OHADA SAS vs SARL for Senegal startup: decision matrix (2026)

SAS vs SARL OHADA: the structuring choice haunting founders in 2026

Since the revised Uniform Act of January 30, 2014 on commercial companies (AUSCGIE), the OHADA zone finally has a Simplified Joint-Stock Company (Société par Actions Simplifiée, articles 853-1 to 853-23 AUSCGIE). Before 2014, Senegalese founders were stuck with SARL (LLC) — rigid, minimum capital 1,000,000 FCFA (since lowered to 100,000 FCFA by national decree), non-tradable shares, heavy governance.

In 2026, the West African startup market has exploded: USD 1.8 billion raised in Francophone Africa in 2025 (Partech Africa Tech Venture Capital Report). Wave (fintech unicorn), InTouch (multi-country payments), Yobante Express (logistics), Kobo360, Sokowatch structured their cap tables. The SAS vs SARL choice is no longer academic — it determines whether you can raise, grant stock options, sell your company.

Here is the decision matrix for 2026.

H2: The 10 decision criteria

1. Minimum capital. SARL: 100,000 FCFA (Senegal, since 2014 decree). SAS: also 100,000 FCFA (article 853-5 AUSCGIE, set in articles). Tie.

2. Number of shareholders. SARL: 1 to 100 partners (article 309 AUSCGIE). SAS: 1 to unlimited. SAS advantage if you plan >100 shareholders (extended BSPCE, crowdfunding, IPO).

3. Governance. SARL: mandatory manager(s), collective decisions by majority (art. 348 AUSCGIE). Rigid. SAS: total statutory freedom (art. 853-7) — you invent your governance (President, CEO, Comex, Board, committees). Wave has a Board with veto rights on certain decisions. InTouch has a SAS holding with founders + VC governance.

4. Share transfers. SARL: shares subject to mandatory approval of partners by majority (art. 319 AUSCGIE) — blocks exits. SAS: shares freely transferable by default, unless statutory clause (preemption, approval, lock-up up to 10 years — art. 853-17). SAS advantage for secondary, exits, founder liquidity.

5. Fundraising. SARL: cannot issue securities (convertible notes, BSA warrants) unless converted. SAS: can issue all securities (preferred shares, convertible bonds, BSA, BSPCE-equivalent). If you plan pre-seed/seed: SAS mandatory.

6. Preferred shares. SARL: prohibited (all shares identical). SAS: art. 778-1 AUSCGIE allows preferred shares (differentiated financial and political rights). Essential for VCs (1x non-participating liquidation preference, anti-dilution, drag-along).

7. Shareholders agreement. SARL and SAS can both sign one. But in SAS, clauses can be directly statutory (enforceable erga omnes). In SARL, the pact remains extra-statutory (enforceability limited to signatories).

8. Stock options (BSPCE-equivalent). SARL: nearly impossible. SAS: possible via BSA, free shares (art. 626-1 AUSCGIE), unilateral promise. See Pair 3.

9. Taxation. Senegal: SARL and SAS both subject to 30% Corporate Tax (General Tax Code art. 4). Tie, except real simplified regime option (family SARL).

10. Cost and delay. SARL: ~150-250 KFCFA, 7-14 days via APIX. SAS: ~200-350 KFCFA (longer articles to draft), 10-21 days. SARL faster, SAS pricier but flexible.

H2: Decision matrix

H2: SARL → SAS conversion procedure

Possible but heavy. Articles 181 to 192 AUSCGIE. Unanimous decision of partners (unless statutory clause). Steps:

• Accounting audit + conversion commissioner (mandatory, ~800 KFCFA-2 M FCFA).
• Extraordinary General Meeting (unanimity required).
• Drafting new SAS articles.
• JAL publication + RCCM + APIX (~150-250 KFCFA).
• Total delay: 6-12 weeks.
• Total cost: 1.5-4 M FCFA.

Wave converted in 2018 (Senegal SARL → Côte d'Ivoire SAS holding) before Series A. InTouch structured from D0 as multi-jurisdiction SAS. Yobante Express: SARL at launch (2017), SAS conversion in 2020 for Series A.

H2: Concrete cases in 2026

Case 1 — Tech bootcamp with 3 cofounders, bootstrap. Senegal SARL 100 KFCFA capital. Setup cost: 180 KFCFA. If scale after 18 months: SAS conversion.

Case 2 — B2B SaaS with planned pre-seed. Senegal SAS capital 1 M FCFA, 3 cofounders. Articles integrate: preferred shares (VC placeholder), BSPCE-equivalent promise for 8 first employees (15% cap table), 75% drag-along, tag-along, 4-year founder vesting with 1-year cliff. Cost: 850 KFCFA (OHADA lawyer + APIX).

Case 3 — Multi-country fintech. Mauritius SAS holding (facilitated exit jurisdiction) + Senegal/Côte d'Ivoire/Mali SARL subsidiaries. Wave, Chipper Cash, Flutterwave model.

FAQ

Can I create a single-shareholder SAS (SASU) in OHADA?

Yes. Article 853-1 AUSCGIE authorizes SAS with sole shareholder (SASU). Capital 100 KFCFA. Ideal for solo founder preparing fundraising.

What share capital should I declare for a Senegal startup SAS?

Legal minimum: 100 KFCFA. 2026 practice: 500 KFCFA to 5 M FCFA. Tip: do not declare too low (credibility with banks/clients), nor too high (locks up cash). Startup sweet spot: 1-2 M FCFA.

Senegal SAS or Côte d'Ivoire SAS?

Côte d'Ivoire has become the OHADA startup hub (more mature VC ecosystem, specialized commercial judge). But if your market is Senegal, stay Senegal (operational proximity, local taxation). Multi-country = holding + subsidiaries.

How much for an OHADA lawyer to draft SAS articles?

Junior lawyer: 350-650 KFCFA. Experienced firm (Houda, Geni & Kébé, SCP Mame Adama Gueye): 800 KFCFA to 2.5 M FCFA. For startup with VC clauses: count 1.5-3 M FCFA.

Does SAS better protect against tax risk than SARL?

No. Both are limited liability companies — your personal estate is protected except in case of management fault (article 161 AUSCGIE) or personal guarantee. Taxation is identical (30% IS).

Let's discuss your structuring

Kolonell supports Senegal/diaspora founders on SAS vs SARL OHADA choice and startup-ready articles drafting. WhatsApp +221 77 596 93 33.