Understand the Jurisdictions Setup Requirement Before Proceed Your Mali Company Incorporation Services
Mali is a developing country, and the average income per capita yearly is $470, and with a high unemployment rate and significantly below the poverty line. Mali’s economy is mostly agricultural, even if there is minimal land to cultivate.
The good thing about Mali is it focuses on international conventions to promote global businesses safely and transparently. It gives an agreement to avoid taxation that includes fighting against illegal money laundering and organizing the continent’s commercial right. Mali is a traditional offshore country where you can do business.
You can find out more about it now.
Registering a Company in Mali
It is convenient to register a business in Mali. There is the 000-SARL (Societe a ResponsabiliteLimitee). It will be before you can open a business. There are eight stages in the incorporation process. Mali’s official language is French, and documents should be filed with this language, or it has to be translated. Whether you are a citizen or non-resident, the steps are very similar. Those who are not citizens just have to tell the government why they want to set up a company.
In case you want to register a company in Mali, keep in mind that:
- The preparation procedure for documents cannot be longer than three days.
- To open a foreign currency account, you will need special permission from the Ministry of Finance and National bank of West Africa and prolong it yearly.
- Before you establish a firm, you must pay 100% of the registered capital. You have the option to pay the bank or at the notary directly.
SARL – Malian Limited Liability Company
- SARL is known as the LLC in Mali, and entrepreneurs commonly use it to set up SMEs. A SARL in Mali can be formed by at least one individual, regardless of nationality. The minimum capital share is $11,000, which must be completed by a company set up in Mali.
- Malian LLC management should be performed by at least one person, who must name the company articles, or the shareholders’ collective decision designates it. Mali does not allow corporate directors.
Setting Up a Company in Mali
Mali company registration can be done through an incorporation service. Before you submit documents, make sure they are notarized locally. The local notary will create a statute, register the papers, do Stamp Duty, and help in the process of courts. Also, fixed payment includes notary work payment, advertising about a new firm in the official local newspapers, and paying a unified service desk charges.
The business founders may sign a written deposition (affidavit), proving that C-suite has no criminal record. In case the capital exceeds the minimum amount, there is a 3% extra payment.
You will be required to have the following:
- Furnish of 2 certificates that do not confirm a record of director convictions. You may receive it in court. You just have to present copies of each founder’s identity cards.
- Pay the stamp duty at the notary or tax bureau representative.
- Register, so you can pay taxes.
- Secure a license and permission for opening a business.
You would have to submit all documents to the service desk, and if they are all correctly filled out, the company will be registered with the Commercial Registry. After you do this, each founder will receive an identification number NINA. Then, they would have to register in the pension and social department.
Why Set Up a Business in Mali
Mali encourages foreign investment, and the truth is that local and foreign investors have the same treatment from the government. The International Monetary Fund (IMF) and Mali already had an agreement since 1992 on an adjustment facility to support foreign investment.
They also have policies made by the government that helps to promote businesses and direct investment.
Mali is part of the United Nations Conference on Trade and Development (UNCTAD)’s an international network that has transparent procedures for investment. That means you can form a business in Mali peacefully. You will find details about the important information you need about administrative procedures that applies to investment and operations that generate income.
If you want to set up a business in Mali, contact 3E Accounting for anything you need assistance with (such as company set up). These people are experts in what they do, and all their clients are happy with their service. You can call them anytime you want.