Mali Today Has Come of Age and is Welcoming Foreign Business Partners With Open Arms
Half the country size makes up the Saharan desert. Only a quarter of it receives adequate rainfall to accommodate agricultural activities. Hot and arid, the Malian people commune and live nearer to the river banks that flow in Mali. Landlocked, Mali makes its way to the sea via its neighbour’s ports. Mali is one of the poorest countries. But poor does not mean lacking in all aspects. The Mali government is doing its best to promote businesses in the country. Register a company in Mali to find out if your business ideas could take flight.
The Mali of Today
Mali came to its current situation by signing agreements with the World Bank and International Monetary Fund. These agreements have led to economic reform in Mali. The Malian government then adopted an economic adjustment programme to improve its social and economic conditions. Most businesses would converge in the largest city in Mali, Bamako. Many of its people have also migrated to the urban centre from other parts of Mali. Hence, the population in Bamako has grown exponentially. The community in Mali is substantially young, thus hiring the locals to grow your business is a bonus.
Mali is Open for Business
Places like Mali offer so many opportunities if you are willing to persevere. Its critical economic driver is agriculture. The Malian government welcomes and support foreign business entities to call Mali home. It has no issue of hiring foreigners or locals but encourages businesses that provide job openings for the locals. The locals’ education is civil enough as all Mali children are required to attend six years of primary and six years of secondary school. Telecommunications in Mali is actively expanding in terms of mobile as well as internet connections. Its financing is pretty active as currently there is more and more business success in the country. Even if your business is in the heart of Mali, you can have the opportunity to enter other African markets as Mali is a member of the Economic Community of West African States.
Registering a Company
To register a company in Mali, you would need to understand and navigate through their local business laws. Company registration activities are carried out at the Mali Investment Promotion Agency (MIPA) one-stop centre. There are several company types available for registration. The following are the companies:
- Individual trader (Sole Proprietorship)
- Limited Liability Company
- Public Limited Company
The most common company registration is the Limited Liability Company (LLC). As an experienced entrepreneur expanding a business, you would probably have the following documents ready in hand.
- Memorandum of Articles
- Articles of Association
- Signatories of shareholders
When you have these documents ready, at least you are halfway there. Let’s get started with the steps involved.
- Get a criminal check.
- Obtain a birth certificate or a valid identification document such as a passport.
- Open a bank account
- Deposit the share capital.
- Before a notary public, sign the articles of association
- Next, fill up the application form and have all documents checked by MIPA
- Once all is good to go, you are required to pay the fees. Fees vary according to company type
- Your application will be validated and filed
- Finally, with business registration, you can start doing the next necessary steps.
Get Professional Help
Mali could be your next business opportunity. Contact us to register a company in Mali. Therefore, you can focus on strategizing your business plans for the West African markets and beyond.