Commercial fishing is reserved to local fishing vessels (a) wholly owned by one or more persons ordinarily resident in Malawi; or (b) wholly owned by a company society or association of persons incorporated in or established under the laws of Malawi and controlled by one or more persons ordinarily resident in Malawi. As per the implementing regulation, a person is said to have control of a company if it holds not less than 75% of its voting capital. Hence, non-resident foreign direct investors cannot hold more than 25% of the capital of a locally-established commercial fishing company. Foreign fishing vessels can exceptionally be granted a licence for undertaking commercial fishing in Malawi's fishing waters in accordance with bilateral or multilateral international agreements.
"2. Interpretation
In this Act, unless the context otherwise requires—[...]
"foreign fishing vessel" means any fishing vessel other than a local fishing vessel or a convention fishing vessel;[...]
"local fishing vessel" means any fishing vessel—
(a) wholly owned by one or more persons ordinarily resident in Malawi; or
(b) wholly owned by a company society or association of persons incorporated in or established under the laws of Malawi and controlled by one or more persons ordinarily resident in Malawi;
[...]
Part IV – Registration of local registrable fishing vessels
10. Registration of local registrable fishing vessels
(1) Every owner of a local registrable fishing vessel who intends to use the vessel for fishing shall apply to the Director for registration in the prescribed manner. [...]
(6) This section shall apply to foreign fishing vessels if so prescribed and, where it is so applied, no foreign fishing vessel shall be used for commercial fishing in the fishing waters unless it is registered under this section.
[...]
11. Control of fishing by registrable local fishing vessels
(1) No local registrable fishing vessel shall be used for commercial fishing in the fishing waters unless it is registered under section 10 and the person using the vessel, or a person working on his behalf, is authorized so to fish by a licence granted under Part VI.
[...]
Part V – Foreign fishing vessels
12. Fishing by foreign fishing vessels prohibited without a licence
(1) No foreign fishing vessel shall be used for commercial fishing in the fishing waters unless the owner or charterer thereof is authorized to fish by a licence granted under Part VI of this Act.[...]" (Fisheries Conservation and Management Act [Chapter 66:05] of 1998, as amended)
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"PART IV- REGISTRATION OF LOCAL FISHING VESSELS
9. Registrable fishing vessels
 A local fishing vessel that is used for commercial fishing or is intended to be used for such fishing shall be a registrable vessel.
10. Specific conditions for registration of local fishing vessels [...]
(2) For the purpose of deciding whether a vessel is a local fishing vessel as defined in the Fisheries Conservation and Management Act— Cap. 66:05
(a) a person shall be considered to be ordinarily resident if he has resided in Malawi for a period of not less than eighteen months during the period of two years preceding the application for registration and the Director is satisfied that he is likely to continue to reside in Malawi; and
(b) a company or any other incorporated body shall be considered to be controlled by one or more persons if, in the opinion of the Director, not less man seventy-five per cent of the votes are controlled by that person or persons at meetings of the company or incorporated body.
[...]
PART VI - FOREIGN FISHING LICENCES
23. Categories of foreign fishing licences
 Foreign fishing licences shall be limited to commercial licences of which there shall be the following categories—  (a) large-scale foreign fishing licence; and  (b) small-scale foreign fishing licence.
24. Application for a foreign fishing licence
(1) An application for a foreign fishing licence shall be made to the Director in respect of a specified foreign fishing vessel in the form set out in the Tenth Schedule not less than sixty days before the licence is required to come into effect.
(2) An application under subregulation (1) may be limited to persons using vessels registered in or coming from a flag state which has been accorded fishing rights under an agreement between the Government and the government of that state or a competent regional organization in accordance with section 52 of the Act. [...]" (Fisheries Conservation and Management Regulations, 2000 (Cap. 66:05)).

Fisheries Conservation and Management Regulations, 2000 (Cap. 66:05).
Fisheries Conservation and Management Act [Chapter 66:05] of 1998, as amended
[<a href="https://malawilii.org/akn/mw/act/1997/25/eng@2014-12-31#part_IV">Act</a>],[<a href="http://extwprlegs1.fao.org/docs/pdf/mlw44463.pdf">Reg</a>]