However, industries such as railroads, electric power, telecommunications and postal services remain parastatals. Free transfer of capital and profits is guaranteed, and there are special incentives to companies willing to locate outside the Dakar Region. The investment code provides for exemption from income tax, duties and taxes, phased out progressively over the last three years of the exoneration period. Incentives are automatically granted to investment projects meeting the above criteria. Applications for authorization are examined within a one month period and absent objections within that period are considered approved.
All services provided by the window are free.
Local majority ownership is not necessary. Of the state-owned firms recently privatized, several were sold in part or in whole to foreign entities. The Senegalese legal system, based on the French model, enforces private property rights. Senegal has been a member of the World Intellectual Property Organization since its inception and is a member of the Bern Copyright Convention. Local statutes recognize reciprocal protection for authors or artists who are nationals of countries adhering to the 1991 Paris Convention on Intellectual Property Rights.