Summary

It takes 8 procedures and 29 days to establish a foreign-owned limited liability company (LLC) in Mali (Bamako). This is faster than both the IAB average for Sub-Saharan Africa and the IAB global average. In addition to the procedures required of a domestic company, a foreign company must declare its investment with the Ministry of Finance. Company registration is done at the one-stop shop and a government decree guarantees a turnaround time of a maximum of 3 days. According to a directive of the Economic Community of West African States (ECOWAS), companies in Mali are not allowed to open bank accounts in foreign currency unless they get approval from the Mali Ministry of Finance and the Central Bank of West Africa. This approval must be renewed yearly. The minimum capital requirement of XOF 1,000,000 (~$2,000) is applicable across all OHADA (Organization for the Harmonization of Business Law in Africa) member states. It must be paid in full for the incorporation of an LLC.