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Investment Guide 2017/2018 INVESTMENT GUIDE 2017/2018 ALGERIA ETHIOPIA GUINEA KENYA MADAGASCAR MALAWI MAURITIUS MOROCCO MOZAMBIQUE NIGERIA RWANDA SUDAN TANZANIA UGANDA ZAMBIA About ALN ALN is an alliance of leading corporate law firms currently in fifteen key African jurisdictions, including the continent’s gateway economies. We have a presence in Francophone, Anglophone, Lusophone and Arabic speaking Africa: Algeria, Ethiopia, Guinea, Kenya, Madagascar, Malawi, Mauritius, Morocco, Mozambique, Nigeria, Rwanda, Sudan, Tanzania, Uganda and Zambia. The firms are recognised as leading firms in their markets and many have advised on ground breaking, first-of-a- kind deals. ALN also has a regional office in Dubai, UAE. ALN firms work together in providing a one-stop-shop solution for clients doing business across Africa. ALN’s reach at the local, regional and international levels, connectivity with key stakeholders, and deep knowledge of doing business locally and across borders allows it to provide seamless and effective legal, advisory and transactional services across the continent. Our high level of integration is achieved by adherence to shared values and an emphasis on excellence and collaboration. We share sector-specific skills and regional expertise thus ensuring our clients benefit from the synergies of the alliance. ALN won the “African Network/Alliance of the Year” award at the 2018 African Legal Awards, which recognised ALN as the leader in the market having demonstrated continent-wide innovation, strategic vision, client care and business winning Chambers Global has consistently ranked the ALN alliance as Band 1 in the “Leading Regional Law Firm Networks – Africa- wide” category ALN In Malawi ALN Malawi | Savjani & Co. Savjani & Co. is one of the largest law firms in Malawi. Based in Blantyre, the country’s commercial capital, the firm offers extensive insight into the opportunities and intricacies of Malawi’s economic and legal environments. Savjani & Co. is recognised both for its depth of knowledge of the Malawian market and its international experience and skill level. It has been able to lead in syndicate financing, commercialisation and privatisation of public-enterprises, listing of companies in the Malawi Stock Exchange (and also listing of global depositary receipts on the London Stock Exchange); bonds; mining; energy and public private partnerships The firm has an outstanding reputation amongst national and international corporations. It is listed as Malawi’s leading law firm by Chambers Global and other reputable law directories. Chambers Global 2018, once again, ranks the firm Band 1 in General Business Law in Malawi. “Savjani & Co is widely regarded as the leading player in this market. It remains a go-to choice for international law firms and multinational corporations seeking Malawi counsel.” – Chambers Global 2018 INVESTMENT GUIDE 2017/2018 | MALAWI i CAPITAL CITY: PRESIDENT LANGUAGES Lilongwe Peter Mutharika English and Chichewa POPULATION: GOVERNMENT: DRIVES ON 18.092 Million (2016 World Bank Multi-party Democracy The Left Data) TIMEZONE CALLING CODE GDP: GMT + 2 +265 USD 5.433 Billion Lilongwe (2016 World Bank Data) CURRENCY TOP LEVEL DOMAIN Malawi Kwacha (MWK) .mw AREA: 118,484 km2 INVESTMENT GUIDE 2017/2018 | MALAWI ii CONTENTS Overview Industry Sectors Political Overview 1 Agriculture 12 Economic Overview 1 Banking & Financial Services 12 Bilateral & Multilateral Treaties 1 Energy 12 Regulatory Environment 2 Manufacturing 13 Mining 13 Telecommunications 13 Investment Promotion Tourism 13 Institutes Governing Investment Promotion 3 Investment Incentives 3 Key Developments Energy & Infrastructure 14 Tax Financial Services 14 Personal Income Tax 5 Other Developments 14 Capital Gains Tax 6 Other tax 6 Stamp & Transfer Duty 6 Transfer Pricing & Thin Capitalisation 6 Doing Business Accounting Principles 8 Industrial Relations 8 Exchange Control 8 Imports and Exports 9 Corruption 9 Competition 9 Consumer Protection 10 Real Property 10 Legal Forms of Incorporation 10 Intellectual Property 11 Dispute Settlement 11 INVESTMENT GUIDE 2017/2018 | MALAWI iii Overview Political Overview Malawi is a democratic, multi-party government consisting a Constitutional Court with three judges presiding. An of executive, legislative and judicial branches. The appeal from the Constitutional Court lies with the Supreme executive branch includes the President who is both head Court of Appeal with five judges presiding. The High Court of state and head of government and is elected every five also has a Commercial Division. There is also an Industrial years. The members of the cabinet are appointed by the Relations Court which is subordinate to the High Court. President and can be from either inside or outside the There are currently about 40 registered political parties. legislature. The Democratic Progressive Party (to which President The legislative branch consists of a unicameral National Peter Mutharika belongs) is the governing party and the Assembly of 193 members who are elected every five People’s Party, the Malawi Congress Party and the United years. The independent judicial branch is based upon Democratic Front act as the main opposition parties in the the English model and consists of a Supreme Court National Assembly. Suffrage is universal at 18 years of age. of Appeal, a High Court, and subordinate Magistrate Courts. In constitutional matters, the High Court sits as Economic Overview Malawi is among the world’s least developed and most with the rapidly growing HIV/ AIDS problem, improving the densely populated countries. The economy is heavily reliant education system and satisfying its foreign donors that it is on agriculture, with around 80 percent of the population working to become financially independent. living in rural areas. More than one-third of Malawi’s GDP While challenges remain, Malawi has made great progress and 90 percent of export revenue comes from agriculture. over the past years in upgrading conditions for doing The economy of Malawi has in the past been dependent business. The Government has introduced an economic on substantial economic aid from the World Bank, the recovery plan and has identified sectors in which it wishes International Monetary Fund and individual nations. to encourage investment, including energy, tourism, mining, The Government faces challenges in developing a market agriculture, transport, infrastructure and ICT. economy, improving environmental protection, dealing Bilateral & Multilateral Treaties Malawi is a member of many multi-lateral organisations and ‣ The African Caribbean Pacific– European Union a signatory to many trade agreements. These include: Partnership Agreement, ‣ Multi Investment Guarantee Agency, and ‣ COMESA, ‣ International Centre for the Settlement of Investment ‣ The Southern African Development Community Disputes. (SADC), ‣ The World Trade Organisation WTO( ), Malawi is also a beneficiary of the EU’s Everything But ‣ The New Partnership for Africa’s Development, Arms Initiative and USA’s African Growth Opportunity Act ‣ The World Customs Organisation, initiative. INVESTMENT GUIDE 2017/2018 | MALAWI 1 OVERVIEW Regulatory Environment The Government encourages both domestic and foreign of Malawi. “Capital” for the purposes of this requirement investment in most sectors of the economy without means all cash contributions, plant, machinery, equipment, restrictions on ownership, size of investment, source of buildings, spare parts, and other business assets other than funds and destination of final product. Apart from the goodwill which are not consumed in the regular operations privatisation program, the Government’s overall economic of the business and have a life of more than twelve and industrial policy does not have discriminatory effects months. Where applicable, on application or renewal on foreign investors. of a business licence, the applicant is required to file a statement in addition to any other documents, describing While not discriminatory to foreign investors, investments the participation in the management or finances of the in Malawi require multiple bureaucratic processes, which business of a Malawian partner. It should be noted that may include licensing and land use permission, that can the Act is not clear as to the situation or circumstances in be time consuming and may constitute an impediment to which such participation is required. investment. Other impediments to investment include high transportation costs, unreliable power and water supplies, Any person who knowingly or recklessly contravenes any cumbersome bureaucracy (especially for imports and of the above requirements in relation to businesses by exports), difficulty in accessing foreign exchange, lack of non-Malawians commits an offence and shall be liable to a skilled labour and Government market interventions. fine of approximately USD 10,903 (MWK 8 million) and to imprisonment for five years. Malawi has so far privatised over 70 formerly state-owned enterprises. All investors, irrespective of ethnic group or Malawi’s industrial and trade reform program, including source of capital (foreign or local) may participate in the rationalisation of the tax system, liberalisation of the privatisation program. foreign exchange regime, and elimination of trade and industrial licences on several items and businesses, In accordance with the Business Licensing Act (BLA), has produced written guidelines intended to increase where a business licence holder sells its business premises government use of
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