Mali is a West African country with a landlocked status. Mali is Africa’s eighth-largest country. Agriculture and mining are the country’s primary economic drivers. Gold is one of Mali’s most valuable natural resources, and the country is the continent’s third-largest gold producer. Limited Liability Companies (SARL), Public Limited Companies (SA), Branch, and Representative Office are the several types of companies that exist in Mali. A foreign company’s representative office is not permitted to sell in Mali. They can only do market research and promote the parent company’s products.
A Mali business that is established as a limited liability entity can be formed in under a month if there is at least one shareholder and director. Any nationality can serve as a director or shareholder. Foreign entrepreneurs can take advantage of the Mali government’s numerous substantial government incentives. Businesses benefit from a three-year tariff exemption on all imports and an eight-year trading tax exemption. Businesses in Mali’s Free Trade Zones can enjoy tax exemption for up to 30 years if they sell 20% of their products locally. Mali has a 30 percent business tax rate.
Company Registration Procedure in Mali
To become legally formed and a recognized registered entity in Mali, a company must meet all of the following criteria:
Kick-off capital
Obtain certification by depositing the first capital with a bank or notary. The first capital must be deposited, either directly or through a public notary, with a bank. A deposit certification is obtained from the bank once the deposit is made. The duration of this process is one day.
Criminal record
At the notary, notarize the bylaws, sign an affidavit certifying that you have no criminal history, and pay the registration cost. The presence of a notary public is necessary by law. If the SARL’s capital is less than XOF 1 million, the notary fee is fixed at XOF 250,000. The charge covers statute writing, registration, stamps, court registration, publication in a legal journal, one-stop-shop administrative fees, and administrative fees for notaries and assistants. Since March 2009, the entrepreneur has been able to sign an affidavit certifying that he has no criminal records and proceed with the proceedings while waiting for two copies of the criminal record required for the SARL manager after registration. There is no need for a birth certificate. The founder’s criminal record must be retrieved from the court where he or she was born. Instead of a birth certificate, a photocopy of each shareholder’s identity card is required.
Legal stamps purchase
Purchase legal stamps for the Authorization to operate, application for the Impots (Taxes), application for the Tribunal de Commerce, application for the statistical office, and proof of payment of the patent from the window of the tax administrator’s representative at the One-stop-shop. XOF 9,750 is the cost of legal stamps.
Submission of registration documents
At the One-Stop-Shop, drop off your registration documents. At the front desk, the applicant provides all corporate documents and applications to register the business for all services at the One-stop shop. This procedure takes 5 days to complete.
Company announcement
The incorporation announcement is published in a journal. Since March 2015, the one-stop shop has been frequently publishing notices of new company incorporation on its website. It takes less than a day to complete the online procedure. The notary costs include the cost of publishing.
Language requirement
The country’s official language is French, and all documentation must be filled out in that language. If the documents were written in another language, you could convert them to French. To start a business in Mali, natives and foreigners alike follow the same steps. Foreigners just need to notify the government of their intention to create a business.
