Zimbabwe has 2 laws that govern company and business registrations. These are the Companies Act (for Private Limited Companies) and the Private Business Corporations Act (for Private Business Corporations). This article gives the requirements for company registration under these 2 types of companies. The requirements for the two are basically the same but some slight differences exist. The requirements for registering a business in Zimbabwe are as follows:
Requirements for company registration as a PBC
- 1 to 5 proposed names for your Private Business Corporation, these need to be submitted in order of preference. So you start with the name you want the most and then list the rest ending with the one you want the very least.
Some people prefer to submit only 1 name but this is not recommended as it only delays the registration process should that name be rejected by the Registrar of Companies.
- The type of business the PBC will be focused on. These are called the main objects of the PBC.
- The full names and ID numbers of between 1 to 20 members. These will serve as the owners, shareholders and directors of the Private Business Corporation.
- Each members interest or stake or share in the PBC. The total interest of all the members combined must add up to 100%.
- The physical and postal address of the business.
- Date of financial year end. This is the date when you close your financial accounts for your business.
- Each member of the PBC must sign the Incorporation Statement before the Registrar affixes his seal, stamp and signature.
- At least one Zimbabwean as part of the PBC members.
- A budget of $70 for the basic PBC registration and up to $140 if you get optional member certificates, PBC by-laws and ZIMRA bank advice note.
Requirements for company registration as a Pvt Ltd
- 1 to 5 proposed company names for your Private Limited Company, these need to be submitted in order of preference. So you start with the name you want the most and then list the rest ending with the one you want the very least.
- The type of business your company will be focused on. These are called the main objects of the Private Limited Company.
- The full names, ID numbers and addresses of the shareholders or owners of the Private Limited Company. Their details go on the Memorandum.
- The full names, ID numbers and addresses of the directors (between 2 to 50 directors are needed). Their details go on the CR14.
*The owners/shareholders can be the same as the directors but they can also be different.
- The issued shared capital of the company.
- The number of shares issued to each shareholder.
- Physical and postal address of the business.
- The signature of each shareholder of the Private Limited Company is needed on the Memorandum & Articles of Association, and 1 Director or company secretary must sign the CR6 and CR14.
- At least one Zimbabwean as part of the company directors.
- A budget of $300 for the Private Limited Company registration.
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