Benin Economy, Politics, and Culture

With a population of over 10 million people, Benin remains an underdeveloped country that depends on cotton as its main export. Cotton alone accounts for 40% of the country’s GDP making agriculture the leading economic sector followed by industry and service sectors. The country relies mainly on Nigeria as its primary trading partner. Although Benin has gone through substantial economic growth, it is ranked as one of the poorest nations despite being the largest cotton producer in the world.

Benin has also seen political stability since the end of its Marxist-Leninist regime in 1989. Having won the 2016 elections, Patrice Talon, a multi-millionaire in the cotton industry, adopted different strategies to make cotton production thrive. His government focused on 45 projects aimed at improving the general living conditions of citizens.

Cultural practices in Benin vary depending on the tribe. For example, each tribe has different attire worn during special occasions like weddings, funerals, and other local festivals.

2021
April 5Easter Monday
May 1Labour Day
May 13Ascension Day
May 13Korité
May 24Whit Monday
July 20Tabaski
August 1Independence Day
August 15Assumption of Mary
October 19Maouloud
November 1All Saints’ Day
December 25Christmas Day
  • Limited Liability
  • Corporation
  • Partnership
  • Corporate Tax: 35%
  • Income Tax (Lowest Marginal Rate): 10%
  • Income Tax (Highest Marginal Rate): 35%
  • VAT/GST/Sales Tax: 18%
  • African Investment Bank (Commercial Bank)
  • International Commercial Bank I.C.B. Benin (Commercial Bank)
  • Benin Regional Solidarity Bank (Commercial Bank)
  • Banque Atlantique Bénin (Commercial Bank)
  • Bank of Africa Bénin (Commercial Bank)
  • BGFIBank Benin (Commercial Bank)
  • Banque de l’Habitat du Bénin (Commercial Bank)
  • Banque Internationale du Bénin (Commercial Bank)
  • Banque Sahélo-Saharienne pour l’Investissement et le
  • Commerce (BSSIC) (Commercial Bank)
  • Continental Bank Bénin (Commercial Bank)
  • GM Clearing House EU (Commercial Bank)
  • Caissie Primes (Commercial Bank)
  • Ecowas Diaspora Banking (Commercial Bank)
  • Ecowas Diaspora Bank (Commercial Bank)
  • King Bank Plc Bénin (Commercial Bank)
  • MSF Bank Bénin (Commercial Bank)
  • Diamond Bank Bénin (Commercial Bank)
  • Ecobank Bénin (Commercial Bank)
  • Industrial Bank of Benin, West Africa (Commercial Bank)
  • Livex International Bank Bénin (Commercial Bank)
  • O.P.C (Commercial Bank)
  • United Benin Bank (Commercial Bank)
  • Allied Benin Financial Institution (Commercial Bank)
  • Ulti Bank Plc Bénin (Commercial Bank)
  • Financial Bank Bénin (Commercial Bank)
  • Societe Generale de Banques au Bénin (Commercial Bank)
  • United Bank for Africa (Commercial Bank)
  • ICASH POWER Financial & Mortgage bank (Commercial Bank)
  • Bank of Africa Bénin (BOA) (Private Bank)

Aadmi can support you with your expansion to Benin. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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