Legally, the Economic Interest Group (GIE) is a consortium of individuals or legal entities with the aim of facilitating the economic development of businesses through the pooling of resources, whether material or human. Although less commonly used, the GIE deserves consideration for its operation.
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1. OPERATION OF GIE ?
2. The 5 advantages of an GIE
3. What disadvantages ?
4. The 4 steps to follow to create a GIE
5. EXPERTS INSIGHT
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The Economic Interest Group (GIE) is a legal form that allows the creation of a separate legal entity while maintaining the individuality and autonomy of its members. A GIE is formed with a minimum of two individuals or legal entities, including limited liability companies, single-member companies, simplified joint-stock companies, or associations. This form is commonly used when two or more businesses aim to merge or cooperate to promote the economic development of existing enterprises. Several businesses in the same sector with similar activities and projects come together to cooperate while preserving their independence.
Comprising a minimum of two members, a GIE can be civil, commercial, or agricultural, depending on the nature of its activities. The activities and projects of its members must fall within the scope of the GIE. Members of the GIE are jointly and severally liable for its debts and enjoy rights and obligations that they freely establish in the bylaws. Control of accounts and management is mandatory in a GIE, with the constitutive contract designating an accounts controller and a management controller.
However, the control operation is subject to the oversight of one or more auditors in two situations:
The founders are free to establish the administration modalities in the constitutive contract of the group (single or multiple administrators, chosen from among members or not, term of office, method of appointment). In the absence of such specifications, it is decided by the assembly of members. The powers of the administrators are also determined freely. However, power limitations only apply to GIE members. Administrators can engage the group in any act within its corporate purpose when dealing with third parties. The general assembly consists of GIE members, with decision-making methods set by the bylaws or, in their absence, requiring unanimity.
As for capital, there is no minimum capital requirement for the GIE. It can even be formed without capital. If the GIE is formed without capital, it operates like an association and may collect membership fees if billing for its services and accumulated reserves prove insufficient.
If capital is subscribed:
It's important to note that all three types of contributions (cash, industry, and in-kind) are possible in a GIE, with the bylaws specifying the terms and release of contributions. Members are jointly and severally liable for the GIE's debts.
Unlimited Liability: Members have unlimited liability for the GIE's debts, making them personally responsible. However, a member entering the GIE after its formation may disengage from debts incurred before the end of their contract.
Transformation into a Company: If the GIE's activities become too significant and interdependent among its members, it may need to transform into a different legal entity, potentially leading to significant tax consequences.
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The first step in creating any company is the drafting of its articles. This is crucial as it provides information such as the company's name, capital, legal form, registered office, duration, business purpose, valuation of contributions, number and distribution of shares among the associates, and the mention of funds deposited for cash contributions, as well as the closing date of the financial year. While not legally required, it's highly recommended to seek the services of an expert to ensure the articles are well-drafted, as poorly written articles may render their registration invalid.
The competent authority for registering articles for company creation in the Abidjan area is the Unique Investment Promotion Center (CEPICI). For companies with their registered office outside the Abidjan area, articles are registered with the tax authorities in the locality of the registered office.
The process of creating a company continues with the uploading of registered documents, which is done on the official CEPICI website and is mandatory to complete the business creation process. This is a crucial step, and it's advisable to seek expert assistance. DELEKY’S is equipped to help you upload your documents.
This is the final step where the user receives the documents certifying the company's creation. These documents include the notice of incorporation, the IDU certificate, and the RCCM (Trade Registry) if the registered office is within the jurisdiction of the Commercial Court of Abidjan.
Creating a GIE can help you grow economically while maintaining your independence by collaborating with other businesses. However, it's crucial to choose your collaborators wisely for the viability of the GIE. DELEKY’S SARL is available to assist you in selecting a suitable partner for the future and guiding you through the GIE formation process. Feel free to schedule an appointment. easy.
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