Did you know that a simplified limited liability company (société à responsabilité limitée simplifiée - SARL-S) does not work in the same way as the standard limited liability company (société à responsabilité limitée - SARL)? Why? Because there is no blocking of funds!
All the partners simply have to sign an affidavit to prove that the contributions in cash or in kind have been released.
What are the steps to set up an SARL-S?
First you have to draft and sign the articles of association established by private deed (or before a notary if preferred).
Then it is necessary to apply for the relevant business permit to the Ministry of the Economy.
Once you have received the provisional authorisation with a reference number, you can register the company with the Trade and Companies Register (RCSL) but must not forget to submit the affidavit in order to prove that the contributions in cash or in kind have been released.
You then have to open a company bank account and will thereafter receive the definitive business permit from the Ministry of the Economy.
Finally, you only need to register with the different administrations (CCSS, AED and any other administration depending on the profession chosen) before you can begin operations!