Primarily, the Zimbabwe Company Registry possesses the mandate of registering companies in Zimbabwe in accordance with the Companies and Other Business Entitles Act [Chapter 24:31].
Key Facts & Requirements for Registering a Company in Zimbabwe
- Company name
One has to choose a company name that is not similar to any other company name that is already registered and appearing in the data base of the company registry. Among other factors, the choice of name should not be deceiving to the public, indecent or suggests patronage to the government or any organisation without their consent.
- Directors' information
Directors of a company are those individuals tasked with the duty of seeing to the daily runnings of the company. A director should be above the legal age of 16 years, and at least one being ordinarily a resident of Zimbabwe. The required information includes their names and surnames as shown on their national identity documents, national identity number/passport number, official address and any former names.
- Shareholders information
Shareholders are those persons or entities that invest money into the company. Some refer to them as the owners of the company itself. The required information includes their name(s) and surnames as reflecting on their national identity documents and official address. This information is shown on the Memorandum and Articles of Association of a company.
- Company objectives
Every company has a reason for which it is created or what it seeks to achieve and that is the company objectives. It is permissible for a company to have as many company objectives as it wants.
- Company addresses i.e. physical within Zimbabwe, postal and email address
STEPS FOR REGISTERING A COMPANY IN ZIMBABWE
- Search available company name.
- Reserve company name.
- Complete all statutory forms.
-CR6 for the appointment of company directors, secretaries
-CR5 for registering the company address
- Pay for filing fees.
- Pay for stamp duty.
- Submit the application for registration and register the company.
- Once approved, the certificate and other incorporation documents can collected at the Company Registry department.
Conclusion
It is important to consult a corporate lawyer or an accredited agent to ascertain the appropriate shareholder threshold required for a certain businesses When one registers a company in Zimbabwe, it is important to be aware of key stakeholders and regulations for instance; Zimbabwe Revenue Authority (ZIMRA), National Social Security Authority (NSSA) and the Companies and Other Business Entities Act itself.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
