Doing Business in Equatorial Guinea
DOING BUSINESS IN EQUATORIAL GUINEA
President Obama announced the National Export Initiative (NEI) http://export.gov/ two years ago, with the goal of doubling exports by 2014. U.S. embassies are committed to supporting U.S. companies to start exporting or grow their exports to Equatorial Guinea. In this section, you’ll find a quick description of Equatorial Guinea as an export market and some suggestions for getting started.
If you are an American or you live in the United States and you’re interested in investing in Equatorial Guinea your first stop should be the EG Embassy in Washington DC or the General Consulate in Houston, TX:
Embassy of the Republic of Equatorial Guinea in Washington D.C:
2020 16th Street NW 20009
Tel: 202 518-5700 or 296 41 74
Fax: 202 518 5252 or 296 41 95
Consulate-General of Equatorial Guinea in Houston, TX
6401 Southwest Fwy Houston, Texas 77074
As a potential investor you should seek an appointment with either the Ambassador in D.C or the Consul-General in Houston. Talk freely about your project and your ideas and he or she should be able to give you practical advice. Equatoguinean law requires that foreign companies or initiatives include national capital. Also, an Equatoguinean partner is vital in navigating the lengthy process of registering a company and obtaining appropriate permits.
1. Access the U.S. Commercial Service Market Research Library containing more than 100,000 industry and country-specific market reports, authored by our specialists working in overseas posts.
The Library Includes:
Country Commercial Guides
Multilateral Development Bank Reports
2. Contact your local U.S. Export Assistance Center for advice and support on exporting to Equatorial Guinea. Contact a Trade Specialist Near You (http://export.gov/eac/index.asp)
3. Contact your local Small Business Development Center (SBDCs) Starting a business can be a challenge, but there is help for you in your area. Small Business Development Centers (SBDCs) are partnerships primarily between the government and colleges/universities administered by the Small Business Administration and aims at giving educational services for small business owners and aspiring entrepreneurs.
4. Make use of business matchmaking services
Investing in Equatorial Guinea
Potential investors: Getting Started
If you are considering investment in Equatorial Guinea, here are some steps you may wish to consider as you get started:
Visit host country resources, such as:
Current investors: Staying Connected
If you are a current U.S. investor in Equatorial Guinea, the U.S Embassy wants to stay in touch. Here are a few steps you can take to keep the channels of communication open:
Add us to your mailing lists – we are always happy to stay informed
Set up a meeting with our economic officer to discuss any issues that might arise
Working in Equatorial Guinea
List of Equatoguinean diplomatic missions:
Make sure to check the current State Department Travel Advisory http://travel.state.gov/travel/cis_pa_tw/tw/tw_1764.html for Equatorial Guinea
The Foreign Corrupt Practices Act (FCPA) is an important anti-corruption tool designed to discourage corrupt business practices in favor of free and fair markets. The FCPA prohibits promising, offering, giving or authorizing giving anything of value to a foreign government official where the purpose is to obtain or retain business. These prohibitions apply to U.S. persons, both individuals and companies, and companies that are listed on U.S. exchanges. The statute also requires companies publicly traded in the U.S. to keep accurate books and records and implement appropriate internal controls.
More information on the FCPA can be found here: http://www.fcpa.us/
A party to a transaction seeking to know whether a proposed course of conduct would violate the FCPA can take advantage of the opinion procedure established by the statue. Within 30 days of receiving a description of a proposed course of conduct in writing, the Attorney General will provide the party with a written opinion on whether the proposed conduct would violate the FCPA. Not only do opinions provide the requesting party with a rebuttable presumption that the conduct does not violate the FCPA, but DOJ publishes past opinions which can provide guidance for other companies facing similar situations.
More information on the DOJ opinion procedure can be found here
- BusinessUSA.gov is the U.S. Government's official web portal to support business start-ups, growth, financing, and exporting.