Before the complete overhaul of Malagasy company law with the law of 30 January 2004, the legislation in this area was extremely old (the main applicable text was issued on 24 July 1986) and disseminated, with more than a dozen texts governing the incorporation and the operation of commercial companies in Madagascar.
In an effort to modernize Malagasy company law, a Business Law Reform Commission has prepared a text, the provisions of which are contained in Law No. 2003-036 of 30 January 2004, which was inspired, with slight particularities, by the Uniform Act relating to Commercial Companies Law applicable in the member countries of the Organization for the Harmonization of Business Law in Africa (OHADA).
The texts governing incorporation and operation of commercial companies are Law No. 2003-036 of 30 January 2004 relating to commercial companies, as amended by Law No. 2014-010 of 21 August 2014, and its enforcement decree, Decree No. 2004-453 of 6 April 2004, as amended by Decree No. 2005-151 of 22 March 2005 and Law No. 2014-010 of 21 August 2014. In addition, insolvency procedures are governed by Law No. 2003-042 of 15 July 2004 relating to insolvency procedures (« procedures collectives d’apurement du passif« ).