The ISO code of Benin is BJ according to the ISO 3166 standard. The local name of the country is the same as its English name. Benin capital city is Porto-Novo (official); Cotonou (de facto). People in Benin speak the French language. On 1 August 1960, Benin emerged as a sovereign political entity. In the year 08/01/1960, Benin emerged as a sovereign political entity. The largest cities in Benin are Porto-Novo, Cotonou.
Benin is located in the UTC +01:00 time zone, which is also called West Africa Time or WAT. The internet country code top-level domain (ccTLD) for Benin is .bj. The International dialing code for Benin is 229. People in Benin drive on the right side of the road. Total land area of Benin is 114,763 km² (approx. 44,310 mi²). Benin is not a landlocked country. It means that is is bordered by at least one major body of water.
Benin is located in Africa. Benin is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Benin faces various issues, including inadequate supplies of potable water, poaching threatens wildlife populations, deforestation, desertification.
Doing business in Benin
We offer various corporate services in Benin jurisdiction. These services can serve both, people coming from Benin and foreigners. If you plan on doing business in Benin you might be interested in contacting us.
To find out about starting your business in Benin click on company formation in Benin.
To find out how to open a bank account in Benin and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Benin.
Choose preferred service below or continue reading to find out more about Benin.
Demographics of Benin
The total population of Benin is 11,485,674 people. In Benin, the population density is 92 people per square kilometer (239 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is very diverse according to a fractionalization scale which for Benin is 0.7872. Benin has approximately 234241 foreign immigrants. The median age is approximately 17.7 years. In Benin, 3.8 in every 100 people use internet. Benin has a Human Development Index (HDI) of 0.476.
The majority religion of Benin is Christianity, Benin is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Benin.
Culture of Benin
People in Benin speak the French language. According to data on inbound tourists in Benin, 231,000 tourists arrive in the country each year. One of the most popular national dishes of Benin is chicken on the spit. To read more click on culture of Benin.
Geography of Benin
Benin is considered to be a large nation because of its total area. Its total land area is 114,763 km² (approx. 44,310 mi²). Benin is located in Africa. Its capital city is Porto-Novo (official); Cotonou (de facto). Benin has 4 neighbouring countries. Its neighbours include Burkina Faso, Niger, Nigeria, and Togo. Total length of land borders of Benin is 2123 kilometers (~820 miles).
The highest point of Benin is Mont Sokbaro, with its official height being 658 m (2,159 ft). Including land mass and EEZ, the total area of Benin is approximately 147,984 km² (~57,137 mi²). The most notable natural resources found in Benin are oil, limestone, marble, timber.To read more click on geography of Benin.
Economy of Benin
The currency of the country is West African CFA Franc. The symbol used for this currency is Fr, and it is abbreviated as XOF. 2.5% of population in the country are unemployed. The total number of unemployed people in Benin is 287,142. Each year, Benin exports around $1.11 billion and imports roughly $1.84 billion. The Gini Index of the country is 36.5. Benin has a Human Development Index (HDI) of 0.476.The Global Peace Index (GPI) for Benin is 1.958. Benin has a government debt of 30% of the country's Gross Domestic Product (GDP), as assessed in 2012. Benin is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are textiles, food processing, construction materials, cement.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Benin is $19,862 billion. Each year, consumers spend around $4,762 million. The ratio of consumer spending to GDP in Benin is 0%, and the ratio of consumer spending to the world consumer market is 0.0137. The corporate tax in Benin is set at 35%. Personal income tax ranges from 10% to 35%, depending on your specific situation and income level. VAT in Benin is 18%. In 2013, Benin received 511.3 million USD in foreign aid.In 2014, the foreign aid amounted to 690.2 USD.To read more click on economy of Benin.
Infrastructure of Benin
Infrastructure quality in Benin is rated to be at 2.35. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Benin, 38.4% of the population has access to electricity. There are 491 internet hosts in Benin. Benin has 6 airports nationwide.
The logistics performance index of Benin is 2.56. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.45. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.
The number of road motor vehicles per 1000 inhabitants in Benin is 57. To read more click on infrastructure of Benin.
Politics of Benin
Benin, is a unitary parliamentary constitutional monarchy. With regard to political and civil freedoms, Benin is 1. Citizens in Benin experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Patrice Talon.
According to the World Bank Group, the government effectiveness index of Benin is -0.5. This indicates that the government of Benin is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Benin before considering any business maneuvers.In Benin, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Benin is 1.958. The strength of legal rights index for Benin is 6. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. In 2013, Benin received 511.3 million USD in foreign aid. In 2014, the foreign aid amounted to 690.2 USD. Benin is a member of the United Nations (UN). On 20 September 1960, it joined the UN as a full member state. Benin is a member of the African Union (AU). On 25 May 1963, it joined the AU as a full member state. Benin is a member of the World Bank. To read more click on politics of Benin.
Environment of Benin
Benin emits 0.5 metric tons per capita of CO2. 61860 km² of Benin's territory is covered in forests. and forest land comprises 54% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Benin is 57. To read more click on environment of Benin.
Company formation in Benin
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Benin.
When establishing a company in Benin, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Benin that will affect the establishment and growth of one's business. Contact us or click on company formation in Benin to read additional information when setting up a business.
Bank account opening in Benin
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Benin. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Benin, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Benin or contact us.