Democratic Republic of Congo. Country Profile
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1 Democratic Republic of Congo Country Profile
2 Contents Country Overview 1 Clearing Systems 4 Foreign Exchange Controls 6 Taxation 7 Investment Opportunities 9 Citi Solutions and Services 10
3 Country Overview Banking Holidays in Democratic Republic of Congo New Year s Day Commemoration of the Martyrs of Independence Labour Day National Liberation Day Independence Day Parents Day Christmas Day January 4 January 1 May 17 May 30 June 1 August 25 December The economy of the Democratic Republic of the Congo a nation endowed with vast potential wealth is slowly recovering from decades of decline. Systemic corruption since independence in 1960 and conflict that began in May 1997 has dramatically reduced national output and government revenue, increased external debt, and resulted in the deaths of more than 5 million people from violence, famine, and disease. Foreign businesses curtailed operations due to uncertainty about the outcome of the conflict, lack of infrastructure, and the difficult operating environment. Conditions began to improve in late 2002 with the withdrawal of a large portion of the invading foreign troops. The transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms. Progress has been slow and the International Monetary Fund curtailed their program for the DRC at the end of March 2006 because of fiscal overruns. Much economic activity still occurs in the informal sector, and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth from , however, the government's review of mining contracts that began in 2006, combined with a fall in world market prices for the DRC's key mineral exports temporarily weakened output in 2009, leading to a balance of payments crisis. The recovery in mineral prices beginning in mid-2009 boosted mineral exports, and emergency funds from the IMF boosted foreign reserves. Key Facts Capital City Kinshasa Population 73,599,867 (2012 est) Currency Congo Democratic Franc Currency SWIFT Code CDF Exchange Rate (CDF per USD) (2011) GDP PPP USD 300 (2011 est.) GDP Growth Rate 6.9% (2011 est.) Exports USD billion (2011) Imports USD billion (2011) Inflation Rate 15.5% (2011 est.) Source: Source: Democratic Republic of Congo Country Profile 1
4 Country Overview An uncertain legal framework, corruption, and a lack of transparency in government policy are long-term problems for the mining sector and for the economy as a whole. The global recession cut economic growth in 2009 to less than half its 2008 level, but growth returned to 6% in The DRC signed a Poverty Reduction and Growth Facility with the IMF in 2009 and received $12 billion in multilateral and bilateral debt relief in Banking System Banks in DRC 22 Banks are currently operating in DRC (12 local and 10 foreign) 22 banks in the market sharing $505MM total revenue per year (CIB and Consumer) There are 2 major international banks (Citibank and Standard Bank) Procredit, a German bank entered the market in Afriland, a Cameroonian bank entered in There are 2 Nigerian banks that entered the market in 2008, 2009 and 2011 (Access, Fibank and UBA) New entrants include; Bank of Africa (BOA) and BGFI (a Gabonese Bank). The government of the Democratic Republic of Congo has no stake in any bank The payment System in the Democratic Republic of Congo is undergoing reform with the help of World bank. The National Payment System reform initiated by the World Bank is being managed by Ernst & Young. The National Payment System Reform is expected to be implemented in January Ernst and Young is conducting feasibility studies and working on the architecture for the technology to automate the clearing system. The infrastructure development will include interbank exchange systems for clearing and settlement. It is worth noting that the DRC economy is highly dollarised with over 80% of transactions being conducted in USD, which is legal tender in DRC. USD Bank notes in circulation account for more than 90% of the total cash in circulation. The money market operations are currently very limited with only 2 available tenors for Central Bank paper (BTR) is 7 days and 28 days. No government bonds are issued. Location of Financial Investment Centers DRC does not have structured Financial Investment Centres at present. Citi in the DRC Citigroup Congo was established in 1971 making it the first international bank to open in the country. Citi Congo is a Corporate/Institutional Bank with a focus on innovative cash management, trade and trade finance, treasury, transaction banking and corporate finance solutions for our customers. Although we currently operate only one branch in Kinshasa, we provide countrywide coverage through strategic partnerships with our correspondents. We have had a significant involvement in the DRC for many years in areas such as trade finance, treasury and corporate finance. We are taking a leading role in the financing of capital investments in the major industries of mining and manufacturing. The stabilisation of the country has led to new FDI flows in the country. We are playing a major part in the transformation of the country s economy. 2 Democratic Republic of Congo Country Profile
5 Country Overview Head Office Address Coin des Avenues Col. Lukusa et Ngongo Lutete P.O. Box 9999, Gombe Kinshasa Democratic Republic of Congo Tel: Fax: Location of Branches One Citibank International plc branch located in Kinshasa Coin des Avenues Col. Lukusa et Ngongo Lutete Services Offered to Citi Clients Treasury Cash Management Liquidity Management Investments Loans Trade Services Buyer & Supplier Financing Agency and Trust Corporate Finance Democratic Republic of Congo Country Profile 3
6 Clearing Systems Citigroup Congo is a full member of the local Clearing House. The clearing system in Congo is manual. The Central Bank is currently working on automating this system as indicated under the payments system. Clearing in DRC is decentralised, with the Central Bank branches located in various cities/towns handling clearing for their locations. Central Bank charges 0.75% for Inter-city clearing of local currency. When the National Payment System is finally implemented, the clearing system will be Centralised and therefore eliminate or reduce these fees. There is presently no segregation in clearing between low and high value payments. This will change when the clearing is electronic as high value transactions will be processed via RTGS. Central Bank supervises the clearing system. Clearing Streams Clearing Stream (CS) Payment Type Payment Instruments Central Bank Paper Cheques Other paper based instruments The National Clearing System Banque Centrale du Congo (BCC) High Value/Low Value Domestic Funds Transfer (DFT) Payroll, Standing Order Funds Availability Schedule Clearing System Cut-off Time Funding Date Client DR Date Client CR Date Client Value Date Local Currency Electronic Transfers 04:00 PM GMT+1 D D NA D Local Currency Electronic Transfers N/A N/A NA N/A N/A Local Currency Other banks Local Currency Other banks Local Currency Book-to-book Local Currency Book-to-book Foreign Currency Transfers Foreign Currency Transfers 04:00 PM GMT+1 05:30 PM GMT+1 04:00 PM GMT+1 04:00 PM GMT+1 04:00 PM GMT+1 04:00 PM GMT+1 D D NA D-1 D NA D D D D NA D D NA D D D D NA D-1 D NA D Value Date 4 Democratic Republic of Congo Country Profile
7 Clearing Systems Clearing System Cut-off Time Funding Date Client DR Date Client CR Date Client Value Date Cheque Deposit Cheque Deposit Cheque Deposit (Citi Cheque) Cheque Deposit (Citi Cheque) 04:00 PM GMT+1 04:00 PM GMT+1 04:00 PM GMT+1 04:00 PM GMT+1 D D NA D-1 D NA D D+2 D D NA D D NA D D Democratic Republic of Congo Country Profile 5
8 Foreign Exchange Controls Transfers above USD10,000 require supporting trade documentation and license forms. Once completed and delivered to the bank, the bank validates the license Exporters are required to submit export license in anticipation of export proceeds above $10,000 and the proceeds declared to the Bank of Congo within the validation period. If this is done, the exporter is typically authorised to retain ninety percent of the proceeds, net of refinancing. Exporters are permitted to retain 100 percent of refinancing associated with export transactions Redevance Control de Change (RCC) of 0.2% applies on all international inflows and outflows i.e. 0.2% on the value of the cross-border transfer (incoming or outgoing) If a transaction is cancelled and funds are returned within 15 days, the customer is entitled to claim back the Redevance within the 15 days of the initial transfer 6 Democratic Republic of Congo Country Profile
9 Taxation Income Tax The Corporate income tax rate in DRC is 40% Residence A company is resident in the DRC if it is incorporated in the DRC or has its principal place of business in the Country. A PE will be deemed to exist if a person maintains a physical installation in the DRC, regardless of the form (i.e. shop, warehouse, branch, factory, leased building, office, etc.) or conducts professional activities under its own name for more than six months. Basis Resident and non-resident corporate entities are subject to tax on income derived from activities carried out in the DRC, i.e. the DRC tax system is source-based. Taxable income Corporate income tax is levied on a company s gross income minus allowable deductions. Expenses incurred to realise taxable income generally are deductible for tax purposes. Taxation of dividends Dividends received are treated as taxable income. Capital gains Capital gains are treated as taxable income and subject to the standard rate of corporate income tax. Losses Losses may be carried forward for five years provided they are approved by the tax authorities. Losses may not be carried back. Rate The general rate of 40% applies to a DRC-incorporated company, subsidiary or branch of a foreign company. Mining companies are subject to a 30% rate. Foreign tax credit The DRC does not provide for a unilateral foreign tax credit and foreign taxes paid may not be deducted in calculating taxable income. There is no tax equalisation or hypothetical tax in the DRC. The DRC has not concluded any tax treaties. Incentives Various incentives are available to qualifying companies, including mining companies. Incentives are generally in the form of reduced tax rates or an exemption. Other Taxes on Corporations: Payroll tax The employer is required to submit monthly pay As You Earn returns on behalf of its employees by the 10th of the month following the month the salary is paid. 30% for IPR and 25% EIR taxes paid for Expatriates (employer contribution only) The INSS (Social Security) contribution is 3.5% employee/ 5% employer contribution and (INPP) 2% (taxes paid on salaries by the bank) is paid by the 30 th of the month following the month salaries is paid. Real property tax Land rates are assessed by the provincial and tax authorities. Refer to Transfer tax. Stamp duty A 3% stamp duty applies to the transfer of land and building property. Transfer tax No Rental income Tax of 22% of income earned from rents is applicable Democratic Republic of Congo Country Profile 7
10 Taxation Withholding Tax - There is a 20% WHT on interest paid to customers Taxable transactions VAT rate is 16%. VAT was introduced in January 2012 and applies on all purchases, sales and services. Registration Registration is compulsory for all persons (business or individual) that are liable to tax. Registration must take place within 15 days following commencement of a business. Filing and payment VAT returns and related payments are due by the 15th day of the following month. 8 Democratic Republic of Congo Country Profile
11 Investment Opportunities Treasury Bills The Congo Central Bank issue treasury bills, Billet de Trésorerie (BTR), with 7-day and 28-day maturities to absorb the excess liquidity. They are sold through primary dealers who are essentially banks. They are issued weekly, and freely tradable through the banking system. The rates are set by the CCB based on the year-to-date inflation levels plus a premium. The day-count basis convention used for TBs is actual / 365. Each bank holds a securities account with the central bank and a special clearing and settlement session is organised every Wednesday to pay the TBs presented on collection by banks and to issue new ones for purchases presented by banks. Foreign investors can purchase treasury bills. Term Deposits Term deposits are cash dealt to a fixed maturity date, with interest generally paid at maturity. Stock Market There is no stock exchange in DRC at present. Democratic Republic of Congo Country Profile 9
12 Citi Solutions and Services Account Services Resident Current Accounts Onshore resident accounts are permitted in local currency and foreign currency without any material restrictions. Offshore resident accounts in foreign currency are subject to straightforward regulations and approvals Non-resident Current Accounts Onshore Non-resident accounts are permitted in both local currency and foreign currency. Foreign currency accounts are subject to straightforward regulations and approvals. Currency Convertibility Local Currency is only freely convertible in DR Congo. Interest and Overdrafts Interest Onshore operating accounts in local or foreign currency can be interest-bearing depending on market conditions and level of account balance. Overdrafts Overdrafts are available for onshore accounts in both local and foreign currency subject to credit approval. Remittance of Dividends and Profits As per exchange regulations, any cross-border outgoing payment above USD10, 000 or equivalent related to repatriation of dividends and profits should be done via a commercial bank upon subscription of a declaration named Model RC along with any supporting document that justifies the movement of funds. Repatriation of Capital All operations related to transfers of capital movement for values above $10,000 require a subscription of a declaration type RC through a commercial bank. The declaration should be supported by required documents. Any modification or cancellation of a declaration type RC, should be notified by filling in an ad hoc form. 10 Democratic Republic of Congo Country Profile
13 Citi Solutions and Services Payments Citigroup Congo provides both electronic and manual form of payments for local and offshore transfers. Through CitiDirect internet-based electronic banking platform, customers are able to initiate both local and cross-border transactions from the convenience of their offices any time of the day. For areas where Citi is not represented, we offer structured disbursement services through correspondent bank and other strategic partners. Cash Withdrawals We offer over the counter cash withdrawal services in CDF and USD. Depending on availability, other convertible currencies like EUR, GBP and ZAR may be cashed. Managers Cheques We offer both Local Currency (CDF) and USD Managers Cheques that are cleared within Kinshasa. CitiDirect offers clients an option to choose the delivery method. The available methods are: Hold for Customer and Delivery to Customer. Multibank Transaction Initiation (MBTI) MBTI enables the concentration of funds into Citi accounts from third party local banks. Using CitiDirect you are able to instruct their local banks to move excess funds to Citi, either for investment purposes or to fund shortfalls. This also achieves the up streaming required in an overlay structure for a regionalised or centralised treasury. The account statements and balances, upon which client instructions are based, are provided by Data Aggregation. Instructions are sent to the local bank across the SWIFT network on behalf of the client. Citi utilises message types MT101 for this purpose. The benefit of the dual capability of Data Aggregation and MBTI is that, once established, customers are able to utilise a single banking platform, CitiDirect, to control concentration, investments, and funding. Domestic Transfers Domestic Funds transfers are currently settled through a manual system. Domestic Funds Transfers may include vendor, payroll and tax payments. There is no distinction between High Value and Low value domestic transfers as both are cleared the same way. Payroll Transfers Domestic Funds transfers are currently settled through a manual system. Domestic Funds Transfers may include vendor, payroll and tax payments. There is no distinction between High Value and Low value domestic transfers as both are cleared the same way. Opening and maintaining an account for payroll payments. Opening and maintaining an account for social benefit payments. Same day processing and credit to the beneficiary for instructions received via CitiDirect prior to cut-off time. Democratic Republic of Congo Country Profile 11
14 Citi Solutions and Services Cross-border Payables Utilising Citi s extensive global network, clients can execute same day value payments in many major foreign currencies within Citi s global network. Using CitiDirect, you can initiate foreign currency payments from your current accounts, payment processing within our own global network enables us also to significantly accelerate cross-border payments processing and reduce processing times. Book-to-book Transfers Transfers between accounts held with Citi accounts held outside of DRC are considered to be Cross-Border Book to Book Transfers and will be processed in real time with the same-day value, subject to cut-off times. WorldLink Payment Services WorldLink ( WorldLink ), A complete solution that enables clients to issue cross-border electronic and cheque payments, It permits you to initiate and control your payments online while simultaneously outsourcing the preparation and delivery of cheque payments and electronic funds transfers. WorldLink Funds Transfers WorldLink Funds Transfers enable you to make payments in over 135 currencies. Citi affects the appropriate funds transfer to the beneficiary's dedicated bank for credit to its account. WorldLink Funds Transfers provide speedier delivery of funds than WorldLink Cheques Global Clearing Foreign currency accounts domiciled offshore at Citi branches providing high value and cheque payment solutions. Foreign Cheque Collections Processing of foreign cheques through the clearing system of cheque origination. 12 Democratic Republic of Congo Country Profile
15 Citi Solutions and Services Receivables Cash Citi has agency bank relationship with Trust Merchant Bank and Rawbank that enable clients to use their branch networks for cash deposits. Cheques Through its agency bank relationships with Trust Merchant Bank and Rawbank,Citi s clients can use the branch network for cheque deposits. Incoming Funds Clients can receive both domestic and cross-border receipts into your Citi Congo accounts, with value date as follows: Domestic Receipts: Domestic receipts received electronically will be credited to your local currency account on the same day Citi Congo receives the funds on our correspondent account, with the same-day value date Cross-border Receipts: Cross-border receipts received electronically will be credited to you on the same day Citi Congo receives advice from our correspondent bank, provided the funds are received before cut-off time. Payments received after this time will be credited to your account with next business day value Incoming Foreign Funds Transfers Local accounts can be credited through the transfer of funds from abroad. The FX market is currently free of restrictions on the purchase or transfer of foreign currency Cash and Cheque Collections Citigroup Congo also provides over the counter cash and Cheque collections, where clients are required to call at the bank to make physical deposits. For high volume deposits, Citi in collaboration with third party partners provide Cheque and cash pickup from local offices. Teller Implant Operations For clients whose businesses generate large volumes of cash and cheque transactions, Citi Congo can place representatives within your premises to accept such payments on your behalf. Collected funds are securely conveyed to Citi Congo and deposited in your account on a daily basis. Democratic Republic of Congo Country Profile 13
16 Citi Solutions and Services Liquidity Management Citi provides the following liquidity management solutions for clients to help maximise return on cash balances within local and foreign currency cash management operating accounts. Target Balancing Domestic Target Balancing allowed for single entities in the same currency. Cross-border Target Balancing for single entity is allowed. However, Central bank imposes restrictions to avoid capital flight. Zero Balancing (ZBA) ZBA is allowed for local currency accounts and is also permitted for commingling between a savings and current account. Commingling of resident and non-resident funds is permitted under ZBA with appropriate documentation. ZBA is only allowed one way the funds cannot be swept back the next day. Notional Pooling All Notional pooling is strictly prohibited. Investments Interest Bearing Deposits Investment solutions are offered via the option of remuneration of current accounts and Money Market products. Interest rates applicable are dependent on market rates. Term Deposits CDF and USD Term deposits are offered locally with interest paid at maturity. Citibank Online Investments A web-based portal offers time deposit investments across 18 currencies and can be linked to accounts in 22 countries. In addition, it provides investment opportunities in spectrum of more than 90 institutional funds, including U.S. dollar denominated domestic (U.S. registered), offshore (non-u.s. registered), tax exempt, tax efficient, government/treasury and non-dollar currency funds. Citibank Online Investments is available via single sign-on through both the CitiDirect Online Banking and TreasuryVision treasury management platforms. 14 Democratic Republic of Congo Country Profile
17 Citi Solutions and Services TreasuryVision TreasuryVision turns comprehensive forecast data into useful information. View forecasts at a global, regional or local level; by geography, business unit or legal entity; on a daily, weekly or monthly basis. CFF is a powerful and flexible tool providing users the ability to create a holistic forecast including data from banks, internal forecast and systems (e.g., ERP, TMS). Using customizable forecast templates, users can create short-, medium- and long-term forecasts and perform actual versus forecast comparisons. Cash forecasting analytics enable users to analyse all of their legal entity cash forecasts in a single, aggregated view across a variety of available parameters. Democratic Republic of Congo Country Profile 15
18 Citi Solutions and Services Trade Services Citi s suite of supply chain solutions mitigate risk and enable our clients to have access to the short-term capital they need to make their business function. Our pioneering work in export and agency finance (EAF), for example, has filled a critical gap in credit during the recent slowdown illustrating our ability to ensure credit flows even in today s times. Our working capital solution sets cover both the internal Trade Finance and outside EAF finance options for firms and are available to both corporates and Financial Institutions, and these solutions are complemented by a range of Trade Services. All of these solutions are grounded in our core strengths: global coverage, expert customisation, client-responsive innovation, and unsurpassed execution. Citi offers a range of services from traditional letters of credit to our Open Account Trade Processing developing risk and working capital solutions that help corporations conduct, monitor, and control international commercial transactions as well as mitigate their associated risks: from issuing and paying letters of credit to handling settlement and administration of documentary collections. Trade Finance Guarantees (Performance and Financial) Risk Participation Documentary and Direct Collections Trade Outsourcing for Financial Institutions Channel-finance Export and Agency Finance (EAF) Long-term capital for CAPEX investments and financing cross-border trade flows ECAs and partnering for growth ECAs are government agencies that promote employment and growth in their home countries by encouraging exports of goods and services. They guarantee bank finance and supplier finance, and/or provide direct loans, transforming usually non-investment-grade borrowers to AAA/AA assets, allowing commercial lenders to extend financing for longer tenors and larger amounts than would otherwise be possible. 16 Democratic Republic of Congo Country Profile
19 Citi Solutions and Services Tied Financing Citi offers Tied financing directly linked to procurement of goods. This is an excellent option when goods are primarily sourced from one or two countries. Clients benefits from competitive pricing, longer tenors, diversified funding sources and visibility to future investors. Some ECAs also have programs to support the issuance and confirmation of Letters of Credit and risk converge for Guarantees. Untied Financing Citi can also provide finance that is generally linked to a new investment. This option is best used when goods are sourced from a multitude of countries. Benefits include pricing, which is generally at market terms, longer tenors (over 10 years in many cases) and can often be available in local currency. Democratic Republic of Congo Country Profile 17
20 Citi Solutions and Services Securities and Funds Services (SFS) The Securities and Fund Services business consists of a number of products that serve investor, intermediary and issuer clients. These products are global custody, fund services, securities finance, direct custody and clearing, agency and trust and depositary receipts. Each of these products provides market leading, capital-intensive solutions that enable our clients to focus on their core competencies. Agency and Trust Citi is a leading provider of multiple agency, fiduciary and depositary services covering a variety of capital market transactions including structured finance, medium term note and commercial paper programmes, M&A, escrow, project finance and loan administration. With professionals working in financial centres around the world such as New York City, London, Dublin, Frankfurt, Milan, Moscow, Dubai, Mumbai, Shanghai, Singapore and Hong Kong Delivery Systems SWIFT Citigroup Congo is fully integrated within SWIFT network. Local Address: CITICDKX Messages Time Limits: Messages are acted upon the same day Citigroup Congo is able to receive MT100, MT101, MT103, MT200, MT202, MT203, MT205, MT210 and to issue MT100, MT103, MT200, MT201, MT202, MT203, MT205, MT210, MT740, MT750,MT799, MT742, MT752, MT940 and MT950 statements and advices. CitiDirect Online Banking CitiDirect is Citi's client access and delivery channel. It offers seamless, efficient and secure worldwide access to the corporate bank's entire portfolio of Cash Management products and services. CitiDirect Online banking gives clients access to their accounts in real time and an expanding portfolio of industry leading products and services via the Web. 18 Democratic Republic of Congo Country Profile
21 Notes Democratic Republic of Congo Country Profile 19
22 Citi Transaction Services Citibank, N.A. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world. The information contained in these pages is not intended as legal or tax advice and we advise our readers to contact their own advisors. Not all products and services are available in all geographic areas. Any unauthorised use, duplication or disclosure is prohibited by law and may result in prosecution. Citibank, N.A. is incorporated with limited liability under the National Bank Act of the U.S.A. and has its head office at 399 Park Avenue, New York, NY 10043, U.S.A. Citibank, N.A. London branch is registered in the UK at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, under No. BR001018, and is authorised and regulated by the Financial Services Authority. VAT No. GB Ultimately owned by Citi Inc., New York, U.S.A.
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