Step 1: Conduct market research.
Before starting any business, it is very important to conduct thorough market research to identify the demand for the product or service, the competition and the legal requirements for starting and running a business in Burkina Faso. This will help you make informed decisions and avoid costly mistakes.
Step 2: Select a business structure.
There are a number of business structures you can choose from when starting a business in Burkina Faso. Your choice of business structure depends on your business goals, the size of your business, and the level of responsibility you are willing to accept.
Step 3: Register Your Business Name
The next step is to register your business name in the Burkina Faso Business and Companies Registry. You must provide your proposed business name, its objectives, business location, and the names and addresses of the owners. You also need to pay the registration fee.
Step 4: Get the necessary permissions.
Depending on the nature of your business, you may need to obtain general licenses and special permits before you can begin operating. These may include business licenses, tax registrations, and local authority permits.
Step 5: Open a Business Bank Account
You need to open a business bank account in Burkina Faso in order to make payments, pay taxes and manage your business finances. To open a bank account, you must provide the necessary documents to the bank, including a business registration certificate, identification documents, and proof of address.
Step 6: Register for taxes
All businesses in Burkina Faso are required to register for taxes with the tax authority. You must obtain a Tax Identification Number (TIN) from the IRS.
Step 7: Recruiting employees
If necessary, you must comply with Burkina Faso labor laws if you intend to employ employees. You must register your employees with the National Social Security Fund and obtain work permits for foreign employees.
Step 8: Register with Social Security
As an employer, you must also register for social security with the National Social Security Fund. This allows you to provide social security benefits, including medical coverage and retirement plans, to your employees.
