1. What are The Natural Resources in the Congo
The Republic of Congo has enormous potential for hydroelectric power. In 2006, it agreed to a $9 billion project with U.S.-based Tri-Star Power, which would have created a dam on the Sangha River, requiring that 40 square miles (103 km2) of rainforest be cleared and hundreds of people resettled. The project is on hold because residents are opposed to it. There is also potential for mining—the country contains an estimated US$24 trillion worth of minerals, including copper, cobalt, diamonds, gold and uranium. These resources remain largely untapped. Congolese exports consist mainly of raw materials such as wood, coffee and cocoa beans.
2. What are the Business Opportunities in Congo?
Though it may not be the first country to consider where to start a business, the Congo offers some unique opportunities for small businesses. The costs are low, and taxes are low, but plenty of potential consumers and business opportunities are still to explore. If you’re looking at investing in another country, consider the Congo; here’s why this might be the right move for your business. Several factors have made Congo an attractive place for foreign investors, including its favourable geographical location. The Democratic Republic of Congo lies at a crossroads of land, sea and air transport. This has made it an important transport corridor between Europe and Asia on one side and Africa on another. It is also rich in natural resources, including gold, diamonds and coltan (used to make cell phones). In addition to abundant natural resources, there are also many human resources available: 45 million people live here. Congolese citizens are educated and multilingual; they speak French as well as at least two local languages—Swahili or Lingala—and often English as well.
3. What Businesses are Successful in Congo?
One of Africa’s largest economies and one of its fastest-growing, The Democratic Republic of Congo (DRC) has a population estimated at 68 million people. With more than 80 per cent living on less than $1 per day, but with vast mineral resources and an educated workforce, now is a good time to invest in DRC. There have been extensive efforts to improve infrastructure in recent years, including roads and railways. Investing here could be extremely profitable for companies willing to take a risk. The country also boasts impressive human capital. Over 90% of Congolese are literate, and 50% have completed secondary education. This makes it easier to find skilled workers, often very inexpensive due to low wages and high unemployment rates in urban areas. The government is also open to foreign investment. It offers incentives like tax holidays or other benefits through special economic zones such as Kinshasa Industrial Park, where investors can get tax breaks for up to 20 years if they build factories within these zones.
4. Business-Friendly Policies and Government Initiatives;
The government of Congo has been working to make doing business easier for its citizens and investors, enacting a host of policies that enhance outlining procedures regarding public-private partnerships (PPP) agreements. This is an important step forward in attracting investors who are interested in PPPs as a means of funding infrastructure projects.
5. Congo Industrial Infrastructure
The government is making efforts to improve infrastructure and build a better economy by focusing on industrial development. The government has also set up free trade zones in Boma, Matadi, and Lubumbashi. Over 1 million tourists visit Congo each year and spend more than $500 million on travel alone. The country is also rich with natural resources, including cobalt, diamonds, copper ore, gold, iron ore, tin ore, as well as uranium reserves and other precious metals. These resources have been exploited for many years but were not developed properly due to corruption within governments of previous regimes. This led to no proper funding of infrastructure or maintenance of existing infrastructures, which are now starting to fail. Many investors are taking advantage of these opportunities and investing heavily in building new roads, railways, ports etc., leading to further economic growth.
6. What are the steps for Starting a Business in Congo?
In order to start a business in Congo, it’s important to learn about local regulations first. Here are some things you need to know:
1. A Congolese company can be created under three forms of legal entity: General Partnership (Société en Nom Collectif), Limited Liability Company (Société à Responsabilité Limitée) and Joint-Stock Company (Société Anonyme).
2. Foreigners cannot own land in Congo; however, they can lease land for 50 years.
3. The minimum capital requirement for all companies is 100 million CFA francs (USD 175,000).
4. All companies must have at least one shareholder and one director/manager; shareholders may not act as directors or managers unless they are directors or managers at another company.
5. Shareholders do not enjoy limited liability protection, so any debts incurred by the company will become their responsibility.
6. Director/managers must reside in Congo and hold a Congolese passport. 7. The government charges an annual tax on profits between 0% and 10%. 8. If you want to hire employees, you will have to register with SONAPI (the national social security fund); however, there are no restrictions on foreign ownership when it comes to hiring workers.
9. There are no restrictions on foreign ownership when setting up a business.
10. To register your new company, you will need two copies of your articles of incorporation and five copies of your registration form from SONAPI. It would help if you took care to select a name that does not infringe upon that of another registered company; otherwise, your application could be rejected.
7. Market Size of Congo
The total size of a market is important for any business. However, knowing how large or small it is and where you might fit into it can be vital to identifying business opportunities. The market in Congo may seem like a small one, with a population of 79 million people and a gross domestic product (GDP) per capita of $2,600 in 2015. However, Congo’s GDP has been growing at an average rate of 7% per year over the past decade.
8. Spending power in Congo
With a population of over 80 million, and a GDP of over $30 billion, there is plenty of room for new businesses to succeed. The country is also rich in natural resources such as diamonds, gold, and oil. This means that there are large corporations looking to invest or exploit these resources. You may even be able to partner with one of these companies to achieve your goals. The only issue is that corruption can be rampant, and deals could get complicated quickly.
9. Industrial growth of Congo
The DRC has several mines with mineral resources, including cobalt, copper, diamonds, gold, silver, and zinc. The nation also has considerable petroleum reserves; however, oil deposits are largely untapped. Other sectors such as forestry, farming and fishing are also important to Congo’s economy. According to reports published by the National Bank of Congo (BNC), gross domestic product (GDP) growth reached 7.5 per cent in 2015. The report also revealed that a 6 per cent growth rate was expected for 2016. This is due to an increase in mining activities which contributed to a 4.7 per cent increase in GDP during the first quarter of 2016. This is compared to the 2.8 per cent growth registered during the same period last year. This will be further boosted by government initiatives toward developing infrastructure, agriculture, and the services sector, including banking services.