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Burkina Faso
Formerly known as Upper Volta, Burkina Faso gained its name from combining Burkina meaning “free man” and Faso, “land.” Two well-known aspects of the country’s culture are masks and dancing. The masks are used in performing rites and rituals as part of worshipping their gods in the village. Different dances are used to show people that the spirits have blessed the village.
The economy of Burkina Faso relies mainly on agriculture with industry and services making up a smaller fraction of their productivity. A banking industry also plays a key role in enhancing the economic growth of the country. The industry is highly concentrated with only three banks holding 60% of its total financial sector. Although most of its citizens are yet to benefit from the gains made, good macroeconomic management with huge gold and cotton exports have ensured growth in the country at a rate of 5% over the last five years. Unfortunately, it does still have a relatively weak legal system, making it hard to protect personal property.
| 2021 | |
| March 8 | International Women’s Day |
| April 5 | Easter Monday |
| May 1 | Labour Day |
| May 13 | Ascension Day |
| May 13 | Eid al-Fitr |
| July 20 | Eid al-Adha |
| August 5 | National Day |
| August 15 | Assumption of Mary |
| August 16 | Day off for Assumption of Mary |
| October 19 | The Prophet’s Birthday |
| November 1 | All Saints |
| December 11 | Proclamation of Independence Day |
| December 25 | Christmas Day |
- Limited Liability
- Corporation
- Partnership
- Corporate Tax: 27.5%
- Income Tax (Lowest Marginal Rate): 0%
- Income Tax (Highest Marginal Rate): 25%
- VAT/GST/Sales Tax: 18%
- Bank of Africa (BOA) (Commercial Bank)
- Banque Atlantique Burkina Faso (Commercial Bank)
- Banque de l’Habitat du Burkina Faso (Commercial Bank)
- Banque Régionale de Solidarité (Commercial Bank)
- Société Générale de Banques au Burkina (SG-BB) (Commercial Bank)
- Banque Internationale du Burkina (BIB) (Commercial Bank)
- Banque Sahélo-Saharienne pour l’Investissement et le Commerce (BSIC) (Commercial Bank)
- Banque Internationale pour le Commerce, l’Industire et l’Agriculture du
- Burkina (Commercial Bank)
- Banque Commerciale du Burkina (Commercial Bank)
- Ecobank Burkina (Commercial Bank)
- Banque Agricole et Commerciale du Burkina (Commercial Bank)
- United Bank for Africa (Commercial Bank)
- Coris Bank (Commercial Bank)
Aadmi can support you with your expansion to Burkina Faso. 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.
