To register a micro-finance company in Zimbabwe requires several steps. These include incorporating the company in Zimbabwe, opening a company bank account, acquiring tax clearance and getting a micro-finance licence from the Reserve Bank of Zimbabwe.
1. Register the company as a Private Limited Company
The first stage is to register a company. The company needs to be registered as a Private Limited Company to be able to meet the requirements of the RBZ.
2. Apply for a bank account and tax clearance certificate
3. Apply for a micro-finance licence with the RBZ
- Submit certified copies of certificate of incorporation, memorandum, and articles of association to RBZ.
- Use names from the Registrar of Companies.
- NGOs and Trusts should register separate companies to conduct microfinance business.
- RBZ will not accept applications from companies limited by guarantee.
- Such companies should convert to share capital companies and register as microfinance institutions.
- Microfinance companies should operate from formal business premises.
- The RBZ requires micro-finance companies to have minimum share capital of US$20,000.00. This should reflect both on the company papers and the bank balance of the company.
- Proof of the sources of the funds should be submitted.
- Submit a tax clearance certificate.
- Submit a recent bank statement covering the past three months.
- Corporate Shareholders (with at least 5% shareholding) should submit copies of audited financial statements for the past two years and Tax Clearance Certificate.
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