Company formations Service in Benin
Start a company in Benin
No. 1 company formations Agent in Benin
To form a company in Benin, you should consider a budget of 1,000 - 1,500 EUR (excluding the company share capital).
There are several issues that need to be taken into consideration, to determine the exact costs of forming a business in Benin,
such as:
· How many shareholders and directors are involved? (Up to 2 or 3 are typically included without extra expenses)
· Do all stakeholders speak French or English translation of documents that will be required?
· Do you need a personalized Formation Deed, which requires a lot of input by the Benin notary?
· Is there a foreign legal entity involved as a shareholder or director? This might require extra time to properly identify this legal entity (and the authority of the representatives).
If someone wants to start a company in the African continent, then Benin ought to be an excellent choice. This is true for companies of any size, and active in most industries.
Even if you are a relatively small company (start-up), and you don’t expect a lot of activity in Benin for the first 12-24 months, you can easily start a company (low budget, and within 1 week maximum) and have little bureaucratic affairs to worry about.
Kafui & Partners is a well-established corporate service provider that can assist you with your whole process of company registration and has a network of lawyers in Benin who can provide full legal help and assisted over numerous entrepreneurs and incorporated dozens of legal entities.
Are you a start-up, and planning to move your business to Benin? Kafui & Partners can facilitate your business, and help you with the residency requirements, as well as with mentoring programs, and connect you to facilitators throughout the country.
Starting a business in Benin, without paying taxes
Benin companies are subject to corporate taxes, based on the Benin tax law. However, you may be entitled to some local tax exemptions. In case you are planning to start a business in Benin, but you are not certain if the company will make a profit, we can assist you in optimizing your taxation in Benin.
If your company in Benin does not make a profit, it still needs to file its tax records in Benin and prepare a basic Financial Statement. You may also be required to withhold taxes on the salary of your staff. VAT can also be relevant for your Benin company, even if you are not making a profit. Our Benin tax advisors can assist you to determine the best tax strategy for your company in Benin before you decide to start.
Best way to start a business in Benin
The best way to start a business in Benin depends on your situation. Each company is different, and unique in its own ways. In fact, your own business looks different every year, and the way you expand your business to a new country, such as Benin, will also depend on the goals that you have set to achieve in Benin. You might be planning to expand your business and increase sales. Or you are planning to relocate your sales activities, even if it’s just in paper, to create a local reputation for your customers. You might be looking for local manpower or simply to protect your assets. So, although each company is unique, your requirements typically are not. We have made an overview of typical market entry scenarios so you can get familiar with the most important information, and how Kafui & Partners can help you to start a Benin business.
Select a Market Entry Strategy
Each company is different, and unique in its own ways. In fact, your own business looks different every year, and the way you expand your business to a new country, such as Benin, will also depend on the goals that you have set to achieve in Benin. You might be planning to expand your business and increase sales. Or aiming to relocate your sales activities, or to protect your investments in Benin.
Your company might be unique, your company’s requirements typically are not. We have made an overview of typical market entry scenarios for you to become familiar with the most important information and how Kafui & Partners can help you to start a Benin business.
Get Best Consultation for Setting up a Company in Benin
Licenses and Tax Requirements in Benin
In case you are a foreign company planning to obtain a local license, sell goods or provide services locally in Benin, you will be required to obtain authorisations from Benin authorities. Kafui & Partners can assist you to register a Benin company and advise on all administrative and tax issues. Once your activities in Benin grow, we can assist you with additional administrative, tax and management support.
Developing your business in Benin
Are you looking for new customers in Africa, or specifically in Benin? Kafui & Partners can assist you to negotiate with local partners and secure your sales channels, to get in touch with potential counterparts and develop your business in Benin. In case you are active in trading and good sales, we can assist you in your interactions with local distributors.
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Upon starting a business in Benin, the following costs must be considered:
• The company formation administrative costs, which is charged by local authorities for the registration of the company (less than 50 EUR);
• The notary fees (for certain types of companies, especially private limited with share capital above 15,000 EUR), which is charged by the notary - This fee is included in the company formation fee of Kafui & Partners (1,000 – 1,500 EUR);
• The share capital cannot be considered an expense, but you should consider that this has to be deposited on a bank account or a notary;
• The virtual office fees (provided by Kafui & Partners if client does not have local offices), which vary between 60 EUR and 150 EUR for a standard registered office facility;
• The company formation fees charged by Kafui & Partners, which are in general from 1,000 to 1,500 EUR, for foreign entrepreneurs;
• Accounting fees in Benin, which start at 125 EUR per month.
In this age of globalization, the threshold to operate internationally is low. International business is no longer reserved for large companies. Opportunities for small and medium-sized businesses are waiting to be claimed.
With partner offices in Cotonou, Benin, we are a corporate service provider fully focused on non-resident SME companies & start-ups. We specialize in supporting and guiding entrepreneurs from all over the world to set up and grow their companies in Benin.
From the moment an entrepreneur first contacts us for the successful formation of their Benin company, and even after that, our goal is to make the entire process as simple, transparent, and affordable as possible. We know how busy and stressful running a business can be, we shall help make the process easier by setting out all your options and recommending the best course of action. We pride ourselves on our flexibility and entrepreneurial approach. Working with us the entrepreneur can be guaranteed to get a fast, fair, and pleasurable service.
In this age of globalization, the threshold to operate internationally is low. International business is no longer reserved for large companies. Opportunities for small and medium-sized businesses are waiting to be claimed.
But gaining access to a foreign market can be complex. We specialize in advising entrepreneurs just like you. We’ll show you all the potential benefits and risks associated with opening up a foreign business so that you can make intelligent and informed decisions. Our local expertise combined with our international know-how gives us the necessary insight to ensure you’re guided in the right direction.
A Personalized approach
You need a partner who understands your business and vision. At Kafui & Partners, we have a reputation for going the extra mile. We take pride in our ability to deliver a service personalized to the needs of our clients. You’ll receive more than a standard generic service. We think outside of the box so your business can take advantage of our expertise.
The majority of Kafui & Partners clients have their own personal Company Officer who will be their direct point of contact and be responsible for ensuring all of your requests are dealt with within 24 hours. For your more technical and legal requests, Company Officers are supported by one of our (external) experienced Expert Consultants who specialize in tax law, accounting, immigration law, and a whole lot more.
Fixed and competitive fees
Due to our success as one of Benin's foremost incorporation agents, we are able to aim for cost leadership.
We aim to deliver a positive and successful customer experience and a big part of that is to have a transparent pricing policy. By tailoring our services directly to the needs of our clients, we can deliver you the most cost-effective solution for your needs.
To ensure complete transparency, we will always inform you at the start of the process of all the fixed and variable costs for our services. Every potential fee will be presented to you in a clear and easy-to-understand format, so you will never have to worry about any hidden or surprise costs.
Predictable timelines
Another advantage of the expertise and experience of Kafui & Partners is that we adapt our experiences in our timelines on a constant basis. This way, we are able to provide our clients not only fair expectations on the outcome (such as, on the opening of a bank account, or application of a certain business license) but we are also able to provide you with clear and trustworthy timelines.
With the correct preparation, Kafui & Partners is able to perform a one-week incorporation service, during which the bank can be visited the same day to open a corporate bank account. To get a good impression on how long it will take in your situation to start a company in Benin, please contact our team.
Company Registration process for Benin in 3 steps
Our core services are designed to help you achieve your business goals as effectively and efficiently as possible. From company formation to opening a foreign bank account, we’ll take care of all the necessary logistics so you can concentrate on running your business.
Step 1: Decide to expand your company overseas
Gaining access to a foreign market can be complex. We specialize in advising entrepreneurs just like you. We’ll show you all the potential benefits and risks associated with opening up a foreign business so that you can make intelligent and informed decisions. Our local expertise combined with our international know-how gives us the necessary insight to ensure you’re guided in the right direction.
We will make sure that you are able to:
• Decide the best company structure for your specific needs;
• Understand how the local law will relate to your business and what your legal responsibilities are;
• Ensure all your assets are securely protected;
• Create a tax structure that optimizes the amount of tax you will need to pay.
Setting up your business abroad can be tricky. You need to know all your options. Kafui & Partners has worked with entrepreneurs from all over the world and from different cultures. So, you can be confident that we can work with you.
Step 2: Incorporate your company
Setting up a business can be complex. Setting it up in a foreign country even more so. You need knowledge of local regulations, culture, language, customs, and habits. If you don’t properly plan and execute your company formation, you will face unnecessary obstacles and challenges that will likely result in your business failing.
Our company formation services in Benin are designed to help you achieve your business goals as effectively and efficiently as possible. From company formation to opening a foreign bank account, we’ll take care of all the necessary logistics so you can concentrate on running your business.
Even once your company has been incorporated, we will continue to provide the entrepreneur with additional services and value. Ideal for non-resident clients, we offer a popular Company Officer Service that will take care of all legal and tax obligations related to the local Chamber of Commerce and national tax authorities. Our experts can also assist their company with internal matters such as drafting of contracts, debt collection, purchase or rent of real estate, negotiating with local partners, and much more.
But our services do not stop there. We can provide entrepreneurs with any service that they may need to run and grow their companies. Below is a list of our most popular core services:
• Bookkeeping/Accounting Services;
• Preparation of Legal Contracts;
• Formation of a Representation/ Sales Office in Benin;
• Virtual Offices;
• And more…
Step 3: Development and Growth of your business in Benin
Establishing your business in Benin is only the first step! After starting your company in Benin, you will want to develop your business and induce the growth of your organization. At that stage, Kafui & Partners offers business development advice, which will enable you to grow your business towards your set strategic goals. Our business development services consist of two main categories:
1- Business Plan
For our Business Plan Services, we have two distinct services.
• We write a Business Plan for you.
• You will submit your own market entry business plan for review by one of our Experts.
In both cases, we will deliver an advisory report based on our findings - creating additional value for your activities in Benin.
2- Contract Negotiations and Recruitment
Establishing a new environment can be challenging. This includes negotiate new contracts with third parties and partners, as well as finding perfect and skilled employees. Kafui & Partners can assist you in resolving these problems. We actively assist you in contract negotiations to access new business opportunities and make sure we seek talents to grow your team.