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Equatorial Guinea, formally the Republic of Equatorial Guinea, is a republic on Central Africa's west coast with a land area of 28,000 square kilometers (11,000 sq mi). Formerly known as Spanish Guinea, its post-independence moniker alludes to its proximity to both the Equator and the Gulf of Guinea. The country's population was 1,468,777 as of 2021.
Equatorial Guinea is divided into two parts: an island territory and a mainland region. The insular area comprises the islands of Bioko (previously Fernando Pó) in the Gulf of Guinea and Annobón, a tiny volcanic island in the country's south. Bioko Island is located in northern Equatorial Guinea and is home to the country's capital, Malabo. So Tomé and Principe is a Portuguese-speaking island country situated between Bioko and Annobón. The mainland area, Ro Muni, is bounded on the north by Cameroon and on the south and east by Gabon. It is home to Bata, Equatorial Guinea's biggest city, as well as Ciudad de la Paz, the country's future capital. Rio Muni also has a number of tiny offshore islands, including Corisco, Elobey Grande, and Elobey Chico. The African Union, Francophonie, OPEC, and the CPLP are all members of the nation.
Equatorial Guinea gained independence from Spain in 1968 and was controlled by President for Life Francisco Macas Nguema until he was deposed in a coup in 1979 by his nephew Teodoro Obiang Nguema Mbasogo, who has been the country's president ever since. Foreign observers have largely regarded both administrations as tyrants. Equatorial Guinea has been one of Sub-Saharan Africa's top oil producers since the mid-1990s. It has since become Africa's wealthiest nation per capita, with its GDP adjusted for purchasing power parity (PPP) per capita ranking 43rd in the world; yet, the money is exceedingly unequally distributed, with few people benefitting from the oil wealth. According to the 2019 Human Development Index, the nation ranks 144th, with less than half of the population having access to safe drinking water and 7.9 percent of children dying before the age of five.
As a former Spanish colony, the nation retains Spanish as an official language alongside French and, more recently (as of 2010), Portuguese, making it the only African country with an official language (apart from the mostly unrecognized Sahrawi Arab Democratic Republic). It is also the most frequently spoken language (much more than the other two official languages combined); according to the Instituto Cervantes, 87.7 percent of the population speaks Spanish well.
The government of Equatorial Guinea is autocratic and has one of the world's poorest human rights records, constantly placing among the "worst of the worst" in Freedom House's annual evaluation of political and civil rights. President Obiang is listed as a "predator" of press freedom by Reporters Without Borders. Human trafficking is a major issue, with Equatorial Guinea identified as a source and destination country for forced labor and sex trafficking in the United States Trafficking in Persons Report. Equatorial Guinea, according to the study, "does not completely achieve the minimal requirements for the eradication of trafficking but is making substantial efforts to do so."
After ten years of service, employees are entitled to one month of paid voluntary leave, which raises by one day. Employees of children are entitled to an additional day of paid leave per year before the child reaches the age of 14.
The following public holidays are observed in Equatorial Guinea:
New Year’s Day
Good Friday
Labor Day
President’s Day
Corpus Christi
Freedom Day
Constitution Day
Independence Day
Feast of the Immaculate Conception
Christmas Day
Employees are entitled to up to 26 weeks of sick days following the third day of absence. If the employer has donated to social insurance in the previous year, this is charged at half the regular rate by social security.
Maternity leave is granted to female workers for a period of 12 weeks. Six weeks of maternity leave are usually taken prior to the delivery, with the remaining six weeks being taken following the birth. In certain cases, maternity leave will be extended. Social protection provides maternity care to eligible workers.
For a pregnancy-related or delivery-related condition, female workers are given extra pre-delivery or post-delivery rest.
There are no statutory paternity leaves in Equatorial Guinea.
Other than the already mentioned terms regarding maternity and paternity leaves, there are no other provisions in the law regarding parental leave.
Employers and employees both have the right to terminate an employment contract. Depending on the grounds for termination, advance notice may be necessary. In some instances, severance may be required.
The notice period is one month.
Severance pay typically ranges between 15 and 45 days' wages per year of service.
A typical workweek consists of 48 hours. Employees work an average of eight hours per day, six days a week. For young workers and in certain other circumstances, work hours are reduced.
Overtime hours are limited to two per day and 200 per year. Overtime is compensated at a rate of 125 percent of the salary for work performed on a typical day, but may be higher depending on the time of day.
According to Equatorial Guinea's labor laws, the monthly minimum wage is 29,035 CFA francs. Employees should receive bonuses after working for your company for a year, including a National Independence Day bonus, 15 days of their salary paid before October 12 of each year, and a Christmas bonus paid before December 24 of each year.
Healthcare is scarce, therefore supplemental private insurance is advised.
The country observes ten national holidays, and businesses should provide workers with paid time off on all of them. Employees must get a full month of vacation for each complete year they have worked for your business, according to Article 54 of the Labor Law.
Paid maternity leave is a perk that all female workers are entitled to. Women may take up to six weeks off before giving birth and up to six weeks off after giving birth. If there are medical problems, a competent health authority must approve the employee's return to work before they may do so.
The Equatorial Guinea is a tax-free jurisdiction. Corporations are not subject to income, capital gains, profit, or other types of direct taxes, regardless of their residency status.
The Equatorial Guinea is a tax-free jurisdiction. Corporations are not subject to income, capital gains, profit, or other types of direct taxes, regardless of their residency status.
The Equatorial Guinea is a tax-free jurisdiction. Corporations are not subject to income, capital gains, profit, or other types of direct taxes, regardless of their residency status.
Before you plan a trip to Equatorial Guinea, you should learn about the country's visa policies. Because just 8 nations' citizens may travel to Equatorial Guinea without a visa, you'll almost certainly need to visit the embassy and apply for a visa in person. This procedure may be time-consuming, but it is now your only alternative. Visas on arrival, let alone electronic visas, are not available.
You should check to verify whether you satisfy all of the precise criteria before heading to the embassy to submit your Equatorial Guinea visa application. You can locate them online, but we suggest calling the diplomatic mission directly since they will offer you with the most accurate information. Private websites are not always up to date, which might lead to important visa application mistakes. Nonetheless, we can tell you that you'll need a passport that is valid for at least 6 months after your arrival date in Equatorial Guinea. You should also see your doctor and ask for malaria medicines, since this is a frequent and dangerous infection in the country. For further information, contact the Equatorial Guinean embassy in your country.
Employment contracts should be written and specify the duration of the contract, the duties, the location of the workplace, the remuneration, and the start date. Within 15 days after signing the agreement, the contract must be registered with the Labor Ministry, and an employee must get a copy of the signed document within three days of registering with the Ministry.
There is no set length for assignments. This is usually indicated in the employment contract for fixed-term employments.
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You cannot begin setting up your Equatorial Guinea subsidiary until you have determined where you wish to incorporate and what kind of subsidiary is ideal for you. Different areas or towns may function similarly to states in the United States, with its own Equatorial Guinea subsidiary laws and regulations. If you are unfamiliar with the various places, we suggest consulting with a third-party specialist who can assist you in selecting a foreigner-friendly site.
The next step is to choose an entity from Equatorial Guinea's subsidiary choices. You may form a limited liability company (LLC), a public limited company (PLC), or a branch. Each choice has its own set of regulations governing actions, freedoms, and other aspects. If you want to provide a large variety of goods and services, you should form an LLC, while enterprises with a restricted range of operations should form a branch.
The following processes are involved in establishing your Equatorial Guinea subsidiary as an LLC:
(1) Having a notary legalize company statutes
(2) Registering your public deed in the commercial registry
(3) Opening a local bank account and obtaining a bank certificate
(4) Obtaining a certificate of solvency
(5) Obtaining a certificate of fiscal solvency
(6) Applying for authorization of establishment by the Prime Minister
(7) Applying for tax registration
(8) Notifying the Minister of Labor when you start operations
(9) Registering for social security
(10) Applying for registration and obtaining a license with the Department of Small- and Medium-Size Companies at the Ministry of Commerce
(11) Applying for registration and obtaining a license with the Department of Commerce at the Ministry of Commerce
(12) Applying for registration and obtaining a license with the Minister of Development and Planning
(13) Paying required fees into the treasury’s bank account and obtaining a confirmation of the payment
(14) Obtaining a tax identification number (NIF)
(15) Obtaining a registration number with the Ministry of Labor
(16) Obtaining a social security number
The subsidiary laws of Equatorial Guinea vary based on the entity selected. LLCs, for example, need shares, and shareholders' liability is limited by the amount of capital they provide. All foreign-owned LLCs must have at least 35% of their shares and one-third of its directors be nationals of the country. LLCs must also have an auditor produce financial statements, and you must submit an audit every year. To comply with OHADA requirements, all accounting records must be in French and stored at your registered office.
