Equatorial Guinea last week established a one-stop shop solution that will streamline the process for investors and entrepreneurs to set up businesses within the country, aligning it with competitive business climates of regional and global competitors; and received an endorsement from the Africa Energy Chamber (AEC) in the process.
One-stop shop solutions provide information support and consolidate access to all permits and processes needed to set up an enterprise at a single counter, enabling both investors and corporations to set up a business in as soon as seven days.
“The implementation of Equatorial Guinea’s one-stop shop allows companies to set up a business in Equatorial Guinea in only one week, putting the country at par with global standards,” said NJ Ayuk, Executive Chairman of AEC, in a statement released by the Chamber. “For the African Energy Chamber and the oil industry, it is important to encourage men and women who find opportunities, have ideas of innovative services and unavailable products, those who have the courage to deploy capital, accept risk, and make it happen.”
The concept of one-stop shop business solution has been adopted in other parts of Africa and globally, and has been met with increased local and foreign direct investment along with the growth of small and medium-sized enterprizes.
While strict commercial regulations and bureaucratic red tape has historically inhibited international investors interested in the Central African country, the recent development reflects the government’s prioritization of reform and economic diversification, as well as its commitment to the National Economic Development Plan: Horizon 2020.