Benin has been an agricultural-led industry for a long time, with the main export products being cotton, coffee, palm oil and cocoa. The country continues to invest further to diversify its economy, bridge the poverty gap and increase FDI with various initiatives to redefine the business environment. If your company is planning a move to Benin and unaware of the local regulations, you may be faced with legislative, cultural, and employment law challenges, which may be time-consuming to address appropriately and compliantly.
Most international firms who enter new regions initially engage the services of experienced partners for the purposes of outsourcing business processes, including employment outsourcing solutions where there is a requirement to employ and payroll staff in-country. At Africa HR Solutions, our in-country experts are here to help you with all the Benin outsourcing support you may need to add value to your organisation’s operations and strategic growth objectives.
We provide bespoke HR outsourcing solutions that include services such as Professional Employer Organisation (PEO), Employer of Record, a comprehensive payroll outsourcing solution as well as relevant ancillary support services to help you expand your business in Benin, whether or not your organisation has set up a subsidiary or legal entity in-country.
Country Profile - Benin
Gross Domestic Product (GDP): $17.79 B
GDP Growth: 6.6%
Foreign Direct Investment (% of GDP): 1.1%
Unemployment Rate: 1.6 %
Currency: West African CFA franc
Languages: French, English
Considered a stable economy, Benin was ranked 149th out of 190 countries in the World Bank’s Ease of Doing Business 2020 report. Like most African economies, the country faced a few setbacks due to the COVID-19 pandemic, but recorded growth in the agricultural sector thanks to the significant amount of cotton production. The performance of several other sectors, such as industry and services, also contributed to the economy’s growth, underpinned by the rise in locally generated electricity following the launch of a new power station. Consumer spending and investments remain fundamental drivers of Benin’s economic activities. As the country paves the way for more growth and in order to bridge the poverty gap, there are initiatives being established to generate economic diversification, greater public spending and a fairer distribution of geographical resources.
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