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Get to Know About Equatorial Guinea
Equatorial Guinea is a small country on the west coast of Central Africa. It is made up of a mainland region called Rio Muni, and five islands. It covers a land area of 28,050 square kilometers and about 1,221,490 people live in the country. Its official languages are Spanish, French, and Portuguese. Most Equatoguinean (Equatorial Guinean) are Christians and they use Central African CFA franc (XAF) as their currency. Equatorial Guinea is the only sovereign African state and is coined as the second richest in Africa due to its wide oil reserves. It has a tropical climate with distinct wet and dry seasons.
In 2019 (estimate), the Gross Domestic Product (GDP) in Equatorial Guinea is worth 12.432 billion US dollars while its GDP per capita is around $10,000. The Corporate Tax Rate stands at 35 percent which affects companies’ net income a little bit.
Doing business in Equatorial Guinea requires hard work. USA, Barbados or China nationals don’t need a visa to enter the country. Other Nationals need to apply for a visa in Equatorial Guinea embassies. Traveling for a business requires Business Visa (valid for less than 30 days) while traveling for work requires a work permit (if more than 30 days). The two most common work permits in the country are Permit A (PA) Work Permit (short-term work permit) and Initial Permit B (IPB) Work Permit (long-term work permit).
The challenges in Equatorial Guinea include language barrier, limited access to the internet and some residential/work-permit issues. Well, the country is safe but it’s still a good practice to observe safety precautions.