Opening a business in Malawi is a choice and it’s probably what you want to do right now. To help you succeed, here’s How to start a business in Malawi and how it can help you achieve success in this country on the African continent.
Malawi may seem less attractive in terms of starting a business, but this small, economically modest country could literally be the perfect place to boost your business and make a big buck.
What is particularly important to know about Malawi is that it is a country located in the south-eastern part of Africa and this small country of about 18.63 million people with an area of 118,485 square kilometers has been distinguished from others because of its relief, which is mostly mountains but also valleys in several parts of the country and not forgetting the very peculiar animals found in its national parks.
Doing business in Malawi including setting up a company is a much easier task than it might seem because it is quick and easy in the paperwork but also it will certainly cost you much less than doing it in a European, American or even African country.
Malawi is working hard to become one of the states that will be most sought after by international investors and thus succeed in attracting the largest amount of foreign capital to its fast-growing economy.
Learn more: Africa Employer of Record
Steps to Starting a Business in Malawi :
Apart from the small details (see Malawi’s official website), here is a brief outline of what you will need to do to get the necessary documents and start your company in Malawi legally.
- Go to the Chamber of Commerce (register your company in the commercial registry).
- Go to a tax entity and also register your business to be taxed.
- Open a bank account at a local bank for the new company and once the account is created, you will need to deposit your share capital into it.
- After that, it will be very useful to write and have the company’s articles of association signed by a notary public.
- Domiciliation the company and subscribing to a company insurance (VSE and SME).
- Find your employees and register them with the social security of the country.
- Declare the creation of your company in the newspaper of legal announcement (J.A.L)
The main types of business in Malawi :
Of course, you will find a multitude of legal forms in Malawi, so you will really need to know what you are choosing to ensure that your business is taxed more favorably, in other words, that it will grow well.
- Limited Liability Company (LLC)
- Public limited company (SA)
- EIRL (Sole proprietorship)
- EURL (One-man company with limited liability)
- General partnership (SNC)
- SAS (simplified joint stock company)
- SASU (single-person simplified joint stock company)
Malawi is certainly not the country that has a lot to offer to investors (the most ambitious entrepreneurs) but for those with a rather broad outlook who are looking for a country where opening a business will be less complicated,a lower tax system,an abundant labor force and fewer restrictions for foreign entrepreneurs,well know that Malawi will be the perfect place for you to live your entrepreneurial dreams in a good African tropical climate.