Reserve the company name with the Chief Registrar of Companies
Agency: Chief Registrar of Companies
Forms are available online but all documents must be physically lodged at Companies and Deeds Registry. There is now provision to upload documents online without having to physically lodge the documents at the Deeds and Companies Registry. After submitting the forms online it is possible to receive a result via CV4 Form which is sent to the email address used.
The reservation is valid for 30 days and can be extended for another 30 days for an additional fee. If paid via mobile money platform, the fee is US$ 5.56.
Time and cost: 5 days, USD 5
File the memorandum and articles of association with the Registrar of Companies
Agency: Registrar of Companies
The law provides for model or boilerplate articles of incorporation. On the date of incorporation, the Registrar of Companies must be notified of the appointments of the company’s directors and secretaries. This is done by filing the particulars of the directors and secretaries and any changes therein or a list of directors and principal officers (Form CR 14). These documents must be accompanied by a duplicate original or a printed notarized copy.
Registration Fee is US$ 5 for every US$ 100 or part thereof of the nominal/authorized capital of the company with a minimum fee of US$ 100.
In practice, companies usually start up with a low amount of capital to avoid the exorbitant stamp duty. A company may also issue shares at a premium to circumvent the requirement.
Time and cost: 12 days, see procedure details
Open a bank account
Agency: Bank
Business founders must open a bank account before registration with the Tax Authorities.
Time and cost: 1 day, no charge
Register with the tax authorities for income tax, VAT, and PAYE
Agency: Zimbabwe Revenue Authority
Upon formation, a company must register at the regional Zimbabwe Revenue Authority Office. A copy of the company’s certificate of incorporation is required for the Collector’s records, along with the memorandum and articles of association and a certified copy of the identification of the assigned public officer. The company will be issued a registration number, as well as the current tax tables and the pay-as-you-earn (PAYE) receipt books. The P8 and P6 Forms now must be generated by the applicant and are not freely available. The ITF 16 Form must be completed in consultation with the Income Tax Office. According to Zimbabwe’s Finance Act (as amended), companies must now budget to pay all their company tax within the trading year. The tax must be paid as follows: 10% by the 25th of March, 25% by the 25th of June, 40% by the 25th of September, and the balance of the estimated tax for the tax year by the 20th of December.
Firms with a turnover of US $60,000 must register for VAT with the Zimbabwe Revenue Authority (ZIMRA). An application must be submitted for a Certificate of Registration (Form VAT 1), which, along with Forms VAT 2 and VAT 3, is found at ZIMRA Web site (www.zimra.co.zw). Firms with a turnover of less than US $60,000 may apply for voluntary VAT registration.
Time and cost: 4 days, no charge
Register with the National Social Security Authority for pension and Accident Prevention and Compensation Scheme
Agency: National Social Security Authority
The employer and the employee must each contribute 3.5% of employee the gross monthly salary.
Time and cost: 1 day (simultaneous with previous procedure), no charge
Register with the Manpower Development Fund
Agency: Manpower Development Fund
Employers must register with, and contribute 1% of their wage bill to, the state-run Manpower Development Fund. The fund allows employers to recover expenses when employees complete training.
Time and cost: 1 day (simultaneous with procedure 4), no charge
Pick up the form of license application notice from the City Health Department
Agency: City Health Department
The entrepreneur then retrieves the license application notice form from the City Health Department. This application can now be downloaded from the website and there is no longer a need to pay for its collection.
Time and cost: 1 day (simultaneous with procedure 4), no charge
Submit an application form for the issuance of new licenses to the Licensing Office in Harare Municipality
Agency: Licensing Office in Harare Municipality
One copy of the application forms are submitted. Depending on the type of businesses, the Licensing Office can seek a report from the Harare Town Planner to ensure that the application is consistent with the zoned use of the premises.
Time and cost: 5 days, USD 471
Receive inspection by the Licensing Officers
Agency: Licensing Office in Harare Municipality
Officers inspect the company site to check if the workplace premises are suitable for the intended use. The verification criteria used by the officers are specified in the relevant bylaws.
Time and cost: 1 day (simultaneous with previous procedure), no charge
