Senegal

Financial Reporting Obligations for Companies in Senegal

1. Registry for Submitting Financial Statements

In Senegal, companies are required to submit their financial statements (annual reports) to the Registre du Commerce et du Crédit Mobilier (RCCM) (https://www.droit-afrique.com/organisation-ohada/), which is the Trade and Personal Property Credit Register. Submissions must be made through the relevant commercial court, and financial reports can be submitted electronically via the Guichet Unique de Formalisation des Entreprises (https://www.apix.sn/).

In Senegal, financial statements of listed companies are publicly available through the Bourse Régionale des Valeurs Mobilières (BRVM) (https://www.brvm.org/), which serves the West African Economic and Monetary Union (WAEMU) region.

However, financial reports of private companies (SARL and other non-listed entities) are not publicly accessible. Such reports are filed with regulators but are not disclosed to the general public.

2. Legal Forms Obliged to Publish Financial Statements

Legal forms in Senegal that are obliged to submit and publish their financial statements (annual reports) include:

  • Société à Responsabilité Limitée (SARL)
    Limited Liability Company
    Notes: Must submit annual financial statements to the RCCM and is subject to audit if certain thresholds are exceeded.
  • Société Anonyme (SA)
    Joint Stock Company
    Notes: Must submit annual financial statements and is always required to undergo mandatory audits regardless of size.
  • Société en Nom Collectif (SNC)
    General Partnership
    Notes: Must submit annual financial statements but is exempt from audit unless certain thresholds are exceeded.
  • Société en Commandite Simple (SCS)
    Limited Partnership
    Notes: Must submit annual financial statements but only needs to be audited if thresholds are exceeded.
  • Société en Commandite par Actions (SCA)
    Partnership Limited by Shares
    Notes: Must submit annual financial statements and undergo audits similar to SA if thresholds are exceeded.
  • Groupement d'Intérêt Économique (GIE)
    Economic Interest Grouping
    Notes: Required to submit financial statements if the entity engages in economic activities above certain thresholds.
  • Société Coopérative
    Cooperative
    Notes: Must submit annual financial statements and is subject to audit if thresholds are exceeded.
  • Société de Développement
    Development Company
    Notes: Required to submit annual financial statements as per its specific legal and financial obligations.
  • Succursale de Société Étrangère
    Branch of a Foreign Company
    Notes: Must submit financial statements according to Senegalese laws and the regulations of the parent company.

Legal Forms Not Obliged to Publish Financial Statements:

  • Entreprise Individuelle
    Sole Proprietorship
    Notes: Exempt from publishing financial statements but must maintain financial records for tax purposes.
  • Association
    Association
    Notes: Exempt from publishing financial statements unless it engages in commercial activities above certain thresholds.
  • Profession Libérale
    Liberal Profession
    Notes: Not required to publish financial statements but must keep records for tax and professional regulatory compliance.
  • Coopérative de Production Artisanale
    Artisanal Production Cooperative
    Notes: Exempt from publishing detailed financial statements but must maintain simplified financial records.

3. Companies Requiring Audited Financial Statements

In Senegal, companies must have their financial statements audited if they meet specific conditions. These requirements are defined by the Code Général des Impôts (General Tax Code) (https://impotsetdomaines.gouv.sn/) and other relevant regulations.

Legal Form Audit Rule Criteria (must meet at least two of the three)
SARL (Limited Liability Company) Mandatory audit if thresholds are exceeded - Turnover > CFA 1 billion
- Total assets > CFA 500 million
- More than 50 employees
SA (Joint Stock Company) Audit always required No minimum thresholds; audit is always mandatory
SNC (General Partnership) Audit required if thresholds are exceeded - Turnover > CFA 1 billion
- Assets > CFA 500 million
- More than 50 employees

4. Local Stock Exchange and Financial Statements Publication

Companies listed on the Bourse Régionale des Valeurs Mobilières (BRVM) (https://www.brvm.org/) must publish their financial statements in accordance with exchange regulations.

5. Deadline for Submitting Financial Statements

The deadline to submit financial statements to the RCCM is typically within six months after the end of the fiscal year. For listed companies, stricter deadlines apply as per the BRVM regulations.

6. Companies Submitting Partial Financial Statements

Certain smaller entities with turnover or assets below CFA 500 million may submit simplified financial statements.

7. Consequences for Late Submission of Financial Statements

Failure to submit financial statements on time can result in fines (CFA 100,000 – 1,000,000) and possible strike-off from the RCCM.

8. Requirements for Foreign-Owned Branches and Newly Established Companies

Foreign-owned branches must submit financial statements according to Senegalese law and parent company rules. Newly established companies must file by the end of their first fiscal year.

Sources

Source Link
Registre du Commerce et du Crédit Mobilier (RCCM) https://www.droit-afrique.com/organisation-ohada/
Guichet Unique de Formalisation des Entreprises https://www.apix.sn/
Code Général des Impôts (General Tax Code) https://impotsetdomaines.gouv.sn/
Bourse Régionale des Valeurs Mobilières (BRVM) https://www.brvm.org/
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