The Simplified Joint-Stock Company (SAS) is a form of commercial company involving multiple entrepreneurs. Approved for its flexibility, the SAS, like any other type of company, has its advantages and disadvantages.
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1. OPERATIONS OF A SAS ?
2. THE ADVANTAGES OF A SAS
3. WHAT DISADVANTAGES?
4. THE STEPS TO CREATE A SAS
5. EXPERT'S ADVICE ?
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The SAS, or Simplified Joint-Stock Company, is a flexible legal entity used for commercial purposes. It requires a minimum of two shareholders, although it can have a single shareholder, in which case it becomes an SASU (Simplified Joint-Stock Company with a Single Shareholder). It stands out for its reduced legal constraints compared to the rules governing public limited companies (sociétés anonymes) and for allowing the internal operation to be primarily defined by the will of its shareholders rather than strict legal or regulatory provisions.
It's important to note that the SAS, as implied by its name, operates through simplified actions and requires a specific economic approach for the company. Most activities can be conducted in an SAS, with some exceptions (insurance, tobacco, savings). It cannot be formed through industry contributions and cannot appeal to public savings. Instead, it can be formed through contributions in kind (requiring the presence of an auditor), cash contributions, or shareholder current accounts. SAS founders have the freedom to define the organization's rules in the bylaws, including the appointment and dismissal of managers, decision-making procedures, and the capital structure.
Regarding management, unlike other forms of companies, the SAS mandates the appointment of a President, who has the authority to represent the company. The President can be either an individual or a legal entity, and additional roles like CEO or a board of directors can be established.
Single-Shareholder Option : SAS can be established with a single shareholder.
Flexibility : It offers flexibility in terms of internal operation and decision-making.
No Minimum Capital Requirement : No minimum capital is required.
Social Security Regime for President : The social security regime for the President of an SAS is protective, similar to that of employees.
Easy Entry of New Shareholders : SAS allows shareholders to define flexible entry conditions for new investors.
Limited Liability : Shareholders are generally only liable up to their contributions, protecting personal assets in case of financial difficulties.
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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 shareholders, 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.
The SAS offers the opportunity for one or more individuals to establish a company with remarkable operational flexibility. It is cost-effective and known for the freedom it provides in drafting its bylaws. However, it does have disadvantages, such as the inability to be publicly traded, which can be a hindrance for companies with economic ambitions. Therefore, it is recommended for anyone looking to establish an SAS to seek advice from a professional to make the best choice.
DELEKY’S provides access to experts who can assist you in making informed decisions. We are here to help you select the most suitable business structure. Feel free to schedule an appointment with us.
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Several companies trust us
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