Understand the Jurisdictions Setup Requirement Before Proceed Your Company Registration in Mali
When starting a company as an investor, it is essential to carry out some level of due diligence to be successful. Company registration in Mali presents you with an opportunity to learn more about the regulatory frameworks locally and internationally with regards to company incorporation. Only experts such as 3E Accounting that know about company incorporation can offer a gateway to successfully launch your business. 3E Accounting offers you an array of business solution services, including the following:
- Business license renewal
- Auditing and accounting services
- Corporate secretarial services
- Taxation and legal services
- Human resource and payroll services
- Incorporation of the company
These among other services are at your disposal if in any case, you need any professional help.
Company Name Approval and Deposit of Capital
Now, company registration in Mali may seem tedious, but you only need to have all your documents ready. The Agency for Investment Promotion (API) is a one-stop-shop for business registration for both local and foreign investors. Of course, your business must have a business name which must be approved by the authorities. It then follows that you first deposit your initial capital with a bank or a notary to obtain the certification. This means you must first have a bank account where you’d deposit the capital.
Opening a commercial bank account may depend on bank-to-bank and, therefore, you must look for a bank that suits your requirements. Again, you must have a notarized bylaw, a signed affidavit to verify of no criminal records followed by the payment of the registration fee at the notary. The notary fee is a fixed amount of (XOF 250, 000) which includes the designing of statutes, registration stamps, publication in the legal journal, and administration fees for the notary and subordinates. This takes approximately a day to complete the entire process.
If you’re a foreign investor contemplating to do business in Mali, you must establish a permanent corporate entity. One of the most common business entities is the Societe a Responsabilite Limitee (SARL) which is equivalent to Private Limited Company. The minimum paid-up capital stands at XOF 25, 000 deposited at the bank.
As part of company registration in Mali, each company must purchase legal stamps from the window of the representative of the tax administrator or the Agence de Promotion de I’Investissement. On the other hand, you must present registration documents and forms at the One-Stop-Shop. Remember the notary fees include the registration costs.
The Publication of the Notice of Registration
After verification and completion of the documentation process, the next step is the publication of the notice of registration in a journal by the authorities.
The Registration as a Taxpayer
The Malian general Tax code stipulated that every business is subject to the following taxes:
- Corporate income tax
- Social security contributions
- Stamp duty
To comply with the mentioned taxes and others, you must first register as a taxpayer. The process is well articulated under the Malian tax laws and in any case you require further assistance, you may consult the services of 3E Accounting India.
The Registration of Business Permit and Other Permits
Besides tax compliance, your company should register for a business permit within the area you are operating. You only need to make an application with the relevant departments. In case you’re involved in any business that has an environmental impact, you must get an endorsement from the National Department of Environment and Hygiene.
The Registration with the Social Security and Insurance Institutions
By the Employment Act, every company must register with the Social Security and Insurance Institutions to cover their employees from any eventualities during work.
To successfully operate your business; ensure you have a registered office and physical address. Make it accessible to both your customers and any government agencies that would want to send any notices or correspondences.