Equatorial Guinea’s one-stop shop allows investors and corporations to set up a business in sub-Saharan Africa’s fourth-largest oil producer in just seven days, said Centurion Law Group in a statement
The one-stop shop will provide adequate information support for future entrepreneurs and enable them to start the business as soon as possible.
This is a very positive step and a sign that Equatorial Guinea’s government is listening to international investors’ concerns about the country’s bureaucracy and regulations, which have prevented it from exploiting its full investment potential in recent years, the group added.
One- stop shop solutions enable companies to deal with all the permits and processes required to set up a business in one counter, thereby reducing bureaucracy and eliminating red tape. These have been implemented gradually throughout the world and Africa, leading to increased local and foreign investment and promoting small and medium-sized enterprises (SMEs) growth.
Equatorial Guinea’s step is expected to be very positive for business and aligns the country with its regional and global competitors. It also 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 fully implemented.
Santiago Olo Lima, director for Equatorial Guinea at Centurion, said, “Our clients are excited about this. As a firm, we work to encourage investment in the country, ensure investors can have a seamless transition and operate well.”
“The one-stop shop is a welcomed and timely development as Equatorial Guinea expects billions of investments during its Year of Energy 2019 and is a crucial step towards achieving the country’s economic diversification and poverty reduction goals under its National Economic Development Plan: Horizon 2020,” he explained.
Equatorial Guinea has doubled its efforts to reach out to the international community and boost its attractiveness to investors in recent years. The country joined the Organisation of Petroleum Exporting Countries (OPEC) in 2017 and is now leading the LNG 2 Africa initiative, which aims to create new markets for Africa’s natural gas.
“This is an exciting time to be looking at Equatorial Guinea and Centurion is well-positioned to assist investors navigating the country’s energy sector,” added Centurion CEO NJ Ayuk.
