the rules and procedures for establishing in Senegal, hiring staff and opening an of?ce. In addition we have researched the tax bene?ts and employment laws.