The ISO code of Madagascar is MG according to the ISO 3166 standard. The local name of the country is the same as its English name. Madagascar capital city is Antananarivo. People in Madagascar speak the Malagasy, and French languages. On 26 June 1960, Madagascar emerged as a sovereign political entity. In the year 06/26/1960, Madagascar emerged as a sovereign political entity. The largest city in Madagascar is Antananarivo.
Madagascar is located in the UTC +03:00 time zone, which is also called Eastern Africa Time or EAT. The internet country code top-level domain (ccTLD) for Madagascar is .mg. The International dialing code for Madagascar is 261. People in Madagascar drive on the right side of the road. Total land area of Madagascar is 587,041 km² (approx. 226,657 mi²). Madagascar is not a landlocked country. It means that is is bordered by at least one major body of water.
Madagascar is located in Africa. Madagascar is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Madagascar faces various issues, including soil erosion results from deforestation and overgrazing, desertification, surface water contaminated with raw sewage and other organic wastes, several endangered species of flora and fauna unique to the island.
Doing business in Madagascar
We offer various corporate services in Madagascar jurisdiction. These services can serve both, people coming from Madagascar and foreigners. If you plan on doing business in Madagascar you might be interested in contacting us.
To find out about starting your business in Madagascar click on company formation in Madagascar.
To find out how to open a bank account in Madagascar and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Madagascar.
Choose preferred service below or continue reading to find out more about Madagascar.
Demographics of Madagascar
The total population of Madagascar is 26,262,810 people. In Madagascar, the population density is 35 people per square kilometer (91 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is very diverse according to a fractionalization scale which for Madagascar is 0.8791. Madagascar has approximately 34313 foreign immigrants. The median age is approximately 19.2 years. In Madagascar, 2.05 in every 100 people use internet. Madagascar has a Human Development Index (HDI) of 0.498.
The majority religion of Madagascar is Christianity, Madagascar is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Madagascar.
Culture of Madagascar
People in Madagascar speak the Malagasy, and French languages. According to data on inbound tourists in Madagascar, 196,000 tourists arrive in the country each year. One of the most popular national dishes of Madagascar is romazava. To read more click on culture of Madagascar.
Geography of Madagascar
Madagascar is considered to be a large nation because of its total area. Its total land area is 587,041 km² (approx. 226,657 mi²). Madagascar is located in Africa. Its capital city is Antananarivo. Madagascar has no land borders.
The highest point of Madagascar is Maromokotro, with its official height being 2876 m (9,436 ft). Including land mass and EEZ, the total area of Madagascar is approximately 1,812,300 km² (~699,730 mi²). The most notable natural resources found in Madagascar are graphite, chromite, coal, bauxite, rare earth elements, salt, quartz, tar sands, semiprecious stones, mica, fish, hydropower.To read more click on geography of Madagascar.
Economy of Madagascar
The currency of the country is Malagasy ariary. The symbol used for this currency is Ar, and it is abbreviated as MGA. 1.8% of population in the country are unemployed. The total number of unemployed people in Madagascar is 472,731. Each year, Madagascar exports around $0.64 billion and imports roughly $2.79 billion. The Gini Index of the country is 47.5. Madagascar has a Human Development Index (HDI) of 0.498.The Global Peace Index (GPI) for Madagascar is 1.911. Madagascar has a government debt of 89.3% of the country's Gross Domestic Product (GDP), as assessed in 2012. Madagascar is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are meat processing, seafood, soap, beer, leather, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism, mining.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Madagascar is $34,052 billion. Each year, consumers spend around $7,401 million. The ratio of consumer spending to GDP in Madagascar is 0%, and the ratio of consumer spending to the world consumer market is 0.0213. The corporate tax in Madagascar is set at 20%. Personal income tax ranges from 0% to 20%, depending on your specific situation and income level. VAT in Madagascar is 20%. In 2013, Madagascar received 378.6 million USD in foreign aid.In 2014, the foreign aid amounted to 443.2 USD.To read more click on economy of Madagascar.
Infrastructure of Madagascar
Infrastructure quality in Madagascar is rated to be at 2.15. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Madagascar, 15.4% of the population has access to electricity. There are 38,392 internet hosts in Madagascar. Madagascar has 83 airports nationwide.
The logistics performance index of Madagascar is 2.38. It indicates a mediocre performance - shipping procedures are relatively unreliable, timeliness and safety of transferred goods are often a problem, although such a system may function relatively well if traffic is no too dense.
Tracking possibilities for shipments are rated at 2.29. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.
The number of road motor vehicles per 1000 inhabitants in Madagascar is 8. To read more click on infrastructure of Madagascar.
Politics of Madagascar
Madagascar, is a unitary semi-presidential republic. With regard to political and civil freedoms, Madagascar is 2. Citizens in Madagascar experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Madagascar, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Hery Rajaonarimampianina.
According to the World Bank Group, the government effectiveness index of Madagascar is -1.28. This indicates that the government of Madagascar is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Madagascar, the legislative power is vested in a Parliament. The Global Peace Index (GPI) for Madagascar is 1.911. The strength of legal rights index for Madagascar is 3. Overall, it is considered to be rather inadequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient. In 2013, Madagascar received 378.6 million USD in foreign aid. In 2014, the foreign aid amounted to 443.2 USD. Madagascar is a member of the United Nations (UN). On 20 September 1960, it joined the UN as a full member state. Madagascar is a member of the African Union (AU). On 25 May 1963, it joined the AU as a full member state. Madagascar is a member of the World Bank. To read more click on politics of Madagascar.
Environment of Madagascar
Madagascar emits 0.1 metric tons per capita of CO2. 128380 km² of Madagascar's territory is covered in forests. and forest land comprises 22% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Madagascar is 8. To read more click on environment of Madagascar.
Company formation in Madagascar
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Madagascar.
When establishing a company in Madagascar, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Madagascar that will affect the establishment and growth of one's business. Contact us or click on company formation in Madagascar to read additional information when setting up a business.
Bank account opening in Madagascar
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Madagascar. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Madagascar, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Madagascar or contact us.