The Republic of Mali is a country located in the northwestern part of the African continent. Until recently, it was among the poorest in the world, but the introduction of several reforms and the relative stabilization of the political situation has helped to attract foreign capital. Opening a company in Bamako or any other city in Mali is safe and even profitable. The country's competition level is low, and agriculture is the leading share of GDP. The primary industry that foreign investors choose to buy a company in Mali is the cultivation of cotton.
Advantages of registering a company
- access to the emerging and promising African market;
- high economic growth rates;
- tax incentives for foreign investors;
- the possibility of opening a company in Mali with 1 shareholder and 1 director of any nationality.
Main forms of legal presence and doing business
- limited liability company (SARL);
- public limited company (SA);
- branch office (succursale);
- representative office (bureau de liaison).
You can open a company in Mali at the Malian Investment Promotion Agency (API). To go through the procedure, you need the following:
- deposit 100% of the share capital in a bank account or with a notary;
- to sign an affidavit (affidavit under oath) about the absence of criminal record;
- to notarize the charter;
- to buy an official stamp of the company;
- submit the charter documents to the Registrar.
Once the details of the new company have been published in the Official Journal, the entrepreneur can open a bank account for the business and obtain the necessary licenses and permits if future activity requires it.
Registering a company in Mali has its peculiarities. For example, only three days are allocated for filing documents. In addition, opening a bank account in a foreign currency will require permission from the Ministry of Finance and the Central Bank of West Africa, which must be renewed annually.
Legislation and regulatory environment
The 2012 Investment Code (Code des Investissements) regulates attracting capital from abroad. However, for many entrepreneurs, complex and contradictory local legislation is a barrier that makes them reluctant to buy a company in Mali. The OHADA Law on Commercial Companies and Economic Interest Groups contributes to solving this problem.
Mali has a system of taxation at source, under which residents and non-residents are taxed on income earned in the country. The general tax rates are:
- corporate tax - 35%;
- withholding tax on dividends - 10%;
- VAT - 18%;
- PIT - 0 to 37% (proportional to the amount of income).
It is possible to register a business in Mali on more favorable terms, taking advantage of the many benefits for:
- companies subject to one of the four regimes depending on the size of the investment according to the Investment Code;
- companies registered in free trade zones or export processing zones;
- real estate owners - under the Code on Investment Property of 1999 (Loi sur la Promotion Immobilière, REIC).
Companies engaged in the extraction of hydrocarbons and minerals can reduce the amount of tax liabilities.
Open a business in Mali: how Prifinance lawyers can assist
It is not easy for foreigners to understand the specifics of the Republic's legislation and consider all the relevant nuances at the time of company creation. Prifinance lawyers are ready to answer all your questions. We will help you quickly and profitably register a company in Mali and provide comprehensive accounting services and support.