SARL share capital Senegal: the question we get every week
Fintech founder, back from Paris, March 2026: 'Mohamed, they say 100,000 FCFA is the legal minimum, but my bank looks at me like I am a shell company. How much should I put?'
Short answer: the legal minimum is no longer the right question since the OHADA reform. Today, share capital plays two very different roles in Senegal:
- A symbolic legal amount (100,000 FCFA since the reform)
- A credibility signal for banks, partners and tenders
Here is how to decide.
What OHADA law says in 2026
Since the reform of the Uniform Act on commercial companies, the minimum capital of a SARL in Senegal is 100,000 FCFA (about 152 EUR). Contributions can be in cash or in kind (equipment, goodwill, patents).
For an SA (joint-stock company), the minimum stays at 10,000,000 FCFA. For an SAS, 1,000,000 FCFA.
For a SARL, capital must be fully paid up at incorporation (cash deposited in a bank or at the Caisse des Dépôts), unlike some countries where partial payment is allowed.
The minimum capital trap
Putting 100,000 FCFA is legal but hurts in 4 concrete situations:
1. Business bank account opening
Senegalese banks (BICIS, SGCI, Ecobank, UBA, CBAO, BOA) are wary of low capital. At 100,000 FCFA, expect:
- Intrusive questions on the origin of funds
- Higher opening fees (150-200,000 FCFA instead of 50,000)
- Plain refusal at some premium establishments
2. Bank credit
No serious Senegalese bank grants meaningful business credit to a SARL with 100,000 FCFA capital. The debt-to-equity ratio becomes absurd from the first loan.
3. Public tenders
Public procurement often requires a minimum capital in pre-selection criteria. 1 to 5 million FCFA is the normal range to bid comfortably.
4. B2B partnerships
A major account (Sonatel, Senelec, Total Energies) asking for your RCCM will see the share capital. At 100,000 FCFA, you look like a shell.
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How much to put by profile
| Company profile | Recommended capital FCFA | Why |
|---|---|---|
| Solo freelancer or consultant | 100,000 - 500,000 | Legal minimum, no heavy B2B stake |
| Services SME 3-10 people | 1,000,000 - 2,000,000 | Bank credibility + first clients |
| Tech startup raising soon | 1,000,000 - 5,000,000 | Clean cap table base |
| Stock-heavy trading SME | 2,000,000 - 10,000,000 | Covers initial working capital |
| Public tender candidate | 5,000,000 - 25,000,000 | Pre-selection criteria |
| Industry / construction | 25,000,000 + | Bank guarantees and bonds |
The smart trick: cash vs in-kind contributions
Many founders do not have 2 million in cash. Legal solution in Senegal: make an in-kind contribution valued by an appointed commissioner.
Concrete example: you contribute 500,000 FCFA cash + a vehicle valued at 1,500,000 FCFA + computer equipment 500,000 FCFA. Total declared capital: 2,500,000 FCFA, with only 500,000 out of your pocket.
Commissioner cost: 100,000 to 300,000 FCFA depending on complexity. Often worth it.
Our Kolonell recommendation
For 80% of SMEs we support, the sweet spot is between 1,000,000 and 2,000,000 FCFA. Enough to open a business account at any bank, bid on medium tenders, and stay credible with a seed investor.
If you start at 100,000 FCFA to save money, know that raising capital later costs 100,000 to 250,000 FCFA in notary + RCCM fees. Better aim right from day one.
FAQ
Is share capital locked after incorporation?
No. Once the company is registered and the bank account opened, capital becomes available for ongoing business needs (equipment purchase, rent, salaries). It does not evaporate but funds the launch.
Can I create a SARL at 100,000 FCFA then raise capital later?
Yes, by EGM decision and articles amendment. Cost: 100,000 to 250,000 FCFA all-in. Delay: 3 to 4 weeks. Doable but redundant if you knew upfront you needed more.
Must I fully pay up capital immediately for a SARL?
Yes in Senegal, unlike France. Capital must be fully deposited before registration, on a blocked account (Caisse des Dépôts or bank). It is released as soon as the RCCM is issued.
Does a high capital raise my taxes?
No. Corporate income tax (IS) in Senegal applies to profit, not capital. Only registration duties at creation are proportional (about 1% of capital).
Let's quote your case? WhatsApp +221 77 596 93 33 or quote on /en/free-quote.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
