Blog

Vendor number registration in Zimabwe

How to go about Vendor number registration in Zimabwe?

What is a vendor number?
A vendor number is a unique number issued to business entities that wish to supply the government and it’s related agencies.

First, you’ll have to know exactly what you want for your vendor number registration in Zimbabwe. There are three key requirements: an application letter, a certified copy of the company’s Certificate of Incorporation and some of the requirements we’re to give in detail…

The government is probably the biggest consumer of goods and services in Zimbabwe. This translates into millions of dollars worth of transactions each and every year. This represents a very good opportunity for any business that wants to grow. By acquiring a vendor number, your company becomes eligible to supply government entities and get a share of these millions of dollars.

Requirements for a Vendor Number

You are responsible for providing us accurate information with regards to:

  1. Company letterhead.
  2. Registered name of the company.
  3. The physical address of the company.
  4. Postal address of the company.
  5. Name of company’s bank, branch, and account number.
  6. (Please note that the registered name of the company stated in the application and Certificate of Incorporation must be the same as that of the account holder appearing on the bank statement).
  7. Contact person and their position in the company.

Supporting documents (originals and certified copies)

  1. Certificate of Incorporation, CR6 (or CR5 if registered under new Act) and CR14 (or CR6 if registered under new Act).
  2. IDs for all directors on the CR14 (or CR6 if registered under new Act).
  3. Stamped company bank statement.
  4. Proof of residence of 2 directors on CR 14 (or CR6) in the form of water or ZESA bill in their names only.
  5. Valid tax clearance.

Cost of getting a Vendor Number

The cost of getting a vendor number with us is USD 140 or equivalent. It takes 2 weeks to get the Vendor Number.

Our contact details:

+263716196475

info@companyregzim.co.zw

Remember to like our Facebook page: https://www.facebook.com/CompanyRegistrationsZimbabwe/

 

Entrepreneurial Solutions To Zimbabwean Problems Part 1

Entrepreneurial Solutions To Zimbabwean Problems Part 1

“To make a lot of money, you must solve people’s problems” goes a certain entrepreneurial saying. In Entrepreneurship and or businesses, the word problem or opportunity are used interchangeably, implying that problems are a “pool” of idle opportunities. It only takes one’s mind to see possibilities where others see empty spaces and also to take action in utilizing the opportunities whilst others muse, relax and wait for the so-called “the good” time when the Zimbabwean economy will be flourishing. Here are some problems that represent untapped business opportunities”

1.Hunger

Although Zimbabwe was once Africa’s breadbasket, it has for the past two decades been facing prolonged dry spells. `There are some areas/ regions that were giving better yields although the farmers have to be more capital and labour intensive. The opportunity for this problem is straight to the window: Grow as much as you can in areas where there are better yields such as Mash Central, then after that, your markets are ready in areas of dry spell such as parts of Manicaland and Masvingo provinces.

2.Load shedding

The unplanned switching on and off of electricity has become a normal issue in present-day Zimbabwe, although the frequency of power cuts is declining. Simply put, to make a lot of money in this energy industry, invest in alternate sources of energy. These include solar energy, paraffin, liquid petroleum (LP Gas) and even charcoal or firewood.

Need a loan to start an LP Gas retailing business? Call or WhatsApp us on +26716196475 | +263777069078 so we can formulate a bankable business plan for you.

3.Higher fees at schools

Many pupils are dropping out of school due to high fees being demanded. An ideal to ride on this opportunity is simply providing a learning facility at a very affordable fee. Think of those who are conducting extra lessons at their homes or having a private college or a crèche. If you want to go the extra mile, then make use of technology and have an online class or have the assignments uploaded online.

Contact City Cloud Private Limited and have an online course website developed for you.

4.Health problems

There are so many patients that a doctor has to look for if you visit public clinics. It is sad that patients are dying in queues before being attended to. More sadly, to those attended, you are just given a prescription without the medication or the pills to cure the disease. Entrepreneurs, how about opening a private clinic or a pharmacy that sells the prescribed medicines from the clinics. It is a project that is much viable and worth taking.

Got a business idea but do not know how to formalize it? Contact us for Business Plans, Company Registrations, Tax Clearance, City Council Operating Licenses, and many more…

Visit: https://companyregzim.co.zw/company-registration and register a company today…

+263716196475

+263777069078

info@companyregzim.co.zw

Tax Clearance requirements in Zimbabwe

When you register a new Private Limited Company or Private Business Corporation, you are required to register with the Zimbabwe Revenue Authority (ZIMRA) within three months of registering your company.

However, there are certain requirements that you would need to provide.

What are the ZIMRA requirements for company registration?

The ZIMRA requirements for company registration are as follows:

  1. Certified copies of the new company.
  2. Certified copies of Director’s identity documents.
  3. Director’s email addresses and phone numbers.
  4. Proof of residence for every director in form of a utility bill (Attach affidavit if the proof of residence is not in director’s name).
  5. Stamped current personal bank statement of one Zimbabwean director.

 

What do I receive once I register with ZIMRA?

You will first receive a temporary tax clearance also known as a bank advice note. You will use this to open your company’s bank account. Once you open a bank account you will then receive a tax clearance.

What is a tax clearance?

A Tax Clearance is a certificate issued by the Commissioner-General of the Zimbabwe Revenue Authority (ZIMRA), to a person liable to pay tax, provided that the taxpayer’s tax position is satisfactory.

If you wish to register your company through Company Registrations Zimbabwe, check out our company registration packages here which include ZIMRA registration.

Feel free to contact us:

+263716196475

+263777069078

info@companyregzim.co.zw

Company registration online in Zimbabwe

No matter what business you are in, you ought to start with company formation in Zimbabwe. If you want to start a business in Zimbabwe, you need to register a company. Without this, you will not be able to open a bank account or apply for a VAT number, apply for ANY tenders. Most other transactions are impossible as well. Therefore, if you want to be successful, you must register a company in Zimbabwe. The problems you can solve with registering a company are endless.

Company registration in Zimbabwe has become necessary as a response to the growing business sector in the country. The Government of Zimbabwe requires businesses to be registered with the Registrar of Companies who is based in either Harare or Bulawayo.
Legally own your ideas. Get the legal protection Zimbabwe currently lacks. Startups fail because entrepreneurs lack the financial and legal resources to carry them through
Registering a company in Zimbabwe is a way of protecting yourself, and your big idea!

In this case, the registrar shall not permit any application for registration of a company name that is identical with another already registered name in the registrar’s records or which contains any word or name prohibited by law. This is the law that requires one to start a new business using a different name from your personal name, nickname, or surname. The early bird gets the best worm. When you start your startup is more important than where you start…

Registering a company in Zimbabwe will not be as difficult as you think. Register a company in Zimbabwe with a government-approved company registration agent. Procedures for company registration in Zimbabwe to be followed are outlined here… 

You can register your company from the comfort of your home
Advantages: saves valuable time
Benefits: Quickest and easiest way to incorporate a new business
You can start your own company from the comfort of your home. Registering a company in Zimbabwe requires a lot of paperwork, we take care of it all for you. All you need to do make sure you have all the company documents ready and that is it.

Company registration fees in Zimbabwe range from USD 75 for a Private Business Corporation and USD 100 for a Private Limited Company. Check the difference between the two here…

Registering a company in Zimbabwe online is easy. Here are the Company Registration in Zimbabwe contact details:
+263716196475 | +263777069078
Email: info@companyregzim.co.zw

Alternatively, place an order here

Fill in this contact form and get assistance in registering your company…

How to start a tuckshop or confectionery shop in Zimbabwe

Ever considered a bread bakery business in Zimbabwe or any African country? You’re about to learn several reasons why you should.

Everyone eats bread. Bread competes against rice and cassava as the most popular food and a staple in Africa. It has remained a widely-accepted food item because of its convenient and ready-to-eat nature.

Bread is a common food item in many African households and up to 70 per cent of breakfast diets on the continent contain bread. In urban areas of Zimbabwe, bread has become a major part of the breakfast diet. With the current economic crunch, bread prices fetch between RTGS $45 to $80 depending on the quality and size of the loaf.

The size of the Zimbabwean bread market is worth millions of dollars every year and all the bread we eat is produced locally. A bread bakery business is easy to start up and can be run from a home kitchen or a bread factory. Easy….

Let’s take a dive into this interesting idea and explore the business opportunities for Zimbabwean entrepreneurs in the bread bakery business…

Why is the demand and market for bread growing very fast in Zimbabwe?
.

The key drivers of this demand are Zimbabwe’s rapidly growing population, an expanding middle class which has more money to spend, an enlarging labour force, and increasing rates of migration to Zimbabwean cities and towns.

Many of the Zimbabwean population now lives in towns with Harare, Bulawayo, Gweru, Mutare and Masvingo being the major towns.

Statistics reveal that urban dwellers and city people eat more bread than people in rural areas. Given the rapid growth of Zimbabwean city populations, bread is sure to remain a highly sought-after food item by African households.

More than 80 percent of all imported and locally produced wheat flour in Zimbabwe is used by bakeries to produce bread. The rest is used by food processors to make biscuits, cakes, and pasta.

Over the last decade, more bread has been consumed in Africa than maize and rice. Why? It’s simply because bread is more affordable (costs much less than rice, yam, and maize).

Bread also appeals to the convenience and lifestyle of most people – it’s an instant meal that requires no further preparation and makes a great fast snack (besides its popularity as a breakfast item).

Many of us may not know this: bread provides more nutrients than any other single food source and is particularly important as a rich source of carbohydrates, proteins, and vitamins B and E!

Market opportunities for entrepreneurs who want to start a bread bakery business in Zimbabwe…

There are different categories of bread that attract different kinds of consumers in Zimbabwe. It’s very important that entrepreneurs understand these categories to help them decide on the type of bread they will produce, the likely competition, and the needs of the market.

Plain White Bread

The bread bakery business at the bottom of the ladder is the basic, plain and cheap white bread. This variety is very common with low-income earners or people who just want to fill their belly and don’t care about nutritional content.

This type of bread usually comes without any labeling, branding, or packaging and very little attention is paid to product taste, quality or hygiene. It’s best described as ‘bread for bread’s sake.’

More than 50 percent of bread sold on the Zimbabwean market are of this type and most consumers are drawn to it because of its very low price. As a result, most independent and small-scale bakeries producing this bread make money by selling cheap at high volumes.

Brown bread
This is usually for those who are health conscious and most of them live in medium to low-density housing projects.

There are usually no leading producers in this segment of the bread market and it’s commonly dominated by many small-scale and family-run bakeries. This bread appeals to, and is targeted at, Zimbabwean middle-class households and customers who are conscious about high food standards, nutritional content, quality and taste. These customers are also willing and very happy to pay extra for this higher quality.

Most families also prefer brown bread for their growing children. As a result, brown bread costs much higher than the plain version on the market. Consumers who prefer these kinds of bread do so for lifestyle, health, taste, or cultural reasons.

This type of bread usually contains ingredients like eggs, milk, fruits, etc. and generally do not contain unhealthy supplements or additives.

A lot of attention is usually paid to the product’s taste, branding, packaging and overall quality.

Special bread
Special bread is usually sold in specialty stores and supermarkets. They cost much more than the plain white and brown versions and require specialized skills and experience to produce. The specialized may include but not limited to scones, muffins, doughnuts and more…

Bakeries that produce this bread target niche markets like upper-class residential areas and parts of town with a large population of foreigners.

How to start a bread bakery business – An important checklist
1. Prepare a business plan

Bread bakery business requires business plan is not as scary as it sounds. Even if you don’t intend to source any capital from banks or investors, it is important that you organize your thoughts on paper.

A business plan doesn’t have to be complex or too elaborate, just something to keep your eyes on the big picture. The business plan will allow you to easily identify the obstacles and anything you may not have considered.

Your business plan should consider the prevailing market price for the type of bread you want to produce and how much competition there is. You also need to estimate the profit you’re likely to make in the first, second and third years.

Is it sustainable? Is it worth the time, effort, and capital?

It’s usually wise to keep 8-12 months of working capital to adequately support a bread bakery business.

If you’re looking for a sample bakery business plan template, I have found a good one you can adapt and use for your own bread bakery idea.

Contact us on our Facebook page or our numbers: +263 777 069 078 or +263 716 196 475.

2. You should know enough about bread

Nobody says you must be a master baker to succeed in this business; you really don’t need to. However, you need to know the basics and tricks of the trade if you want to survive in this business.

3. Choose a location that’s close to your target market

Bread bakery business 7The types of bread in the African market appeal to different segments of consumers. You must ensure that the type of bread you intend to produce will find a sizeable market in your area.

What kind of people lives around you?

Are they high, middle, or low-income earners?

Are they students, single people, or households with families?

Are they predominantly young or old people?

If you live in a closely-knit community like a residential estate or a university campus, it may be a great opportunity to run this business from your home kitchen.

Look for newly established or developing suburbs and high-traffic locations that have little competition. It’s also important to focus on areas that may not be well serviced, like industrial estates or high-density office blocks where you can draw eager customers.

4. Would you need a permit or license to operate?

Depending on your country and location, you may require a permit or license from a government establishment or the City Council or Environmental Management Agency office to operate a bakery.

What are the requirements and standards for approval?

Would you need to have specific equipment like fire safety tools?

Is there a standard qualification you must obtain to be eligible for a permit?

You must know these requirements in advance and take the necessary steps to ensure you get the approval you need to open your doors to the public.

You need to use the right equipment

The size and quality of your equipment will depend on how much bread you intend to produce for the market and the amount of startup capital you have.

It’s very important that you don’t spend too much on equipment at the beginning of this business. Look out for any good quality, pre-owned (second-hand) bakery equipment you can find at a bargain price.

The basic equipment you need to start a bakery business includes an oven, mixer, dough molds, dough divider, fermentation chamber (proofer), and maybe a bread slicer.

The bread bakery business is an interesting opportunity in Zimbabwe…
Because most people WILL eat bread most of the time, the bread business can be a very rewarding venture if entrepreneurs can find a large market with few competitors.

With some creativity and higher quality, a new bakery can easily win consumers over from an established bakery. When properly planned and operated, bakeries can become a rich source of lasting income.

If you believe this type of business will work for you, start working on a business plan and take action as soon as possible.

You could also choose from many more amazing business ideas in the Business ideas we have. Of much importance, you must register your business as you grow so that you comply with the Companies and Other Business Entities Act of Zimbabwe and also to take part in competitive bidding for bread supplies. We assist in company registrations as well.

We would love to hear from you about your successes, challenges, advice, and questions. Do not forget to leave a comment in the section below and share this opportunity with your friends.

To your success!

And by the way, if you enjoyed reading this article and you’re thinking of raising capital to start or grow your business contact us for Company registrations & Business Plans.

Contacts:

+263716196475

+263777069078

info@companyregzim.co.zw

How to name a company or business

 

How to name a Company or Business

 

You have a great idea for a business, you’ve started drafting a plan, and you have a potential client base in mind. You’re (almost) ready to go for it.

The only thing missing? A great name.

Hey, how do these Company names sound like and or remind you of?

  • Coca Cola
  • Facebook
  • Amazon
  • Google
  • Econet
  • McDonald’s
  • Boeing

No strings of doubt attached, the above names are amongst the World’s biggest companies and also great examples of company names.

How to come up with a great name?

Here are seven things we consider when determining a business-related name:

  1. The name needs to sound good when it’s said aloud.I’m a big fan of alliteration, using words that start with the same consonant, Coca-Cola or Johnson & Johnson. Just make sure to say it aloud — a lot — and make sure this isn’t a “she sells seashells on the seashore” situation. People need to say the name on the radio, a video or in conversation.
  2. Use a name that has meaning to it and conveys a benefit.If you heard it you’d know right away what it is. For example, my first “real” book was called, “Moonlighting on the Internet.” The word “moonlighting” instantly conveyed that this was about using the Internet in your spare time to make extra money. Also make sure the name isn’t too generic. Names such as The Family Restaurant or People’s Market sound too familiar.
  3. Avoid Web 2.0-ish syndrome.I still don’t know if you spell Flickr with an “er” or not. And I definitely have no idea how to spell delicio.us without looking it up. This sort of mildly dyslexic spelling is so last decade. Potential customers for your new venture of “Computer4You” should be able to easily look up the name, and they shouldn’t be asking whether a “you” is a “u.”
  4. Beware initials.They are so boring. Yes, IBM and 3M have gotten away with initials, but these are multibillion-dollar corporations that have been around for decades. You can do the same when you’ve brought in billions of dollars over a hundred years. Until then, rely on a name that is interesting.
  5. Use specifics.Don’t use a generic name that doesn’t mean anything. I like names that take advantage of details such as numbers and days.

Here are some well known companies that contain numbers in their names, brands or websites

  1. 888.com: This is one of the largest online casino and online poker gambling websites.
  2. Forever21: This is a well-known fashion retailer in the US.
  3. WD40: Stands for Water Displacement 40th Formula. The company makes the popular WD40 lubricant
  4. 3M: Formerly known as the Minnesota Mining and Manufacturing Company. They make scotch tapes and post-it notes
  5. Six Flags: Named after the six flags over Texas, this company is one of the largest amusement park companies in the world.
  1. Make sure you can trademark the name.Depending on how big you want to build the brand, this is an important consideration.
  2. Test it out on Google AdWords.One of the great features of the “find keywords” tool on AdWordsis that it will list similar search phrases, along with how many global and local monthly searches each are getting. Some AdWords searches with the name you are considering can ensure there isn’t a slightly different name out there that might get more attention on the Internet.

If you really want to get advanced, try to come up with a name that could be eventually used as a verb, or lends itself to the creation of your own “language.” People who go to TED, the conference for Tech, Education and Design, now call themselves “TEDsters.”

Think it through, and your name will be a multiplier in your favor.

In this post we’re going to give you a few ideas on how to name your small business, by looking at some of the most well-known brands from around the world.

  1. Acronyms

Try using the first letter of every word in a phrase or parts of words or names. Some real world examples are AOL (America Online), BBC (British Broadcasting Corporation) and BENQ (Bringing Enjoyment and Quality to life).

In Zimbabwe, there is ZOL (Zimbabweans Online), Econet (Enhanced Communication Network) among others.

  1. Mash-ups

Mix two or more words that are meaningful for you and your business. Some examples are Compaq (from “computer” and “pack”), Evernote (from “forever” and “note”), Groupon (from “group” and “coupon”) and Lego (from the Danish “leg godt”, which means to “play well”).

Another way to achieve originality is with some deliciously fun wordplay. Have a look at these examples of companies with clever titles and think about what you could come up with for your brand identity. It’s a good idea starter! Examples: Melon Cauli (fruit and vegetable store), Sole Man (shoe repairs), Spoon Me (frozen yogurt brand), and Sensibill (receipt management software).

  1. Get inspiration from mythology and literature

Do you have a passion for literature or history? Look no further than your Greek and Roman legends! For example, ASUS (from the mythical winged horse Pegasus) and Nike (the goddess of Victory). A character, place or object could also be a good start for a name; like Samsonite (from the Bible character Samson) or Starbucks (from Starbuck, the young chief mate of the Pequod, in Moby Dick).

  1. Use foreign words

Even if your audience is based in one region, a foreign name (or foreign-sounding name) can be very memorable in your customers’ native language. Just look at Audi (the Latin translation of the German name “Horch”), Altavista (Spanish for “high view”) or Daewoo (“great house” in Korean).

In Zimbabwe, we recently assisted a customer to name their bar with the name Hams and Shams Private Limited which means Hama neShamwari (Friends and Relatives in English).

  1. Use your own name

If you’re not convinced by any other names, why not use your own? Many of the most well-known brands were actually their inventor’s or their owner’s name, like Bayer (Friedrich Bayer was the founder of the company), Boeing (After William E. Boeing) and Grundig (named after the founder Max Grundig) and Cadillac (after the French explorer Antoine Laumet de La Mothe, sieur de Cadillac).

  1. Take a look at a map

Use a world map to get inspired, just like Adobe (after the Adobe Creek, running close to the founder’s house), Amazon (named after the largest river in the world, by volume of water) and Fuji (named after the highest mountain in Japan) did.

  1. Mix things up

Another way of finding a new name for your business is trying various word combinations, such as your name and where you live. Some examples are DKNY (Donna Karan New York) and IKEA (from the founder’s name Ingvar Kamprad and where he grew up: Elmtaryd Agunnaryd).

  1. Partner with another company

If you’re going to partner with another entrepreneur or merge your company with another one, instead of a completely new name, make up a name using fragments from both names, just like Ben & Jerry’s or 20th Century Fox.

  1. Use nicknames

Using your kids’ names or nicknames might sound a little strange, but just look at companies like Mercedes (named after the daughter of one of the founders) and Danone (named after the founder’s son’s childhood nickname); they don’t sound strange anymore, do they?

  1. Use a symbol

Another way to come up with a business name is to take a symbol or an essential element of your work and create a new name starting from that word. Pixar, for example, is a combination of the word pixel and the initials of one of its founders, Alvy Ray Smith.

  1. Make it descriptive

If you think of your business, what is the one word, or pair of words that could describe what the business does best? Now write all your options on a piece of paper and visualize your new logo or a banner with your new name on it. An example of a brand using this technique is the supermarket chain 7-Eleven, where the name tells you straight away what’s special about this business: it’s open from seven in the morning to eleven at the night, every day.

  1. Use Latin

If you had a Latin language class in school and ever thought that you’d never get to use this in real life, you were probably wrong. Latin is a great source for business names, take for example Acer (Latin for “sharp”, “able”) and Volvo (Latin for “I roll”), two of the most well-known and easy to remember names. You could also use a Latin word as a start for your new name and add another word to it, like Verizon (from the Latin “veritas”, which means “truth” and “horizon”).

  1. Look at your product from another angle

Does your product remind you of something else? Look at it from different angles or ask your friends and family to tell you what your product looks like. Blackberry and Caterpillar are just two examples of names created using this technique.

  1. Abbreviate

Take a word that has a strong meaning for you or your business and extract a short art of it, just like Cisco (from San Francisco, where the company was founded) did.

  1. Make a grammar mistake on purpose

This way of coming up with a new name could be a bit risky, so do consider the possibility of spending the next five or ten years listening to people correcting your brand name. Quora, for example, could be seen as a fake plural of the latin quorum (public assembly).

  1. Invent an alternative spelling

Take a word that’s symbolic or essential for your company and invent a new spelling for it, like Reebok (alternate spelling of “rhebok”, an African antelope).

  1. Tell your story

Does your new business have a great story behind it? Why not tell it with your business name? Names such as Kenvelo (unable to decide on a name, the company was called Kenvelo, “yesandno” in Hebrew), Virgin (the founders’ way of saying they were completely new to business) and Mozilla (created as the Mozaic – an internet browser-killer) were born the same way.

  1. Talk about what you believe in

If you don’t like the story idea, you could use the name as a way to remind yourself – and anyone who works with you – about what you believe in and why you’re doing what you’re doing. Minolta, for example, means “your principle, what you believe in”.

  1. Remove or add an extra letter

What if you have a really good name for your business, but can’t use it as it is? Why not do as Flickr and Tumblr do and drop the last vowel? You could also duplicate another letter or change a letter in your word in a way that still makes the word recognizable.

  1. Pick a word from the dictionary

If by the time you read through this list with a pen and pad in hand, you still don’t feel inspired, then you could do like Blizzard and Twitter did and just pick a random word from a dictionary.

That being said, we hope you’ll get inspired by the write-up. Also note that you can check good examples of company names on websites like NameLix , BizNameWiz and Namemesh

Contact Us and get a company registered!

 

Steps to Register a Business or Company in Zimbabwe

01


INTRODUCTION

Steps to Register a Business or Company in Zimbabwe

Stage 1: Name search

A request is made to the Registrar of Companies office (also called the DCIP – Department of Companies &

Intellectual Property) for a search to be made in the Register of Companies.

The following is applicable at the name search stage:

If the Registrar approves your application to reserve a name, he will reserve that name for you for a period of up to 1 month to enable you to register your company.

He will not allow any other person to use that name during that period.

You are advised to give five names in your application so that if one name is not accepted, another one may be.

You should list the names in order of preference.

The Registrar will not accept a name which is similar to that of another company or PBC, or is likely to mislead the public or is indecent.

The Registrar will give a written notice of whether any of your names were accepted or if they were rejected. This process takes 1 to 3 working days.

Reason why names may be rejected

 

1.Your chosen name is too close to a registered company or PBC either when written down or when pronounced e.g. OK and Okay.

 

 

2.Your company name is likely to be offensive, blasphemous or indecent to any person or class of people.

 

3.Your company name is likely to deceive or mislead the public e.g. a company called Ministry of Computers.

 

4.Your company name suggests patronage of the Government or some other authority or organisation.

 

5.Your company name is undesirable for any other reason.


You can make use of these company name generators for your convenience: Namelix and Business name generator


 

Stage 2: Incorporation and registration

a) Steps on how to register a Private Business Corporation in Zimbabwe?

 

After your name has been successfully reserved, the documentation for the registration of the PBC must be submitted to the Registrar of Companies.

 

This process involves the appointment of members (shareholders/ directors) of the PBC. Each member is assigned a percentage of ownership in the PBC. The total percentage for all members must add up to 100%.

 

The Registrar will then register the PBC and assign to it a registration number. The Registrar will put his seal, his stamp and his signature to the PBC Incorporation Statement to signify its authenticity. The PBC is also entered into the Company registry and becomes searchable in the Registrar’s database.

 

This process takes 3 to 6 working days.

 

 

b) Steps on how to register a Private Limited Company in Zimbabwe?

After your name has been successfully reserved, the Memorandum and Articles of Association signed by the shareholders together with the CR6 and CR5 signed by either a director or secretary of the company are submitted to the Registrar of Companies.

 

Each shareholder must sign in their own handwriting and specify the number of shares they have been allocated.

 

The Registrar will then register the PLC and assign to it a registration number. A certificate of Incorporation is also issued.

 

The Registrar will put his seal, his stamp and his signature to the Certificate of Incorporation, Memorandum & Articles of Association and

the CR6 & CR5 to signify their authenticity.

 

The PLC is also entered into the Company registry and becomes searchable in the Registrar’s database. This process takes 3 to 21

working days

 

 

Get in touch

Get your company registered in 3-15 days

Difference between Private Limited Company and Private Business Corporation i Zimbabwe

Difference between Private Limited Company and Private Business Corporation

When registering a business in Zimbabwe the first step is to figure out what type of business you would want to incorporate under. You have to decide between a Private Limited Company (Pvt Ltd) or a Private Business Corporation. It is important to understand the differences between a PBC (Private Business Corporation) and a Private Limited Company (Pvt Ltd) and the table below provides some information in this regard.

Private Business Corporation Private Limited Company
Mainly meant for small to medium businesses Mainly meant for medium to large businesses
Can accommodate sole traders Only accommodates 2 or more people
Has a legal persona of its own apart from its owners Has a legal persona of its own apart from its owners
Has perpetual succession Has perpetual succession
Can have a maximum of 20 directors Can have a maximum of 50 directors
Members are the same as shareholders or owners Shareholders are owners and can be different from the directors
Companies cannot be shareholders or hold a member’s interest in a PBC, only individuals can be members Both companies and individuals can be shareholders in a PLC
Comprised of members Comprised of directors and shareholders
Has an incorporation statement and bylaws Has a certificate, memorandum, articles, CR6 and CR14
Articles of association are not required Registered articles of association
Does not require annual return to be lodged Annual returns are compulsory
Has member’s contributions Has share capital
Has an accounting officer Has an auditor
Annual general meeting not required Annual general meeting is required
Members hold member’s interest Shareholders hold shares
Can purchase a member’s interest Can acquire its own shares under certain circumstances
Members are responsible for the day to day management of the PBC Directors are responsible for the day to day management of the company
No register of members is required Register of members is required
Offers limited liability to its owners Offers limited liability to its owners
No financial statements needed Audited financial statements
No prohibition on a PBC to provide financial assistance for the acquisition of a member’s interest Prohibition on a company to provide financial assistance for the acquisition of its own shares

Please note that we strongly advice you seek professional assistance before making your decision. Our business consultants look forward to assisting you in this regard. Simply contact us using this link

 

Open chat