Company registration in Benin

Benin is a small French speaking country, to avoid communication problems, our clients often prefer Healy C to set up their business in Benin. There are no foreign ownership restrictions for domestic companies or non-resident companies operating in Benin. Also, there is no minimum capital required to start a business in Benin. Regarding licenses, your company should register with your local Chamber of Commerce if it has more than five employees. Otherwise, you will not need any special permit or license to operate legally. You may also want to apply for a Tax Identification Number and register at your local bank. And remember, since Benin operates under French law, you must ensure that all contracts comply with French standards. The most popular corporate entity for doing business with Benin clients is the limited liability company. Know that it only takes 1 USD to start such an entity. Starting a business in Benin is a time-consuming process that takes at least 4 months to complete. Corporate banking options are scarce in Benin, and there are only twenty one different banks in the country that are reputable. This country has huge natural resources that play an important role in its economy. Mining accounts for about one percent of GDP and is mainly exported for foreign exchange earnings. Other natural resources include marble, limestone and salt. Some of the main industries of Benin: Some of the main industries of Benin include agriculture, mining, manufacturing and tourism. Agriculture accounts for more than half of GDP and employs 80% of workers. Major crops grown in Benin include cotton, cocoa beans (the world’s largest producer), cassava (the world’s largest producer), rice (the world’s third largest producer), and corn.