Promote:
Invest in Madagascar
A short guide for companies expanding into Madagascar: the economy at a glance, the rules and steps to set up, and who can help, each with its source.
1. Madagascar at a glance
PopulationEstimate
32.7 million
Population was 32,740,678 people in 2025.
Source: World Bank, Madagascar population, 2025 (opens in a new tab) · as of 2025
GDPEstimate
US$19.6 billion
GDP was US$19,620,352,036 in 2025, in current dollars.
Source: World Bank, Madagascar GDP, 2025 (opens in a new tab) · as of 2025
GDP per personEstimate
US$599
GDP per person was US$599.27 in 2025, in current dollars.
Source: World Bank, Madagascar GDP per person, 2025 (opens in a new tab) · as of 2025
Real GDP growthEstimate
3.0%
Real GDP growth was 3.0 percent in 2025, a World Bank estimate.
Source: World Bank, Madagascar real GDP growth, 2025 (opens in a new tab) · as of 2025
Inflation
8.7%
Consumer prices rose 8.7 percent in the twelve months to May 2026, by INSTAT’s price index.
Source: INSTAT, economic dashboard no. 63, August 2026 (in French) (opens in a new tab) · as of May 2026
Foreign direct investment inflows
US$304.5 million
Foreign direct investment inflows were US$304.453 million in 2025, by UNCTADstat.
Source: UNCTADstat, foreign direct investment flows (opens in a new tab) · as of 2025
The currency is the Malagasy ariary (MGA).
Source: SADC, Madagascar member state page (opens in a new tab) · as of October 31, 2026
2. Before you set up
The investment agency, any one-stop route, the sectors reserved for nationals and the zones, as the guide found them.
EDBM is the national investment promotion agency, created as a public body attached to the Presidency.
Source: Law 2023-002 on investments, 27 July 2023 (in French) (opens in a new tab) · as of July 27, 2023
EDBM runs a one-stop shop, and its Orinasa portal lets founders complete company formalities online.
Source: EDBM, Orinasa company creation portal (in French) (opens in a new tab) · as of October 31, 2026
Activities the law reserves for nationals, such as gold panning, artisanal mines and small-scale fishing, are closed to foreign investors under Article 3.
Source: Law 2023-002 on investments, 27 July 2023 (in French) (opens in a new tab) · as of July 27, 2023
EDBM approves free zones and free zone enterprises case by case, and an enterprise may sit outside any free zone; no official count of zones is published.
Source: EDBM, free zone approval requirements, 2025 (in French) (opens in a new tab) · as of October 31, 2026
3. Steps to set up
The main steps, in order, each with the body responsible and its official page.
Setting up in Madagascar
- Create the company through EDBM's one-stop shop and its Orinasa portal, which covers the formalities online.Economic Development Board of Madagascar (EDBM)Official page (opens in a new tab)
Source: EDBM, Orinasa company creation portal (in French) (opens in a new tab) · as of October 31, 2026
- Register in the commercial register and obtain a tax identification number before you trade.Direction Générale des Impôts (DGI)Official page (opens in a new tab)
Source: WTO, Trade Policy Review of Madagascar, January 2025 (opens in a new tab) · as of January 8, 2025
- To produce mainly for export, apply to EDBM for free zone enterprise approval through the MIDAC module, with an environmental category from ONE.Economic Development Board of Madagascar (EDBM)EUR 500 fee; attestation within 20 days of a complete file, per EDBM (July 2025)Official page (opens in a new tab)
Source: EDBM, free zone approval requirements, 2025 (in French) (opens in a new tab) · as of October 31, 2026
- If your project needs an environmental impact study, get an environmental permit from the National Environment Office before work starts.Office National pour l’Environnement (ONE)Official page (opens in a new tab)
Source: MECIE Decree 2025-080, FAOLEX copy (in French) (opens in a new tab) · as of January 28, 2025
Show 3 more set-up steps
- Get investor, professional or skilled-worker visas, which the interior ministry grants and EDBM issues.Ministère de l’Intérieur; Economic Development Board of Madagascar (EDBM)Official page (opens in a new tab)
Source: Law 2023-002 on investments, 27 July 2023 (in French) (opens in a new tab) · as of July 27, 2023
- Arrange land use through a lease of up to 99 years, because foreigners cannot own land directly.State land administrationOfficial page (opens in a new tab)
Source: Law 2023-002 on investments, 27 July 2023 (in French) (opens in a new tab) · as of July 27, 2023
- Open a bank account and route transfers through approved intermediaries in freely convertible currency; declare share sales to the finance ministry.Approved banks; Ministry in charge of FinanceOfficial page (opens in a new tab)
Source: Law 2023-002 on investments, 27 July 2023 (in French) (opens in a new tab) · as of July 27, 2023
4. Organizations that help investors
Start with EDBM and Customs. Each card links to the organization’s own site.
Each card says what it can help with:Get adviceFind financeMeet requirementsResearch markets
Investment and business setup
- Get advice
Investment promotion agency
EDBM
Economic Development Board of Madagascar
Promotes and facilitates private investment, and issues the investor, professional and skilled-worker visas the interior ministry grants.
Visit EDBM (opens in a new tab)Source: Law 2023-002 on investments, 27 July 2023 (in French) (opens in a new tab) · as of July 27, 2023
Legal texts portal
DIRCNLEGIS
Direction du Conseil National de Législation
Publishes Madagascar laws, decrees and the official gazette, including the investment law.
Visit DIRCNLEGIS (opens in a new tab)Source: DIRCNLEGIS, legal texts and gazette portal (in French) (opens in a new tab) · as of October 31, 2026
Customs and tax
- Meet requirements
Customs authority
Customs
Direction Générale des Douanes
Publishes rules of origin by agreement and checks origin papers before it visas them, including AGOA textile visas.
Visit Customs (opens in a new tab)Source: Madagascar customs, rules of origin page (in French) (opens in a new tab) · as of October 31, 2026
- Meet requirements
Tax administration
DGI
Direction Générale des Impôts
Collects domestic taxes; the finance ministry lists its income tax simulator and its Hetraonline taxpayer portal.
Visit DGI (opens in a new tab)Source: Economy and finance ministry, home page (in French) (opens in a new tab) · as of October 31, 2026
Chambers and industry associations
- Get advice
Free zone enterprises association
GEFP
Groupement des Entreprises Franches et Partenaires
Represents free zone enterprises and partners across sectors from textiles to information technology.
Visit GEFP (opens in a new tab)Source: GEFP, home page (in French) (opens in a new tab) · as of October 31, 2026
- Get advice
Chamber of commerce
CCIA
Chambre de Commerce et d'Industrie d'Antananarivo
Supports small firms with guidance on trade agreements, a business directory and company-creation information.
Visit CCIA (opens in a new tab)Source: CCIA, home page (in French) (opens in a new tab) · as of October 31, 2026
Show 1 more organization
Essential oil exporters group
GEHEM
Groupement des Exportateurs d'Huiles essentielles et Extraits de Madagascar
Groups essential oil and plant extract exporters and publishes a product catalog of its members.
Visit GEHEM (opens in a new tab)Source: GEHEM, home page (in French) (opens in a new tab) · as of October 31, 2026
5. Worth knowing
Political transition
The British foreign office says a transitional government was formally set up on October 17, 2025, and SADC lists Colonel Michael Randrianirina as head of state.
What to do: Check current government notices before you sign contracts or file approvals.
Sources: FCDO, Madagascar travel advice, September 2026 (opens in a new tab); SADC, Madagascar member state page (opens in a new tab) · as of October 31, 2026
Currency and settlement
The WTO review says Decree 2022-1183 requires ordinary-regime exporters to sell 70 percent of export earnings on the exchange market within 30 days.
What to do: Confirm with your bank how the 70 percent rule applies before you quote prices.
Source: WTO, Trade Policy Review of Madagascar, January 2025 (opens in a new tab) · as of October 31, 2026
Climate and water
The 2026 amending finance law says cyclones Fytia and Gezani flooded key rice areas and damaged cash crops and the Ambatovy mining installations in early 2026.
What to do: Check weather exposure of your supply sites and your insurance terms.
Source: Amending Finance Law 2026, Law 2026-004 (in French) (opens in a new tab) · as of October 31, 2026
Reserved sectors
Article 3 of Law 2023-002 reserves for nationals activities set by law, such as gold panning, artisanal mines and small-scale fishing.
What to do: Ask EDBM to confirm in writing that your activity is open to foreign investors.
Sources: Law 2023-002 on investments, 27 July 2023 (in French) (opens in a new tab); WTO, Trade Policy Review of Madagascar, January 2025 (opens in a new tab) · as of October 31, 2026
Show 2 more
Free zone tax terms
GEFP said on July 1, 2026 that new taxes and late VAT refunds weaken the free zone regime, and the WTO review reports 2024 cuts to exemption periods.
What to do: Check current free zone tax terms and refund timing with EDBM and the tax administration.
Sources: GEFP, free zone statement, 1 July 2026 (in French) (opens in a new tab); WTO, Trade Policy Review of Madagascar, January 2025 (opens in a new tab) · as of October 31, 2026
Electricity
The WTO review reports frequent power cuts, an aging network and access of 36.5 percent of people in 2022.
What to do: Ask your site supplier about supply reliability and backup power before you commit.
Source: WTO, Trade Policy Review of Madagascar, January 2025 (opens in a new tab) · as of October 31, 2026
6. How Promote:Global helps
- Compare Madagascar with other countriesSet Madagascar beside other countries on investment momentum, fundamentals and trade access, before site, tax and legal work.
- Find advisors and service firmsAsk an advisory firm a scoped, paid question, or browse firms that list their own services, from legal work to logistics.
- Organize your next stepsKeep each product and market in a project, with a roadmap of steps you work through.
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Promote:Madagascar is an independent guide by Promote:Global, not an official government portal. The organizations named here are independent public and membership bodies, not Promote:Global partners, and every link goes to their own site.
Facts read from public sources, with an editorial cut-off of October 31, 2026. Nothing here is investment, legal, tax or sanctions advice. Check current status with the organization before you rely on it.