In the wake of the reform of Benin’s mining code and the launch of the Government of Benin’s action plan for 2016 to 2021 – Bénin Révélé, or Benin Revealed – this trade mission presents a unique opportunity for companies to review staking opportunities and be the first in line to present mining and energy claims and lodge applications for prospecting and exploitation licenses. Focused on highlighting Benin’s natural resources and energy opportunities, this event aims to facilitate and foster Canada-Benin collaboration and commercial partnerships and ease access to properties and concessions with the collaboration of senior officials.
Benin is located in West Africa between Togo, Burkina Faso, Niger, and Nigeria – all rich in oil, gas, and minerals. Benin is under explored and has the potential for significant mineral resources – mainly gold, iron, phosphates, tin, lithium, uranium, but also nickel, rutile, zircon, and diamonds. There are also potentially significant oil and natural gas resources inland and offshores.
A new mining law
Benin has revised its mining laws as well as the entire tax environment in order to offer to companies attractive investment opportunities.
In addition, Benin plans to unveil a new and attractive legal framework in 2020.
Benin’s competitiveness – Tax, safety, and legal system
Tax coordination in the West African Economic and Monetary Union (‘WAEMU’) is one of the most advanced in the world. Since late 1990, a number of indirect and direct tax directives have been produced limiting member states in their conduct of national tax policies. Companies operating in other WAEMU countries can repatriate benefits to Benin free of tax. Furthermore, Benin has established several special economic zones including some tax-free zones. Also, due to the high level of safety, a very reliable judicial system, the access to one of the largest seaports in the region as well as access to an educated labour force, Benin is a jurisdiction of choice to domicile regional headquarters.