{"id":356901,"date":"2019-04-17T06:45:50","date_gmt":"2019-04-17T06:45:50","guid":{"rendered":"https:\/\/mjconsultants.co.za\/?p=474"},"modified":"2019-04-17T06:45:50","modified_gmt":"2019-04-17T06:45:50","slug":"registering-a-company-in-zimbabwe-key-things-you-need-to-know","status":"publish","type":"post","link":"https:\/\/mjconsultants.co.za\/?p=356901","title":{"rendered":"Registering a Company in Zimbabwe: Key Things You Need to Know"},"content":{"rendered":"\n

Every new business owner needs to know this<\/strong><\/p>\n\n\n\n

So you have written a business plan, validated the business case, and you are beaming with excitement to get your venture rolling. The next crucial step is to take a minute to pause and ask yourself: “Do I have all areas covered? Do I all the necessary documentation needed to become a legal entity in the country?”

New business owners often find themselves unaware or, more over, not having the necessary documents needed to become a legal entity and because of the dread of bureaucratic processes in making their operations legal, they resort to operating unregistered. <\/p>\n\n\n\n

To help, we have researched and come up with a business starter pack that each new owner needs to know in order to get the required documents for their company.<\/p>\n\n\n\n

STEP 1: Register your company<\/strong><\/p>\n\n\n\n

Contrary to the view that this is a long and tedious process, choosing the right registrar can make your life easier. What are the key considerations you need to make at this point?<\/p>\n\n\n\n

Start with the name<\/strong><\/p>\n\n\n\n

This is the first step in the registration process. Many times, choosing the right name is equally important as running the business itself. Your name has to be unique, easy to remember, precise, and a reflective of your business. A name is important for it is that which a business will build its brand on. The requirement at registration is that registrants submit a list of at least four names in order of preference, for checks against a list of already registered companies. Names are approved when not similar to an existing company.<\/p>\n\n\n\n

You have managed to figure out a list of names that are unique and would like to adopt, the next step is to understand what sort of business you are. This is often influenced by whether you need to create a Private Limited or PBC.<\/p>\n\n\n\n

What is your\nbusiness specialty?<\/strong><\/p>\n\n\n\n

It is important for a business to specify which area it ventures in by giving a brief summary of products and services including corporate objectives. Some business owners may not know what exactly they would like to start with; the provision being that you can register your business as a general trading business. That way you can broaden your scope when you need to do so. When you have completed this section you are required to provide information of your location<\/p>\n\n\n\n

Where will your\nbusiness be located?<\/strong><\/p>\n\n\n\n

Information to be supplied is that of the business\u2019 physical address and contact information. New business owners often worry that they do not have physical premises because, well, sometimes the owner are<\/em> the business. In such cases, it is permissible to use your residential address if the title deeds are in your name. If not, a signed affidavit from the owner suffices.<\/p>\n\n\n\n

Who owns and\nmanages the business?<\/strong><\/p>\n\n\n\n

Director\u2019s information is mandatory and should be provided\nas you are registering the business. This includes full name, national\nidentification number, and residential address of each director<\/p>\n\n\n\n

Shareholders<\/strong><\/p>\n\n\n\n

These are the owners of the business who have invested\ncapital into it to make it a viable entity. As such there is need to state who\nowns what percentage stake of the business. All share percentages total to 100\npercent.<\/p>\n\n\n\n

Submitting the application<\/strong><\/p>\n\n\n\n

Just as is, this is all the information needed to submit to the registrar who will facilitate the registration process for you. As M&J Consultants this is where we plug in to do all the heavy lifting for you. We handle all processes at the Companies Registry for you and in five days or less, your company will be registered.<\/p>\n\n\n\n

Now that the first step towards legalizing your business is done, next is to think about how you will be transacting. At this point, you will need an account with a reputable bank.<\/p>\n\n\n\n

Corporate\nAccount<\/strong><\/p>\n\n\n\n

To apply for a bank account one needs the official company registration documents, supporting documentation (proof of residence for al director), the deposit fee (varies according to bank), and a bank advice note which instructs the bank to open an account for your now registered company. <\/p>\n\n\n\n

After the bank account is opened, you are just one step away from running legally, pending other certifications and permutations which can be requirements in specific industries. The final step needed in getting the legal documentation of your new venture is a Tax Clearance Certificate which is issued out by the Zimbabwe Revenue Authority (ZIMRA).<\/p>\n\n\n\n

Tax Clearance <\/strong><\/p>\n\n\n\n

This is a written confirmation that a company\u2019s tax affairs\nare in order and up to date.<\/p>\n\n\n\n

Importance of\ntax clearance<\/strong><\/p>\n\n\n\n