An Elaborate Guideline on Mali Company Formation Investors Should Learn
Many African countries lag behind, especially in the business world due to the bottleneck process of business registration. Mali company formation allows an investor an opportunity to scrutinize the regulatory structure before considering venturing into business. Today, Mali is an investor destination, thanks to firms like 3E Accounting UK that has made the registration process much easier. You stand to experience an array of business solutions services including the following:
- Legal and taxation services
- Accounting and auditing services
- Corporate secretarial services
- Payroll and human resources services
- Business license renewal
You can contact us today or visit our offices for these services.
The Process and Procedure
Here’s the procedure of Mali company formation:
Business Name Approval and Deposit of Capital
Before lurching into any business in Mali, you must have a business name. After formulating several proposed names, you then present to the Agency for Investment Promotion (API). This is a one-stop-shop agency that covers any company registration process. For your name to be approved and reserved, ensure that it’s distinct and easy to pronounce. Afterwards, you have to deposit the initial capital with a commercial bank of choice or a Public Notary to acquire the certification. One essential requirement for both local and foreign investor is getting a signed affidavit validating of no criminal records with the relevant authorities. This follows with the payment of the registration fee at the Public Notary. For the record; the notary fee (fixed amount) covers several charges including the following:
- Registration stamps
- Creation of statutes
- Publication fees in the legal journal
- General administration fees
- Administration fees covering the notary and assistants
On the other hand, Mali company formation requires that every company purchase the legal stamps at the representative of tax administrator or the Agence de Promotion de I’Investissement.
In case you’re wondering on the type of business structure, Societe a Responsabilite Limitee (SARL) or Private Limited Company is the most common type of business entity. And, therefore, should you decide to go for Private Limited Company, you’ll deposit a minimum share capital at XOF25, 000 at your bank. Again, it’s important to have a registered office and a physical address as an essential requirement.
The Publication of the Notice of Registration
The next significant procedure is the publication of the notice of registration in a journal by the authorities.
Registration for Tax Status
The law governing taxation under Mali’s General Tax Code stipulates that each company must register for the corporate income tax, social security contributions, stamp duty, and VAT taxes. By registering as a taxpayer, you get a taxation number that will facilitate in participating in tax obligation. Leading to complying with the tax status has been made in reality through 3E Accounting UK right from start to the tail-end.
Registration of Business License among Other Permits
Mali company formation does come into completion with the registration of a business license. This is only available at the municipality location of your business. Besides the business license, you need validation from the National Department of Environment and Hygiene in case you’re into environment impact business-related venture. Remember, the registration requirements for the acquisition of the permits may vary from one municipality to another.
Registration with the Social Security and Insurance Institutions
According to the Employment Act, each company must register with the Social Security and Insurance Institution. It follows that every employer must make a monthly contribution to the fund as well as the employees. These contributions towards both institutions are meant to cover the health and safety of the workers during work.
Before you get into business in Mali, do some due diligence, and get an overview of what it takes on Mali company formation. Now is the chance to invest in Mali—a nation that’s in continuous economic growth in West Africa.