Your Mali subsidiary will be at the heart of your work in the country. However, you need a significant amount of time and knowledge to complete the Mali subsidiary setup process successfully. If you fail to follow Mali’s subsidiary laws, you could face certain fines or delays that impact your work in the country.
Our team offers a convenient Mali subsidiary outsourcing solution through our global PEO. If you choose to use our Mali PEO, you won’t have to worry about setting up your own subsidiary because you can use our compliant option. Our team will handle all subsidiary, labor, and tax laws while you focus on growing your business.
How to Set Up a Mali Subsidiary
Learning how to set up a Mali subsidiary can take as long as the incorporation process itself. You should start by focusing on what type of location is best for your business. Different cities or regions in Mali could operate under their own Mali subsidiary laws and regulations. If you choose a location before learning those laws, you could inadvertently end up with a region that isn’t friendly to foreign incorporation.
You also have to decide on an entity that works best for your company. Whether it’s a limited liability company (LLC), public limited company, branch, or representative office, you need to find an entity that meets your business’ goals. For example, companies expanding as an LLC get to enjoy the most freedom in Mali but also have to adhere to more regulations. A branch or representative office isn’t as strict, but you’ll have strict limits on the actions you can and cannot perform.
Many companies decide to incorporate as an LLC because it allows them to perform a wide range of activities and services in Mali. The steps to set up your Mali subsidiary as an LLC are:
- Obtaining investment approval
- Depositing all minimum startup capital in a local bank
- Signing an affidavit to confirm that you do not have a criminal record
- Notarizing bylaws and paying the required registration fees at the notary
- Purchasing legal stamps
- Completing an application for taxes
- Completing an application at the Tribunal de Commerce
- Completing an application for the statistical office
- Showing proof of payment
- Depositing all registration documents at the one-stop shop
- And more
Mali Subsidiary Laws
Mali’s subsidiary laws depend on your entity, location, and more. As an LLC, you need at least one individual or corporation of any nationality. You should also devote $11,000 in minimum paid-up share capital to complete the entire Mali subsidiary setup process. Malian LLCs need to have at least one manager who is named in the company’s articles or designated by the shareholders. Mali will not allow you to have any corporate directors.
Benefits of Setting Up a Mali Subsidiary
Choosing the Mali subsidiary setup process can take a significant amount of time, but you’ll eventually benefit from working in the country. Companies that decide to incorporate as an LLC also won’t need to worry about fines or litigation, as their actions are separate from the parent company’s actions.
You’ll get more benefits in a shorter time frame if you choose Mali subsidiary outsourcing with Globalization Partners. We have subsidiaries all across the globe that are meant to help companies like yours expand. When you use our Mali subsidiary, you won’t have to worry about Mali’s subsidiary laws, as we take on compliance as the Employer of Record. We’ll hire talented candidates for your team, manage payroll, and provide the right compensation and benefits all on behalf of your company.
Other Important Considerations
If you still decide to handle the Mali subsidiary setup process on your own, you’ll need time, money, and an expert who can help you succeed. Make sure you hire a lawyer, accountant, or consultant you can trust to ensure you follow Mali’s subsidiary laws from the beginning. You should also work with other members of your company to set aside the right amount of funds and time for establishing your subsidiary.
Let Globalization Partners Help With Your Expansion
You don’t have to figure out the entire Mali subsidiary setup process on your own. Contact us today to learn more about Mali subsidiary outsourcing and our global expansion solution.