Understand the Jurisdictions of the Company Registration Process in Madagascar
Honestly, registering a company in Madagascar is a convenient task to complete. The process can complete within 8 weeks, and you can also take support from a corporate service provider. And here’s how the process goes.
Naming the Company
It is best to have three name alternatives in order of preference. As you do, you can submit an online application to the Economic Development Board of Madagascar (EBDM). Once you receive a reservation for the company name, you have three months to incorporate a company. After that, the name will expire.
Office Premises
According to the Madagascar Company Act, business owners in Madagascar must file an office address with the company’s registry. An office address will enable other organizations to send official correspondence and inspect statutory records. If you don’t yet have a physical office address, your company incorporation advisor should be able to provide you with a virtual office space.\
Documents, Documents, Documents
The next step is preparing the documents, such as filling up company incorporation forms, drafting the Memorandum of Articles and tax registration application. Every document must be in French. Well, if you don’t know the language, you could always hire a professional translator.
Once translated, you and the shareholders must duly sign the papers as deemed necessary and have them notarized. After signing them, you must send the documents back to Madagascar. If you are not present in Madagascar, your company incorporation experts will prepare it for you and courier it.
Submitting Documents to EBDM
Your expert partners should email you the certificate of Incorporation, Memorandum of Articles and Tax registration. Upon receiving these documents, your company incorporation experts will submit them to EBDM. They will also apply for the business license, fiscal identification number and statistical identification numbers for tax purposes. In about four weeks after submission, your business entity will be ready.
Opening Bank Account
Most business owners know it is wise to have a corporate bank account to manage their financials. For this step, let the experts coordinate the documentation and bank account approval for Madagascar banks. Most of the time, the banks would require the certificate of incorporation and valid identification of the shareholder. There could be other requirements set by banks that may differ from one bank to another.
Social Security for Employees
If your company has several employees, you should register your employees with the National Social Security Fund for health insurance.
Business Licensing
If your business needs specific licenses to operate, you must head to the necessary organization to obtain such consent. If you doubt you can do this yourself, engage with a local expert to see you through and assist in getting the necessary licenses.
If you require assistance or consultation, please feel free to get in touch and we will promptly reply to you within 24 hours.
