The Deeds, Companies and Intellectual Property issued a Circular to this effect on the 5th July 2019 and the re-denomination is to be effected through the passing of a Special Resolution and submission of a Notice of Passing of the Special Resolution (C.R.11), to the Companies Registry Office.<\/p>\n\n\n\n
Due to the changes in the currency in Zimbabwe, companies are now required to reevaluate their company share capital from US Dollars to Zimbabwe Dollars. <\/p>\n\n\n\n
For a company to do that they need a CR11. This is in terms of the Statutory Instrument 142\/2019 gazetted on the 24th June 2019 re-introducing the Zim Dollar as the sole legal tender in Zimbabwe (redenomination).<\/p>\n\n\n\n
A redenomination of share capital is to convert shares from having a fixed nominal value in one currency to having a fixed nominal value in another currency. Each share in a company limited by shares has a nominal value (also known as par value), which is its face value. <\/p>\n\n\n\n
The nominal value of a share is in a particular currency and is usually a low figure, such as $1.00 or $0.10. This means all Companies registered before July 2019 are required to submit a CR11 form re-denominating their Nominal Capital<\/p>\n","protected":false},"excerpt":{"rendered":"
The Deeds, Companies and Intellectual Property issued a Circular to this effect on the 5th July 2019 and the re-denomination is to be effected through the passing of a Special Resolution and submission of a Notice of Passing of the Special Resolution (C.R.11), to the Companies Registry Office. Due to the changes in the currency…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2099","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n