Benin company registration

DOING BUSINESS IN BENIN IN 2022

pay fee by instalmentsbusiness setup without travelGuaranteed solutions

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

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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

  1. 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;
  2. 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;
  3. Our Clients willing to manufacture products in Benin are often interested to register their company in a Benin Special Economic Zone;
  4. Business setup in Benin is a time consuming process, taking at least 4 months to be completed;
  5. 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.

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Useful links for Benin

Contact us

For additional information on our company registration services in Benin, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
benin government website benin agency for trade promotion Central bank of West African States CCI Benin - Chamber of Commerce