Burkina Faso is a landlocked country in West Africa with a growing economy. It offers plenty of benefits for companies looking to expand, including the opportunity to form business relationships with other...
Read MoreBurkina Faso is a landlocked country in West Africa with a growing economy. It offers plenty of benefits for companies looking to expand, including the opportunity to form business relationships with other African countries. However, companies face many challenges in addition to all the benefits of an expansion, including setting up a payroll.
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Burkina Faso is a landlocked country in West Africa with a growing economy. It offers plenty of benefits for companies looking to expand, including the opportunity to form business relationships with other African countries. However, companies face many challenges in addition to all the benefits of an expansion, including setting up a payroll.
Globalization Partners can make a difference in setting up and running your payroll. We use Burkina Faso payroll outsourcing as part of our suite of global expansion services. When you choose us as your Burkina Faso payroll option, we’ll add your employees to our compliant payroll, eliminating the risk associated with missing compliance.
Burkina Faso taxes apply to both employers and employees. For example, employees must contribute 5.5% of their salary to social security, while employers contribute 16%. Employers also need to pay a 3% payroll tax. The country’s tax year runs from December to December and follows a progressive income tax scale. Employees making up to 500,000 CFA owe 10% of their salary to personal income taxes, while employees making more than 1,000,000 CFA owe 27.5%.
All companies have different goals and ways of operating, which is why you have four different Burkina Faso payroll options to choose from:
Companies need a registered and incorporated entity in Burkina Faso before setting up payroll unless they work with Globalization Partners. We can eliminate the need to establish a subsidiary through our Employer of Record services. Globalization Partners has subsidiaries around the world that we use to help companies start working faster. Under our subsidiary, we’ll set up your Burkina Faso payroll and meet or exceed all compliance requirements.
Termination and severance are notably difficult in a foreign country, which is why you should outline these terms in your employment contracts before choosing a Burkina Faso payroll option. Termination should be in writing, and notice depends on the type of employee. Group dismissals require a 30-day notice period.
Our team is ready to help you expand through Burkina Faso payroll outsourcing. Contact us today to learn more.
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