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Equatorial Guinea Report

Entrepreneurial Missions Index

34.2

General Information

Population

681,115 (154th most populous country in the world)

Religions

Languages

Roman Catholic            87% Spanish 67.6%
Protestant   5% Other 34.2%
Indigenous Beliefs   5%
Islam   2%
Other   1%

Industries

Petroleum, fishing, sawmilling, natural gas

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 Equatorial Guinea, visit https://www.cia.gov/library/publications/the-world-factbook/geos/gq.html.

Business Information

The World Bank ranks Equatorial 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 Equatorial Guinea.

The World Bank ranks Equatorial Guinea as 170th out of 183 economies in terms of ease of doing business.  The country ranks as 178th (of 183) in terms of ease of starting a business.

It requires 20 procedures, takes 136 days, and costs 100.4% of income per capita to start a business in Equatorial Guinea.

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

  1. Notary legalizes company statutes
  2. Register public deed in the commercial registry
  3. Open bank account and obtain bank certificate
  4. Obtain certificate of solvency
  5. Obtain certificate of fiscal solvency
  6. Apply for authorization of establishment by the Prime Minister
  7. Apply for tax registration
  8. Notify Ministry of Labor of the start of operations
  9. Register for social security
  10. Apply for registration with the Department of Small and Medium-Size Companies at the Ministry of Commerce
  11. Apply for registration with the Department of Commerce at the Ministry of Commerce
  12. Apply for registration with the Minister of Development and Planning (Ministerio de Desarrollo y Planificacion)
  13. Pay fees into treasury’s bank account
  14. Obtain confirmation from Treausry for receipt of payment
  15. Obtain tax identification number (NIF)
  16.  Obtain registration number with Ministry of Labor
  17. Obtain social security number
  18. Obtain license from Department of Small and Medium-size Enterprises
  19. Obtain license from Department of Commerce
  20. Obtain license from Ministry of Development and Planning

 

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 Equatorial 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.

 

Equatorial 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.   

 

Equatorial 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