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Guinea Report

Entrepreneurial Missions Index

37.5

General Information

Population

9,761,217 (81st most populous country in the world)

Religions

Languages

Muslim                 85% French                   
Christian   8%
Indigenous   7%

Industries

Bauxite, gold, diamonds, iron, alumina refining, light manufacturing and agricultural processing

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Guinea, visit https://www.cia.gov/library/publications/the-world-factbook/geos/gn.html.

Business Information

The World Bank ranks Guinea as 0 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Guinea.

The World Bank ranks Guinea as 173rd out of 183 economies in terms of ease of doing business.  The country ranks as 179th (of 183) in terms of ease of starting a business.

It requires 13 procedures, takes 41 days, and costs 139.2% of income per capita to start a business in Guinea.

In order to start a business in Guinea, one must follow these procedures:

  1. Deposit the legally required initial capital in a bank and obtain deposit evidence
  2. Obtain police clearance record for the first directors
  3. Check the uniqueness of the company name at the Clerk’s Office in charge of company registration
  4. Obtain photocopies of identity papers and photos of founders and managers
  5. Pay the registration tax at the Tax Bureau (Direction Nationale des Impots)
  6. Deposit the company deeds and Articles of Association with the notary
  7. Pay stamp duty (Droit de Timbre) at the DNI
  8. Registration with the Commercial Registry (RCCM) at the Clerk’s Office of the local court
  9. Notice to be published in the newspaper of the Official Gazette
  10. Apply for tax identification number and pay the patente with the Tax Bureau (Direction nationale des Impots)
  11. Notification to Employment Bureau (Office National de l”employ et de la Main-d’Oeuvre)
  12. Registration for Social Security with the Caisse Nationale de la Securite Sociale
  13. Make a company seal

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Guinea, visit http://www.doingbusiness.org/.

 

The World Economic Forum (WEF) was founded in 1971 by Klaus Martin Schwab at the University of Geneva in Switzerland.  It is a non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss both economic and social issues facing the world.  The WEF also serves as a think tank, and publishes a wide range of reports focusing on issues of concern and importance to Forum communities. In particular, Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness, global risks and scenario thinking.  The Global Competitiveness Report measures competitiveness of countries and economic competitiveness among a wide range of factors such as corruption, tax rates, work ethic, and many others.

 

Guinea Economic Freedom

The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period

Their measure of economic freedom is based on that the following standards:

  • Personal choice rather than collective choice,
  • Voluntary exchange coordinated by markets rather than allocation via the political process,
  • Freedom to enter and compete in markets, and
  • Protection of persons and their property from aggression by others.

A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.   

 

Guinea Summary

 

1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project