Local incorporation required to conduct portfolio management and operating collective investment schemes in Malawi.
"Part III - Licensing
5.(1) Only a company incorporated iunder the Companies Act, shall be eligible to apply for a licence under this Directive[…]" (Financial Services (Establishment and Operations of Portfolio Managers) Directive, 2015)
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"2. In this Directive, unless the context otherwise requires-[...]
"corporate body" means a company incorporated under the Companies Act; [...]
"operator of a collective investment scheme" means a corporate body that- (a) establishes or administers the collective investments scheme; 
[...]
Part III - Licensing Requirements
6.(1) Only a company incorporated under the Companies Act shall be eligible to apply for a licence under this Directive.[...]" (Financial Services (Establishment and Operations of Collective Investment Schemes) Directive 2015)

Financial Services (Establishment and Operations of Portfolio Managers) Directive, 2015
Financial Services (Establishment and Operations of Collective Investment Schemes) Directive 2015
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