Legal Requirements for Starting a Business in Zimbabwe PdfAdmin
The law requires a company to register with the Zimbabwe Revenue Authority (ZIMRA) within 30 days of the start of trading. Once registered, you will receive a tax certificate. This is done via the CR 6 form (formerly CR 14) and is usually created by your consultant. A director must be over 16 years of age and at least one director must be ordinarily resident in Zimbabwe. The person must also not have been previously excluded from the activity of director or have been insolvent. Strictly speaking, you don`t need to register a business to run a business in Zimbabwe. However, there are many opportunities that you might miss as a non-subscriber. Some of the opportunities you might miss out on are: The main company laws in Zimbabwe are contained in the Companies and Other Business Entities Act (Cap. 24:31). The company should also know the following local authorities when doing business in Zimbabwe. Company registration is the process of incorporating (registering) a company in Zimbabwe as a limited liability company (PLC), private trading company (PLC) or other business entity under the Companies and Other Business Entities Act (Chapter 24:31). When a corporation is incorporated, the corporation becomes a separate legal entity; separated from its owners. The company becomes an individual “person” in the eyes of the law.
Essentially, this means that the company is completely separate from its owners in terms of finances, liabilities, contractual arrangements, and ownership of real estate and assets. A private joint-stock company is the best alternative to a limited liability company. This business structure is usually adopted by sole proprietors, small businesses, and individuals who want to work as individuals such as consultants, architects, etc. Instead of having shareholders and directors, it has members. The Member`s financial liability is limited to the amount of money he invests in the formation of the Society. He is required by law to record who is present and what is discussed at the meeting. Once formally prepared, these minutes become the minutes of the first meeting of directors. When you register a company with us, we will provide you with a free protocol template for the first board meeting. While you will need to adapt our first meeting minutes template to the content of your first board meeting, you will have a good idea of what kind of things to include in the minutes. Sorry, the preview is currently not available. You can download the document by clicking on the button above. The business documents you will receive differ depending on the type of business you choose.
If the address matches an existing account, you will receive an email with instructions on how to retrieve your username with us, with the approved name reserved for up to 3 weeks from the date of the request. However, you can continue to reserve the company name if it has expired. Our company registration prices range from $70.00 for a private company to $150 to $280 for a limited liability company, depending on the company registration package you choose. After registering your business, you may not want to negotiate with your company`s legal name for a variety of reasons. You can use an adopted name, popularly known as a trade name. However, since the introduction of the Companies and Other Business Entities Act (Cap. 24:32), all business names should also be registered. This is done via CR 6 (formerly CR 6). Addresses must be a physical address, which must be a Zimbabwean address, a postal address, and an email address. There are quite a few companies, but the two most popular companies you can register in Zimbabwe are a private limited liability company and a private commercial company.