Mali is a West African country with a population of over 8 million, many of whom are young people. It's also the eighth-largest country in Africa and was the cradle of the...
Read MoreMali is a West African country with a population of over 8 million, many of whom are young people. It's also the eighth-largest country in Africa and was the cradle of the Empire of Ghana, which was West Africa's first black empire. If you're looking to expand into West Africa and tap into a large labor market, Mali could be a great place for your business.
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Mali is a West African country with a population of over 8 million, many of whom are young people. It’s also the eighth-largest country in Africa and was the cradle of the Empire of Ghana, which was West Africa’s first black empire. If you’re looking to expand into West Africa and tap into a large labor market, Mali could be a great place for your business.
However, you’ll need to consider numerous factors that impact incorporation, such as payroll. You can choose from several Mali payroll options to find the one that works best for your business goals. If you choose Mali payroll outsourcing with Globalization Partners, you can benefit from having a partner who will handle payroll and compliance on your behalf.
Mali employers have to worry about personal income taxes for employees as well as corporate taxes. The standard corporate tax rate in Mali is 35%, and all companies need to file annual tax returns before April 30th of the following year. Mali recently made tax changes in 2018 that went into effect in 2019. Employees can choose between two income tax brackets — either 3% or 30%.
You have four different Mali payroll options:
Setting up your Mali payroll requires a significant amount of time. First, you must have a registered entity in the country, typically a limited liability company (LLC). This can take weeks, months, or even a year, and you can face additional delays or fines if you’re found noncompliant.
Globalization Partners eliminates these time constraints through our existing Mali PEO. Instead of establishing your own entity, you can run your company through our compliant subsidiary in Mali. We’ll act as the Employer of Record, which means we can take care of all compliance matters and ensure that you have a smooth expansion process.
Clear entitlement and termination terms can help you stay compliant, especially if you add them to employment contracts before you set up your Mali payroll. An indefinite-term contract can be canceled at any time by either of the parties. However, fixed-term contracts cannot be canceled by one party except in cases outlined in the contract or major misconduct. If termination is unjustified, the employee should receive payment for the penalty.
The Globalization Partners team will help you from day one of your expansion so that you can be productive in Mali right away. Contact us today to learn more about Mali payroll outsourcing.
If you’re ready to grow your business, or you have questions about a specific country, complete the form. One of our experts will be in touch shortly.
