Benin company registration

DOING BUSINESS IN BENIN IN 2023

Since 2003, Healy Consultants Group PLC has assisted our Clients with forming their company in Benin. Our services include i) Benin business registration ii) government license registration iii) corporate bank account opening services in Benin and abroad iv) employee recruitment v) visa strategies and vi) office rental solutions in Benin.

Summary	LLC	Fast setup solutions	Free Zone LLC	Public limited company	Representative office	Branch office
Also known as	SARL	Fast setup solutions	SARL en zone franche	SA	Bureau de representation	Sucursale
Best use of company?	All products and services	Client to fast close local deal	Manuf/ export trading	To secure public funding	Marketing/ research	Specific projects
How soon to invoice Clients?	5 weeks	2 weeks	7 weeks	6 weeks	Cannot	6 weeks
How soon can you hire staff?	5 weeks	2 weeks	7 weeks	6 weeks	5 weeks	6 weeks
How soon can you sign a lease agreement?	6 weeks	2 weeks	8 weeks	7 weeks	6 weeks	7 weeks
How long to supply corporate bank a/c?	10 weeks	4 weeks	12 weeks	10 weeks	10 weeks	11 weeks
How long to supply co. reg / tax numbers?	5 weeks	2 weeks	7 weeks	6 weeks	5 weeks	6 weeks
Corporate tax rate on annual net profits?	30%	30%	0%	30%	0%	30%
Limited liability entity?	Yes	Yes	Yes	Yes	No	No
Res. director/partner/ legal rep. required?	No	No	No	No	Yes	Yes
Minimum paid up share capital?	US$50	US$50	US$50	US$18,000	None	None
Corporate bank account location?	EcoBank	UBA Group	Diamond Bank	Bank of Africa	Societe Generale	Orabank
VAT payable on sales to local customers?	18%	18%	0%	18%	Cannot trade	18%
Average total business set up costs?	US$10,250	US$25,650	US$18,050	US$9,850	US$11,100	US$13,850
Average total engagement period?	10 weeks	4 weeks	12 weeks	10 weeks	10 weeks	11 weeks

See full table

Accounting and tax considerations	LLC	Fast setup solutions	Free Zone LLC	Public limited company	Representative office	Branch office
Statutory corporate tax payable?	30%	30%	0%	30%	0%	30%
Legally tax exempt if properly structured?	No	No	Yes	No	Yes	No
Must file annual financial statements?	Yes	Yes	Yes	Yes	Yes	Yes
Must always appoint an auditor?	No	No	No	Yes	No	No
Access to double taxation treaties?	Yes	Yes	Yes	Yes	No	Yes
Monthly VAT reporting to the Government?	Yes	Yes	Yes	Yes	No	Yes
WH tax on payments to foreign s/holders?	15%	15%	0%	15%	None	15%
Company registration	LLC	Fast setup solutions	Free Zone LLC	Public limited company	Representative office	Branch office
Min. number of shareholders/partners?	1	1	1	1	Parent company	Parent company
Maximum shareholding for foreigners?	100%	100%	100%	100%	100%	100%
Minimum statutory paid up share capital?	US$50	US$50	US$50	US$18,000	None	None
Recommended paid up capital?	US$50	US$50	US$50,000	US$18,000	US$50	US$50
Shelf companies available?	Yes	Yes	No	No	No	No
Time to incorporate a new entity?	5 weeks	2 weeks	7 weeks	6 weeks	5 weeks	6 weeks
Can easily convert to a PLC?	Yes	Yes	Yes	Yes	No	No
Can have preference shareholders?	No	No	No	Yes	No	No
Business considerations	LLC	Fast setup solutions	Free Zone LLC	Public limited company	Representative office	Branch office
Can bid for Government contracts?	Yes	Yes	Yes	Yes	No	Yes
Can secure trade finance?	Yes	Yes	Yes	Yes	No	Yes
Government approval required for foreign owners?	No	No	Yes	No	No	No
Good entity for trademark registration?	Yes	Yes	Yes	Yes	No	Yes
Can secure an import and export license?	Yes	Yes	Yes	Yes	No	Yes

Sponsorship by a local citizen required?	No
Public register of shareholders and directors?	Yes
Security deposit to be kept with Government?	No
Our Client must travel to Benin?	No
Government grants available?	Yes
Must file an annual tax return?	Yes
Temp. physical office solutions available?	Yes
Group HQ tax incentives?	No
You need a local resident as bank signatory?	No
Can be wholly foreign owned?	Yes
The entity will likely be regulated by?	Guichet Unique de Formalisation des Entreprises (GUFE)
Minimum number of directors/managers?	1
Must sign an office lease agreement?	No
S/holder/director docs attested/translated?	Yes
Foreign director needs personal tax no.?	Yes
Foreign director needs a residence visa?	No
Maximum number of staff allowed?	No maximum number for any entity
Expatriate to local staff ratio?	None
Can secure residence visa for business owner?	Yes
Other useful information
What is included in my cust. sales invoice?	Click link
This country has signed free trade agreements?	Yes
This country is a member of WIPO/TRIPS?	Yes
This country is a member of the ICSID?	Yes
Average custom duties suffered?	17.22%
Govt foreign investment approval required?	No
Average monthly office rent? (US$/sq m)	US$10
Minimum statutory monthly salary?	US$70
Average US$ salary for local skilled staff?	US$350
US$ deposit interest rate? (1 year average)	7.11%
Overseas remittance currency controls?	Yes
Banking considerations
Multi-currency bank accounts available?	Yes
Corporate visa debit cards available?	Yes
Quality of e-banking platform?	Satisfactory
Crowd funding available in this country?	Yes

Benin business setup summary

Benin is a small French speaking country. To avoid communication problems, our Clients often prefer Healy Consultants to project-manage the A to Z of the formation of their business in Benin;
The most popular corporate entity to do business with Benin customers is the limited liability company (known as a SARL in Benin). A paid-up capital of only US$1 is required to setup such entity;
Our Clients willing to manufacture products in Benin are often interested to register their company in a Benin Special Economic Zone;
Business setup in Benin is a time consuming process, taking at least 4 months to be completed;
Corporate banking options in Benin are scarce, with only twenty-one different banks available in this country, none of them being a top tier international reputable bank.

Tell us what you need - we’ll send you a customised proposal in 5 hours!

To help us engineer the optimum Benin corporate structure, please complete the 3-minute questionnaire below; then press the submit button below.

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Within 5 hours, one of our senior staff will ring or email you:

Company purpose?
Will the LLC be a trading company or a holding company?
Will the entity be a subsidiary of a foreign company?
The LLC will be tax resident? Having local customers and local staff and local suppliers?
The entity will receive investment income or professional services fees or sales from trading with multi-national customers?
Is double taxation treaty access important?
Do you need our help to legally minimize your international tax obligations?
Do you need our help to increase e-commerce sales (click link)?
Company structure?
Will the shareholders be individuals or corporate?

In what country do you require a corporate bank account? Refer to this web page (click link) for ideas

Do you need multi-currency corporate visa debit cards?

Do you need a resident director?

Nationality of shareholders and directors?
Expected annual sales and net profits?
Does the entity need a special regulatory license or import or export license?
Additional comments?
Tell us about your existing business?
Name of your existing company?
Your business web site address?
What products and services does your company supply?
How many years are you operating this business?
Is your Firm regulated by a Government agency?
In what country are the majority of your customers?

In what country are the majority of your suppliers?
Tell us about you?
Your name?
Your email address?
What country are you based in?

Specifically, what deliverables (click link) do you need?
What is your US$ budget for the services you need?
What does quality customer service mean to you?
How do we contact you?
For now, do you prefer Healy Consultants PLC staff to phone you, or just email reply you with some corporate solutions?
If a phone call, on what number can our senior Consultant call you?
If an email, what email address can our Consultant email you at?
What alternative email address can our Consultant email you at?
What is your preferred date and time for a phone call?
In what language do you prefer we communicate with you?
What matters would you like to discuss during the call; the agenda?

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