Category Company registration

LP Gas business registration in Zimbabwe

LP Gas has played a critical role in today’s modern age. From cooking to refrigeration and from heating to cooling, LP gas has become an important part of today’s households. Here is a step by step guide on how to legally Register your LP Gas business.

Brief history about Liquified Petroleum Gas

LP gas, also known as liquefied petroleum gas or LPG, has a fascinating history that dates back to the early 20th century. The origins of LP gas can be traced back to the discovery and extraction of natural gas and petroleum. In the early 20th century, natural gas and petroleum were primarily used for lighting and heating purposes. However, the challenge emerged when it came to safely transporting and storing these gases.In 1910, Dr. Walter Snelling, an American chemist, made a significant breakthrough in the field of gas technology. He discovered that by compressing and cooling natural gas, it could be converted into a liquid state, occupying less space and making it easier to transport and store. Dr. Snelling coined the term “liquefied petroleum gas” or LPG.

Demand of LP Gas in Zimbabwe

The consumption of LP Gas in Zimbabwe had a steady rise from around 2013 when the country started facing electricity woes. In the same year, only 5million kgs of LP gas were consumed. According to the Herald Zimbabwe, the number shot to 65million in 2023 which is an impressive and sharp increase in demand. Without any inch of doubt, the LP gas business is very lucrative in Zimbabwe and one must venture into it.

Now that we’re over with the history of LP gas and how it has grown so much in popularity, let’s talk about how you can tap into this goldmine and formalise your gas retailing business in Zimbabwe.

Step 1: Registering Your LP Gas Business

To legally register your LP Gas business, the first step is to register your company. This ensures that you comply with all necessary regulations and requirements.

Here are the requirements to register your LP Gas business as a company in Zimbabwe:

  1. Five proposed names of your company in order of priority.
  2. The objective of your company [which is gas retailing in this case].
  3. Directors’ , shareholders and secretary’s details [ID card, physical address, and email address].
  4. Business Contact Details [business email and physical addresses]. If the business doesn’t have emails or physical addresses yet, you can make use of the emails and physical address for one of the directors. Contact City Cloud so that you get customised business email addresses like: [email protected] for just $3 per month.

 

Once your LP Gas is fully registered, you’ll receive the following documents:
  1. A certificate of incorporation.
  2. A copy of the Articles of Association.
  3. A copy of the Memorandum of Association.
  4. A copy of the CR 6 which is the list of directors and secretaries [formerly CR16]
  5. A copy of the CR 5 which shows the business’s contacts that is business email and physical address.

Please feel free to get in touch with us for company registration. Call or WhatsApp us: +263716196475

Obtain a Tax Clearance Certificate

The next step after registering your gas retailing business is to obtain a Tax Clearance Certificate for the business. This helps ensure that you are tax compliant with  Zimbabwean tax laws. We advise you to engage tax experts to help you with tax registrations and tax remittances. Engage us to help you get tax compliant always.

Step 2: Identifying a Suitable Location for Your LP Gas Business

Once you have completed the registration process, it’s time to identify a suitable open space or area where you can construct or erect your cage for the LP Gas business. This location is crucial for your operations and must meet the necessary safety standards.

Step 3: Engaging with Local Authorities for Approval and Permits

Visiting your local authorities, such as the City Council, Municipality, or Rural Local Board, is the next step. You will need to present your company registration and tax clearance documents and inform them of your intentions to start an LP Gas retail business. Additionally, you should provide details about the open space you have identified as your preferred site.

Step 4: Application and Inspection Process

The council will review your application and advise if the preferred site is reserved for future use. If not, you will be required to pay an application fee and submit your cage plan and an application letter for the site. Following this, you will need to pay a booking fee to the Fire Brigade for a pre-inspection to ensure the suitability of the area for gas retailing. Engage Leoned Construction on: +263 77 426 9458 for the building of your gas housing and get the gas tanks from T&C Gas.

Step 5: Obtaining Approvals and Compliance

If the Fire Brigade approves the site, you will receive an approval letter, which you will then present to the local authority. They will issue an offer letter for the site, and you will need to make the required payments. After this, you must approach the Environmental Management Agency (EMA) for another pre-inspection to assess any potential environmental and community damage caused by your operations.

Step 6: Construction and Compliance with Safety Standards

Once EMA approves your site, you can proceed with the construction or erection of your blast cage. It is essential to adhere to the prescribed measurements and requirements provided by the Standards Association of Zimbabwe (SAZ) or the Zimbabwe Energy Regulatory Authority (ZERA). The cage should include hazchem signage, fire extinguisher, and pumping equipment installation.

Step 7: Final Approval and Operating Licenses

Upon completing the construction of your cage, you will need to seek final approval from ZERA. They will evaluate your compliance, and you must score a compliant percentage of 75% or higher. It is crucial to obtain operating licenses from all relevant authorities, including the Council, Fire Brigade, EMA, and ZERA, before commencing your LP Gas business operations.

 

Where to get customers to supply gas?
  1. Tenders – the governement, government agencies, Non-Governmental organisations and corporates are one of the key consumers of liquidified petroleum gas. Check and respond to their tenders that are published in the government gazette and other online publications.
  2. Local Businesses: Approach restaurants, hotels, cafes, and other food establishments as they often require gas for cooking. Additionally, consider supplying gas to industrial companies, manufacturing plants, and commercial complexes that use gas for their operations.
  3. Residential Areas: Target residential areas with households that use gas for cooking or heating purposes. You can distribute flyers, advertise in local newspapers, or utilize online platforms to reach potential customers in these areas.
  4. Construction Sites: Contact construction companies and contractors who may require gas for temporary heating, welding, or other construction-related activities.
  5. Schools and Institutions: Schools, colleges, and universities often have gas requirements for their laboratories, kitchens, or other facilities. Approach these educational institutions and offer your gas supply services.

 

Additionally, here are some points to consider for your LP Gas business:

  1. Sourcing LP gas supply: You must identify reputable LP gas suppliers in your area to ensure a consistent and reliable source of supply for your business.
  2. Pricing your LP Gas: It is important that you do a thorough research about the market and determine competitive pricing for your LP Gas products. Consider factors such as production costs, transportation, and market demand while setting your prices.
  3. Digital Marketing for your LP gas business: Utilise digital marketing strategies to promote your LP Gas business. Establish a professional website, create social media profiles, and engage with potential customers through targeted advertisements and informative content.Hire a digital marketing agency like City Cloud.
  4. Online ordering and delivery: Provide the convenience of online ordering and delivery services to attract customers. Develop a user-friendly website or mobile app where customers can place orders and have LP Gas delivered to their doorstep. This will allow you to standout from competitors.
  5. Customer loyalty programs: Implement customer loyalty programs to incentivize repeat business. Offer discounts, rewards, or referral programs to encourage customers to choose your LP Gas business over competitors.

By following these steps and considering additional strategies for sourcing, pricing, and marketing your LP Gas business, you can establish a legally registered and successful venture in the industry.

The Importance of Company Registration in Zimbabwe: Benefits and Regulations

The Importance of Company Registration in Zimbabwe: Benefits and Regulations

Introduction

Starting a business is an exciting endeavor, but it requires careful planning and adherence to legal requirements. In Zimbabwe, one crucial step in establishing a business is company registration. This article explores the significance of company registration, the benefits it offers, and the regulations surrounding it. By understanding these aspects, aspiring entrepreneurs can ensure compliance, protect their business, and unlock numerous advantages. Let’s delve into the world of company registration in Zimbabwe.

Table of Contents

  1. Understanding Company Registration
  2. The Importance of Company Registration
  3. Benefits of Company Registration
    1. Legal Recognition and Protection
    2. Limited Liability
    3. Access to Funding and Credit
    4. Enhanced Business Opportunities
    5. Credibility and Brand Reputation
  4. Regulations for Company Registration
    1. Choosing a Company Name
    2. Types of Companies
    3. Documentation and Filing Requirements
    4. Share Capital and Shareholders
    5. Directors and Officers
    6. Tax Obligations
  5. Conclusion
  6. Frequently Asked Questions (FAQs)

Understanding Company Registration In Zimbabwe

Company registration refers to the formal process of legally establishing a company or business entity. It involves registering the company’s details with the appropriate government authority, usually the Companies and Intellectual Property Commission (CIPC) in Zimbabwe. This process grants the company a unique identity and confers various legal rights and obligations upon it.

The Importance of Company Registration In Zimbabwe

Company registration holds immense importance for businesses in Zimbabwe. It provides legal recognition and protection, safeguards the interests of stakeholders, and fosters a conducive business environment. Moreover, it enables entrepreneurs to access funding, enhances business opportunities, and establishes credibility in the market. Let’s explore these benefits in more detail.

Benefits of Company Registration In Zimbabwe

1. Legal Recognition and Protection

Registering a company offers legal recognition and protection to the business entity. It distinguishes the company as a separate legal entity from its owners and shareholders. This separation ensures that the company can enter into contracts, own assets, and incur liabilities in its own name. In the event of legal disputes or financial difficulties, the company’s owners are protected from personal liability, safeguarding their personal assets.

2. Limited Liability

One of the significant advantages of company registration is the concept of limited liability. By forming a company, shareholders’ liability becomes limited to their investment in the company’s shares. This means that if the company faces financial losses or legal obligations, the personal assets of shareholders are not at risk. Limited liability provides a safety net and encourages entrepreneurship by minimizing personal financial risks.

3. Access to Funding and Credit

Registered companies have better access to funding and credit facilities. Financial institutions and investors often prefer to deal with registered entities due to the legal protections they provide. Company registration enhances the company’s credibility and increases its chances of securing loans, investments, and business partnerships. This access to capital and credit empowers businesses to grow, expand their operations, and seize opportunities.

4. Enhanced Business Opportunities

Company registration opens doors to various business opportunities. It enables companies to participate in government tenders, contracts, and procurement processes. Many large corporations and government agencies prefer to engage with registered entities, creating a level playing field for businesses. Registration also enhances the company’s visibility, attracting potential customers, partners, and suppliers.

5. Credibility and Brand Reputation

Registering a company contributes to its credibility and brand reputation. Customers, suppliers, and other stakeholders perceive registered companies as more trustworthy and reliable. A registered company implies a commitment to comply with legal requirements, adhere to ethical practices, and maintain transparency. Building a strong brand reputation is crucial for long-term success and customer loyalty.

Regulations for Company Registration In Zimbabwe

To register a company in Zimbabwe, entrepreneurs must comply with specific regulations and procedures. These regulations ensure transparency, accountability, and the smooth functioning of businesses. Key considerations for company registration include:

1. Choosing a Company Name

Selecting a unique and appropriate company name is the initial step. The chosen name should comply with the guidelines outlined by the CIPC. It must not infringe upon existing trademarks or confuse consumers.

2. Types of Companies

Entrepreneurs must determine the most suitable type of company for their business. Common options include private companies, public companies, and non-profit organizations. Each type has distinct requirements and obligations.

3. Documentation and Filing Requirements

Applicants must prepare and submit specific documents, such as a Memorandum and Articles of Association. These documents outline the company’s constitution, its purpose, and the rights and responsibilities of shareholders.

4. Share Capital and Shareholders

Determining the company’s share capital and identifying shareholders are crucial steps. Share capital refers to the total value of shares issued, while shareholders are the individuals or entities that own these shares.

5. Directors and Officers

Companies must appoint directors and officers who will be responsible for managing the company’s affairs. Directors have fiduciary duties and legal obligations, ensuring compliance with laws and regulations.

6. Tax Obligations

Registered companies must fulfill their tax obligations by registering for relevant taxes, such as income tax, value-added tax (VAT), and payroll taxes. Compliance with tax regulations is essential for avoiding penalties and maintaining good standing.

 

Let us help you with Company Registration in Zimbabwe. Contact Us: +263716196475 | +263716196475

Company Registration In Zimbabwe

Company Registration In Zimbabwe

Frequently Asked Questions (FAQs)

  1. Is company registration mandatory in Zimbabwe?
    • Yes, company registration is mandatory for businesses operating in Zimbabwe. It provides legal recognition and protection.
  2. What are the benefits of limited liability for shareholders?
    • Limited liability shields shareholders’ personal assets from business-related liabilities, reducing financial risks.
  3. Can registered companies access government contracts in Zimbabwe?
    • Yes, registered companies have the opportunity to participate in government tenders, contracts, and procurement processes.
  4. What documents are required for company registration?
    • Documents such as the Memorandum  and Articles of Association are typically required for company registration.
  5. What tax obligations do registered companies have?
    • Registered companies must fulfill their tax obligations, including income tax, value-added tax (VAT), and payroll taxes, among others. Check more on the Zimbabwe Revenue Authority website. 

 

Conclusion

Company registration plays a pivotal role in the establishment and growth of businesses in Zimbabwe. By registering their companies, entrepreneurs gain legal recognition, protection, and limited liability. They also unlock numerous benefits, including access to funding, enhanced business opportunities, and credibility in the market. Adhering to the regulations ensures compliance and sets the foundation for long-term success. Embracing the process of company registration is a strategic move that empowers entrepreneurs to thrive in the vibrant business landscape of Zimbabwe.

 

Registering a Company in Zimbabwe – Updated 2024 guide

Introduction

Welcome to our comprehensive guide on registering a company in Zimbabwe. If you’re planning to start a business in this vibrant country, it’s crucial to understand the necessary steps and requirements involved in the registration process. This article serves as your ultimate checklist, ensuring that you don’t miss a thing when registering a company in Zimbabwe in 2024.

Choosing a Business Structure

Before proceeding with the registration process, it’s essential to determine the most suitable business structure for your venture. Zimbabwe offers various options, including sole proprietorships, partnerships, private limited companies, and public limited companies. Each structure has its own advantages and considerations, so it’s important to carefully assess your business goals, liability concerns, and growth plans before making a decision.

Reserved Company Name

Once you have decided on a business structure, the next step is to reserve a unique name for your company. The Companies and Other Business Entities Act of Zimbabwe stipulates that the proposed name must not be identical or similar to an existing company’s name. Check our detailed guide on Company name search in Zimbabwe. 

Registering a Company In Zimbabwe – The process.

Registering a company in Zimbabwe can seem like a daunting task, but it doesn’t have to be. The process can be broken down into a few simple steps. Firstly, the company name must be approved by the Registrar of Companies. Once the name is approved, the company’s memorandum and articles of association must be prepared and submitted to the Registrar.

 

Company Registration Prices in Zimbabwe

Company Registration Prices in Zimbabwe

Memorandum and Articles of Association

Drafting the Memorandum and Articles of Association is a crucial aspect of the registration process. The Memorandum outlines the company’s objectives, while the Articles of Association define its internal regulations and procedures. Seek professional assistance to ensure these documents are accurately prepared and comply with the legal requirements in Zimbabwe.

Share Capital and Shareholders

Determining the share capital and shareholders of your company is an important step. Share capital refers to the total value of shares issued by the company, while shareholders are individuals or entities who hold these shares. Consider the ownership structure, voting rights, and distribution of dividends when allocating shares to shareholders. It’s crucial to maintain detailed records of shareholders and their respective holdings.

Appointment of Directors and Company Secretary

In Zimbabwe, companies are required to have at least one director and a company secretary. Directors are responsible for managing the company’s affairs and making strategic decisions, while the company secretary ensures compliance with statutory obligations and handles administrative tasks. Ensure that the appointed individuals meet the eligibility criteria set by the Companies and Other Business Entities Act.

Tax Registration and Licensing

To operate legally in Zimbabwe, your company must register for tax purposes and obtain the necessary licenses and permits. Familiarize yourself with the tax laws and regulations to ensure compliance and avoid any potential penalties. It’s advisable to engage a qualified tax consultant who can guide you through the process and help you optimize your tax obligations. Let us help you manage your tax affairs. Contact us: +263716196475 | +263777069078

Employment Regulations

If your company plans to hire employees, it’s important to understand the employment regulations in Zimbabwe. Familiarize yourself with labour laws, minimum wage requirements, and employee benefits to ensure a smooth and compliant hiring process. Establish proper employment contracts and maintain accurate records of employee information.

Intellectual Property Protection

Protecting your intellectual property is crucial for the long-term success of your business. Registering trademarks, patents, and copyrights can safeguard your unique ideas, inventions, and creative works from unauthorized use. Consult with intellectual property professionals to navigate the registration process and ensure comprehensive protection for your assets.

Compliance and Reporting

Once your company is registered, you must adhere to ongoing compliance and reporting requirements. This includes filing annual returns, maintaining updated registers, and submitting financial statements to the relevant authorities. Failure to comply with these obligations can result in penalties or even the deregistration of your company. It’s wise to engage a consultant who manages your secretarial work : filing annual returns, maintaining updated registers, and submitting financial statements to the relevant authorities. Let us help you with all company secretarial work. Ring us on: +263716196475 | +263777069078

Conclusion

Congratulations! You’ve now familiarized yourself with the ultimate checklist for registering a company in Zimbabwe in 2024. By following these steps and ensuring compliance with the legal and regulatory frameworks, you’ll be on your way to establishing a successful business in this dynamic country. Remember, seeking professional advice and assistance throughout the registration process can significantly contribute to the smooth operation of your company.

 

SMEs in Zimbabwe: Unlocking Growth Opportunities in a Vibrant Economy

Introduction

Welcome to our comprehensive guide on small and medium-sized enterprises SMEs in Zimbabwe. In this article, we will explore the thriving SME sector in the country and discuss strategies to help your business outperform competitors and achieve top rankings on Google. By leveraging the unique opportunities available in Zimbabwe’s vibrant economy, you can propel your SME to new heights of success.

Understanding the SME Landscape in Zimbabwe

Zimbabwe, located in southern Africa, has a diverse and dynamic business environment, offering numerous opportunities for SMEs to flourish. The country has experienced significant economic growth in recent years, attracting both domestic and international investors. The entrepreneurial spirit is alive and thriving, with SMEs playing a vital role in driving innovation, creating employment, and contributing to the overall economic development of the nation. As on 2 June 2023, SMEs have contributed USD $8.2bn to GDP.

SMEs in Zimbabwe

SMEs in Zimbabwe

The Benefits of Operating  SMEs in Zimbabwe

1. Accessible Market

Zimbabwe boasts a sizable market with a population that is increasingly embracing the digital era. This presents SMEs with ample opportunities to reach and engage with potential customers. By implementing effective digital marketing strategies, such as search engine optimization (SEO) and targeted advertising, your SME can capture the attention of your target audience and drive organic traffic to your website.

2. Favorable Government Policies

The Zimbabwean government recognizes the importance of SMEs in stimulating economic growth and has implemented various policies to support their development. These policies include tax incentives, access to finance, and simplified business registration processes. By taking advantage of these initiatives, SMEs can reduce costs and streamline their operations, paving the way for long-term success.

3. Abundant Natural Resources

Zimbabwe is blessed with abundant natural resources, including minerals, agriculture, and tourism. These sectors provide ample opportunities for SMEs to thrive and contribute to the country’s economic diversification. By leveraging these resources and adopting sustainable practices, your SME can carve a niche for itself in the market and attract environmentally-conscious customers.

We help you register your SME in Zimbabwe, get in touch with us: +263716196475 | +263777069078. 

Register a company online today.

 

Strategies for Outranking SME Websites in Zimbabwe

Now that we have a solid understanding of the SME landscape in Zimbabwe, let’s delve into some actionable strategies that can help your website outrank other SMEs in the country:

1. Keyword Research and Optimization

Conduct thorough keyword research to identify the most relevant and high-volume keywords for your business niche. Incorporate these keywords strategically into your website’s content, meta tags, headings, and image alt text. By optimizing your website for targeted keywords, you can improve its visibility on search engine results pages (SERPs) and attract a steady stream of organic traffic.

2. High-Quality and Engaging Content

Craft compelling and informative content that resonates with your target audience. Focus on addressing their pain points, providing solutions, and delivering value. By consistently publishing high-quality blog articles, tutorials, case studies, and industry insights, you can position your SME as a thought leader in the market. Engaging content will not only attract visitors but also encourage them to stay on your website for longer, increasing the chances of conversion.

3. Mobile-Friendly Design

Given the increasing use of mobile devices for internet browsing, it is crucial to ensure that your website is mobile-friendly. Optimize your website’s design and layout to provide a seamless user experience across all devices. A responsive website that loads quickly and offers intuitive navigation will not only enhance user satisfaction but also improve your search engine rankings.

4. Backlink Building

Develop a robust backlink profile by acquiring high-quality and relevant backlinks from reputable websites. Collaborate with industry influencers, participate in guest blogging, and engage with your target audience through social media. Backlinks act as a vote of confidence for search engines, signaling the credibility and authority of your website. By earning authoritative backlinks, you can significantly enhance your website’s ranking potential.

5. Local SEO Optimization

For SMEs operating in Zimbabwe, optimizing for local search is crucial. Ensure that your website is listed on online directories, such as Google My Business, Bing Places, and local industry-specific directories. Consistency in your business information (name, address, and phone number) across all platforms will help search engines associate your SME with the local area, improving your visibility for location-based searches.

Conclusion

Congratulations! You now have a comprehensive understanding of SMEs in Zimbabwe and how to outrank other websites in the country’s competitive market. By implementing effective SEO strategies, producing valuable content, and leveraging the unique opportunities available in Zimbabwe, you can propel your SME to the top of Google’s search results and attract a steady stream of organic traffic. Hire a Digital Marketing Consultant in Zimbabwe that can help you with upscaling your digital marketing.

Remember, success in SEO requires consistent effort and continuous adaptation to changing trends. Stay updated with the latest SEO practices and refine your strategies accordingly. With determination, creativity, and a focus on delivering value to your audience, your SME can thrive and achieve long-term success in Zimbabwe’s vibrant business landscape.

How to Succeed as a Startup

Introduction

 

Let’s  talk about how to succeed as a startup. The most important thing, the number one lesson we try to teach startups is that the degree to which you’re successful, approximates the degree to which you build a product that is so good. People spontaneously tell their friends about it. Startups always ask us for the secret to success, they always want to believe it’s something other than this, because this is really hard to do. But this is it. If you can build a product that is so good, people spontaneously tell their friends about it, you have done 80% of the work that you need to be a really successful startup. If you think about the most successful companies, you know, Google, Facebook, whatever, you probably find out about them. Because a friend of yours said, you got to try this. It’s great. So this is the bar, something that people love so much they tell their friends about it.

Easy to understand

One important indicator for a product like that is a product that’s simple to explain, and easy to understand. If you can’t explain in a few words, what you do. And if people don’t if at least some people don’t say, Oh, that’s pretty interesting. That’s usually a mistake. It’s usually a sign of unclear thinking, or a need. That is not big enough.

Exponential growth in market

 Another thing that start-ups need to look for, is a market that is either started to undergo or is soon going to undergo exponential growth. For those who need to know the recipe on How to succeed as a startup, here is it… I think this is actually related to one of the biggest mistakes investors make when evaluating start-ups. Investors always say, What’s your growth rate? We care about the growth rate. Investors will forgive smallish revenue today, if it’s growing quickly. For some reason, people don’t think about markets this way. But if you think about the most important start-ups, they are the ones that  start in small markets that are growing very, very quickly. 11 years ago, the market for iPhone apps is $0. It’s not huge. And I think if you only think about the TAM, today, you’ll make a big mistake, what you really want to do is identify a market that’s going to grow every year, and be able to ride that up elevator.

Real trends verse fake trends

A really important thing to figure figuring this out, is learning how to differentiate between real trends and fake trends. A real trend is something that’s actually going to happen and the fake trend is not or at least not yet. And before you make a big bet on a new platform, you want to make sure it’s real. Now there’s an easy trick for this, which I’ll share. Now, real trends are ones where a new technology platform comes along. And the early adopters use it obsessively, and tell the friends how much they love it. A fake trend is one where people may buy the product, but don’t use it. Or at least not enough. So an example of a real trend. I already mentioned the iPhone, I mentioned that again. When the iPhone first came out, many people were dismissive because they only sold a million or 2 million that year. And they said, well, this just doesn’t matter. But for the people that had an iPhone, they used it for hours every day, it became central to their lives, they loved it, they told their friends, you got to get one. And I think it was obvious then to people paying attention that something had fundamentally shifted.  And it was a good time to bet on mobile apps. A fake trend, or at least a fake trend as of August 2018, I would say is Virtual Reality, I do believe Virtual Reality will be big someday. But today, most people that I know that own a Virtual Reality headset, use it never or very rarely. And  so although a lot of people talk about it, and maybe even a lot of people by them, there’s not the intense usage per user among the early adopters that I think you want to see before you make a big bet.

Evangelical founder

 Another thing that start-ups need to be successful is at least one evangelical founder, usually the CEO, someone at the start-up has got to be the person that is going to recruit, sell the product, talk to the press, raise money. And this requires someone who can infect with enthusiasm, the whole world about what the company is trying to do. And someone who becomes the chief evangelist for the company. It’s very hard to succeed wildly.

Ambitious vision

Without that it’s very hard to build a team at all without being able to do that. One thing that helps for this is having an ambitious vision. You never want to be grandiose that turns people off. But you want to let yourself grow more ambitious over time. And as long as you do that, organically, people will respond. Ambitious visions are exciting. They’re fun to work on. In fact, I think in 2018, at least in Silicon Valley, it’s easier to start a hard start-up than it is to start an easy start-up. Now, that sounds paradoxical. But ambitious projects are interesting.

You know, in the current environment, it may be relatively easy to raise capital, but it’s really hard to do everything else. There are so many start-ups, it’s so easy to start one, they all sound so promising, that that bringing together enough talent in one organization is really hard to do. And if you’re working on a problem that you know, maybe modestly successful, it’s   kind of easy to get the first few people to join. You can give them a lot of equity. But then it gets really hard. Why is employee 20 gonna join? Why is this? Why does this matter to the world? Why should someone work on your start-up versus any of the other things they could do? And picking something that matters, if you’re successful is a great way to do that. And so, I think it’s really important to think about when you’re starting a company, how is this going to evolve into a vision that a lot of people want to help with, that a lot of people want to be associated with, because I think getting talent and getting mindshare is really hard in the current environment. And people are interested in start-ups  that matters.

Confident and definite view of future

 Another thing that we’ve noticed among our best founders again and again and again, is that they are have a confident and definite view of the future, they may be wrong. And so we say it’s good to be confident and flexible. But this idea that you are confident and definite, this is what I think is going to happen, or this is what is going to happen. And being relatively sure of that having courage of your convictions, being a clear leader saying we’re going to do this. And that’s why even in the face of a lot of doubt, that seems to really correlate with success.

Team

I’m not going to talk too much about the team. There are a lot of obvious things I could say, that had been said many times, by many people about you know, you need smart people who want to work really hard and who communicate well, these are all really true. But I’d like to mention a few non obvious things that we’ve noticed that we don’t hear people say as much about the team you need to assemble. Vinod Khosla says that the team you build is the company you build. And I really think that’s true. I’ve still met only a handful of founders, I think that spend enough time on recruiting like Mark Zuckerberg is famously one of them. But building a great team, I think other than picking the right market, and building a great product is the most important thing you do. All founders go through a transition all successful founders, where you switch from building a product, to building a company. And building a company really is about the team.

Legality & Formalisation

Over and above, your start up success is determined by how well you’re set up in terms of legality. You have to be a registered company that abides to the laws of the country(ies) you’re operating in. Check the government website on how to register a company. If you need to register a company in Zimbabwe, get in touch with us via the contact us page or by simply sending our support team a message via WhatsApp: +263716196475

Competitive advantage

Another thing that we think start-ups need is a competitive advantage over time. Now, this is something that sounds so obvious, I hesitated to even put it in. This is well discussed. But we’re seeing more and more start-ups apply to Yc. And when we ask them, so what is the long term monopoly effect here? What is the long term competitive advantage? What is you know, where is the network effect in this business? They look at us like it’s the first time we’ve ever they’ve ever heard this question. All of the really great businesses I know, have an answer to this question. And in fact, the better they are, the more they pretend not to. But this is something that you want to have a plan for.

Sensible business model

Another thing you want to have a plan for is at least a sensible business model. You don’t have to have it all figured out at the beginning. But when we ask founders, so how are you ever going to make money? And they look at us like it’s the first time they’ve ever been asked that question, which happens more often than you would think recently. That’s a bad sign too.

How to start an ECD or Creche in Zimbabwe

How to start an ECD or Creche in Zimbabwe

Here is step by step guide in starting an ECD /Creche day – care center in Zimbabwe. 

If you like taking care of the young ones, you can make extra dollars by making use of your empty space at home by starting an ECD /Creche day – care center in Zimbabwe. A you expand, you can consider rented premises. When parents choose a daycare for their children, they look for a place that will enrich and keep their children safe during the day. While your daycare may have those qualities, without the right advertising and marketing, it will go overlooked.

ECD or Creche Students

ECD or Creche Students

You might try a few new strategies to catch the attention of parents and attract new clients to your daycare.

Register your ECD.

Check the registration requirements here…
It is mandatory to register an ECD .There are some requirements needed to register an ECD .These include but not limited to
1.Permission from Local authority to establish an ECD centre
2.Health certificate
3.Memorandum of understanding
4.Proposed names of the ECD centre
5.Physical address of the ECD centre
6.Area to be served by the ECD centre
7.Number of pupils to be enrolled on opening of age and ranges note : one teacher to 20 pupils
8. Name and qualification of teachers to employed
9.Medical certificates plus x-ray is a mandatory since you will be dealing with kids and health status of staff needs to be known
10.Floor plan and house plan
11.Title deeds or lease of agreement
12.Indoor play space area 1:2,25 square meters per child .Age appropriate furniture
13. Outdoor play space 1:5,5 square meters per child
14. Toilets closets 1:2
15.Wash basins

From the data we have gathered, the average startup cost for a daycare centre in Zimbabwe is $1000 to $2500.This can vary widely depending on whether you are opening a home-based daycare center or leasing a separate facility for your care centre .If don’t have $10000+in  bank  account  ,they don’t worry.

Ten tips to start an ECD or Creche in Zimbabwe and be successful :

1.Keep your environment safe and clean-Keep all doors secure .Ideally , have a code available only to parents and staff .Change it regularly.Ensure windows are securely fastened.All stairwells should be gated .Staff and children should wash hands throughout the day..This is especially true before meal times and after diapering /restroom use.Disinfect toys daily.Schedule a time so this task  is not forgotten  .Have a clear routines incase of emergency.
2.Make consistent policies- Clearly outline your policies to protect your business and address parent concerns.Maintaining a regularly updated  parent handbook can make your childcare center stand out  from others.Before enrolling , have parents review and agree to the policies listed in your handbook.Your can also add  your own unique policies .Consider addressing policies about ;hours of operation daily schedule
-displine
-food and nutrition
-sick-child
-feeding
-curriculum {[ more on this later}
-safety/cleanilises
-sleeping
-pick -up{who can pick-up the child ? how do you verify identity
-parent communication
-fees and payment
-immunisation
-program closing
-emergencies
3 Invest in training of your staff – babies and toddlers needs consistent , predictable care.For this reason , parents prefer childcare centers with low turnover.Invest training and resources in your staff.Treat them as respected ,appreciated professionals by ;recognizing and rewarding success and hard work
-providing support amd extra help when its neede
-holding a staff appreciation day/ week
-including staff in your vision goals ,  policies
-building relationship goals
4 Develop a curriculum – parents want to know that their children aren’t watching tv or sitting around all day.Young children need active play , stimulation , and learning .Think about programming and your daily schedule .
5. Communicate – to maintain and continue boosting enrollment , communication is key.Parents want to know what their child is up to throughout the day.Some daycare centers even have apps that allow them to share  information about meals, naps , and activities in real time.
Ten tips to manage a creche
1. Have clear policies and follow them-running successful daycares starts with having a clear set of policies .These policies need to apply to both children and parents .
2. Don’t take your friends and family kids- family and friends may expect special treatment regarding your policies .Avid this situation entirely and keep your business professional
3.Always ask for parental feedback-the most successful day care have  myriad of reviews  available on google
4.Have a social media presence – when you are  trying to look up local business information , what is one of the most common places you stop? Get assistance with professional social media management from City Cloud. Check their services here
5.Add value with unique services- look around at your fellow daycare providers to see what they offer .Various daycare centers may have their unique  take on the field.
6. Having a properly trained staff who believes in your vision-child care  businesses may be encouraged to save money by hiring staff that lack experience. However you run the gp of having an educational gap and safety exposures in this case.
7. Don’t forget to take a vacation-business owners who handle their own time typically forget that managing daycares can be an exhausting experience.
8.Simply the business side of things-many times  the business side of daycare can prevent owners from properly focusing.
9.Try to be flexible (within reason)-your parents will appreciate flexibility in their day cares , as some situations may prevent them from arriving on time.
10.Change upfront-while we hate to see it , there is always a chance for flaky parents  who won’t pay you.If they can get a month of free day care out of you straightforward for them to vanish

What’s stopping you from fulfilling your dreams and aspirations? Imagine being your own boss, being able to play an integral role in the development of your beloved country, empowering families and communities through your hard work. The decision is up to you. You have the power to make it happen. Contact us today and we’ll help you register your ECD or Creche business today!

Company Registration in Zimbabwe

What is Company Registration in Zimbabwe?

Company registration in Zimbabwe is the process of incorporating (registering) a business in Zimbabwe either as a Private Limited Company (PLC), Private Business Corporation (PLC) or any other business entity as stated in the Companies and Other Business Entities Act (Chapter 24:31). When a company is incorporated, the business becomes a separate legal entity; separate from its owners. The business becomes an individual ‘person’ in the eyes of the law. Essentially, this means that the company is completely separate from its owners in terms of finances, liabilities, contractual agreements, and ownership of property and assets.

Benefits of registering your own company

  1. Limited liability
  2. Legitimacy and brand awareness
  3. Easier to raise capital
  4. Supplier arrangements
  5. Low Tax Liability
  6. Business continuity

Our Company Registration in Zimbabwe service

Types of companies

They are quite a number of companies but the two most popular companies you can register in Zimbabwe are a Private Limited Company and a Private Business Corporation.

Private Limited Company (PLC)

A Private Limited Company is the most common company structure in Zimbabwe.Private limited company is a type of organisation you can set up to run your business.Company ownership is split into shares owned by shareholders.A company must pay corporation tax out of any profits and can then distribute the remaining profits among shareholders.
Private Limited Company requires at least 2 directors and a maximum of 50 directors and also limits the number of shareholders to 50.

Private Business Corporation

A Private Business Corporation is an alternative company structure to a private   limited company that is registered with the Companies registrar of companies in Zimbabwe- through the process of incorporation.

Requirements for company registration in Zimbabwe

There are 4 requirements when registering a company in Zimbabwe:
  1. Company name – should not be similar to an  already registered company, or which is so similar to any such name as to be likely to deceive, is likely to mislead the public, is blasphemous or indecent or likely to cause offence to any person or class of persons, suggests patronage of the Government or some other authority or organisation unless the consent thereof has been obtained, is undesirable for any other reason.
  2. Director’s information – Name(s) and surname as shown on government issued identity documents, national identity number/passport number, official address and former names. This information is shown on the CR 6.
  3. Shareholders information – name(s) and surname as shown on government issued identity documents and official address. This information is shown on the Memorandum and Articles of Association.
  4. Company objectives: These are the commercial activities the company is going to run the business. A company can have as many company objectives as they require. Sample objective can be farming, mining et..c.

Procedure for company registration in Zimbabwe

There are five important steps to the initial company registration procedure in Zimbabwe which include:

1.Name Search and reservation

With us,  you have to give us 5 proposed name and the one which is approved will be the name of the company. This can be done within 24 working hours with the approved name being reserved for up to 3 weeks from the application date. You can however further reserve the company name if it has expired.
2.Appointment of company directors
This is done through the CR 6 form  and is usually prepared by your consultant. A director should be above the legal age of 16 years, and at least one being ordinarily a resident of Zimbabwe. The individual must also not have been previously disqualified from acting as a director or bankrupt.
3.Appointment of company secretary(s)
This is also done through the CR 6 form .A company secretary should be above the legal age of 16 years, and ordinarily a resident of Zimbabwe. The individual must also not have been previously disqualified from acting as a company secretary.
4.Registering of company addresses
This is done through the CR 6 . The addresses should be a physical address which should be a Zimbabwean address, postal address and email address.
5.Company incorporation
The official company registration documents are submitted at the Companies Registry for incorporation. This is done only through a registered consultant, registered with the Deeds, Companies and Intellectual Property by (DCIP). After successful submission of the registration documents at the Companies Registry, the company is incorporated.

Documents you receive after registering a company in Zimbabwe.

The company documents you will receive will differ with the type of company you choose.
For a Private Business Corporation you will receive the following documents:
  • Certificate of incorporation – a legal document issued by the Registrar of Companies showing that your company has been approved
  • CR 28
For a Private Business Corporation you will receive the following documents:
  • Certificate of incorporation
  • CR 5 (Former CR 6) – List of company addresses
  • CR 6 (Former CR 14) – List of company directors
  • Memorandum of Association –  a legal statement signed by all initial shareholders or agreeing to form the company. It also shows the businesses objectives.
  • Articles of association – written rules about running the company agreed by shareholdeor guarantors, directors and the company secretary

Company registration prices in Zimbabwe

Our company registration prices .
  • Private limited company for $150
  • Private business corporation for $120
  • PRAZ for $120
  • Change of directors from $70
  • Tax clearance for $80
  • Name search for $10

Tax clearance

The law requires that a company registers with the Zimbabwe Revenue Authority (ZIMRA) within 30 days of starting to trade. Once you register, you will be issued a tax clearance.

Trade name registration

After registering your company, you may wish not trade with your official company name for different reasons. You can use an assumed name popularly known as a trade name. However, since the introduction of the Companies and Other Business Entities Act (Chapter 24:32) all trade should also be registered.

Our bank account opening service

Key authorities and legislation to be aware of:
The main corporate legislation in Zimbabwe is contained in the Companies and Other Business Entities Act (Chapter 24:31). The company should also be aware of the following local authorities when doing business in Zimbabwe.

Set up for success

Zimbabwe might be facing economic challenges but take note that Zimbabwe is one of the easiest countries to start up a business. Better still, it helps to work with a trusted partner that has in-depth knowledge of Zimbabwe’s regulations to help smooth flow of your company registration process whilst you focus on your business.

Talk to us

Company registration in Zimbabwe  can help you navigate all corporate secretarial hurdles. Whether you are registering a company in Zimbabwe or something else, Company Registration in Zimbabwe has a team of gurus with extensive local knowledge covering business establishment, corporate secretarial, tax compliance, advisory and other regulatory requirements.
How can we help you?
To discuss how Company Registration in Zimbabwe can help you with registering your company, call, WhatsApp, text or complete our contact form  and one of our experts will contact you.
Call
Mob: +263716196475
Mob: +263777069078

How to apply and win tenders in Zimbabwe this 2024

01


INTRODUCTION

How to apply and win tenders in Zimbabwe this 2024

Here is a step to step guide on how to apply and win tenders in Zimbabwe this 2024. This is what they will not teach you in college or any school of business. To apply and win tenders, just make sure: you have a registered company, a valid Tax Clearance Certificate, PRAZ certificate, NSSA certificate, a vendor number, a detailed company profile, signed recommendation letters and follow the few other tricks that we’ll layout in this guide. Applying and winning tenders is as easy as copy and paste.

What is a tender?

In the first place, you may wanna know what a tender is? In simple terms, a tender is a formal request by a certain company to get a specific supplier to carry out a specific task or deliver certain goods , at a stated place and within a specific time frame. Please take the word specific time frame religiously! Most companies do not win tenders simply because they do not state their delivery period. Go through this document so you can learn how to apply and win tenders in Zimbabwe.

How much can I get from a tender?

By no doubt, a tender means big money! Whilst there is no specific amount of how much you can earn from winning a tender, be guided accordingly by these minimum thresholds:

(i) Goods- USD 10 000 or equivalent at bank rate.

(ii) Services – USD 5 000 or equivalent at bank rate.

(iii) Works (such as renovations, construction) USD 20 000 or equivalent at bank rate.

This is in accordance with the Procurement Regulatory Authority of Zimbabwe (PRAZ). The amount you can get if you apply and win a tender differs. Some tenders may give you upto USD 100m. At some point, you can win a tender for supplying say stationery or toiletries for the whole year. Imagine supplying toiletries to Zimbabwe Electrical Supply Authority (ZESA) or supplying stationery to NetOne. Winning a tender means big money!

Where to get tenders?

Approximately, hundreds and hundreds of tenders are being flighted on the local press. Most of them are flighted in the Sunday Mail, Thursday Herald or Financial Gazette. Those willing to apply for government tenders, you can check the Government Gazette as well. Due to technological advancements, you can also get tenders from corporate websites, other tender-listing websites like: www.tendernoticeboard.co.zw or https://tendertube.co.zw/ etc. To check tenders on a company website, just type the name of the company + tenders. Example: Zinara Tenders or POSB tenders. Other companies are just putting a very short advert in the press and share a link to their website for full details.

POSB Tenders

02


STEPS TO WIN A TENDER

What are the steps in applying for a Tender?

To apply and win tenders, you have to:

(i) thoroughly read the tender and see if it’s applicable to your line of speciality. Some tenders maybe marked as domestic tenders and that means the tender is open to the residents of that specific region only. For example, Buhera Rural District council can flight a domestic tender that is limited to Manicaland Province companies only.

(ii) check if the tender is still valid and whether you can or cannot meet the delivery period. If you come across a tender with a tight deadline that you cannot meet, you better leave it. We however advise you to try all the possible means to increase your workforce, capital or any other economic resource in the short run so you can deliver.

03


INTRODUCTION

Documents required to apply and win tenders.

Here is a list of the documents that will be required when applying for a tender in 2024. Note that this list shares the common documents that are requested. At some point in time, there may be extra documents required or some documents we have listed below may not be required.

1. Company registration documents

These documents are a prerequisite when applying for a tender. They include Certificate of Incorporation, CR 5, CR 6, Memorandum and Articles of Association. Companies that were registered before February 2020 may show CR 6 and CR 14 instead of CR 5 and CR 6 respectively. Of you do not have Company Registration documents, please get in touch with us :+263716196475 | +263777069078. Check more about why you must register a company here… We advise you to make sure that all shareholders and directors’ details are upto date. Should you need any changes to your company registration documents, please get in touch as well.

2.Tax Clearance Certificate

This is another prerequisite when applying for tenders. A tax clearance certificate shows that you are paying your taxes to the government. If you don’t have a Tax Clearance Certificate, it means you will lose 30% of your earnings as Withholding tax by the government. Example, you wanna sign a deal of 100 000 but you do not have a Tax Clearance Certificate, it means you’ll lose $30 000. In most instances, you’ll lose the deal entirely of you do not have a tax clearance certificate. If you do not have a tax clearance certificate, please get in touch with us so we can process one for you. Remember to check our document on how to obtain a Tax Clearance Certificate in Zimbabwe…

3.Business bank account

This is where your funds will be deposited once you win the tender. At no point in time will a tender be awarded to a company without a bank account. Check out how you can open a corporate bank account in Zimbabwe here. Make sure you type the correct account number and branch codes when applying for a tender. Mistakes are costly. Do things right at the first time.

4. PRAZ Registration.

The Procurement Regulatory Authority of Zimbabwe (PRAZ) is the arm of the government that governs how tenders are flighted, selection process etc. When applying for government tenders, PRAZ Registration is a prerequisite. Register for PRAZ here…

5. Vendor Number

If you want to apply and win tenders from the government, you are obliged to have a vendor number. You maybe wondering what a vendor number is? It’s a unique code, usually 5-digits that you’re assigned by the Ministry of Treasury. It’s use of for you to get paid by the Ministry of Finance whenever you have supplied something to the ministry. We covered the vendor number application process on this blog.

6. Detailed company profile.

A detailed company profile helps you stand out from the crowd! Make sure you keep your Company profile updated to reflect the requirements of the specific tender.There is no one size fits all in business. What must be included in the company profile: Company name, physical address, phone numbers, email address, list if products and services on offer, key projects you have done, details of key personnel and their qualifications, payment details (bank account, branch code etc). Make sure you document whatever is necessary as per tender requirements. The art of winning tenders is by following instructions like you’re carrying arm orders. In case your company profile is not updated, get in touch with City Cloud Private Limited. They’re the best web and graphic designing agency we have dealt with so far.

7. Trade references.

From our experience, to apply and win tenders, you must have trade references that are signed and stamped. Trade references serve the purpose of making sure you have supplied the same items before. They help you become more authentic and increase your chances of winning the tender. Make sure the contacts on your trade references are reachable.

8.NSSA Certificate:

A NSSA Clearance Certificate is a certificate issued by the National Social Security Authority [NSSA] to registered employers liable for NSSA contributions, under any of the Acts administered by the National Social Security Authority. The certificate is issued upon request from employers whose contribution accounts are up-to-date or has made alternative debt settlement arrangement with NSSA.

 What are the benefits of NSSA Clearance Certificate?

NSSA Clearance Certificate is required when bidding for tenders.

It acts as an assurance that, the trading partner’s employees are adequately covered by social security schemes as enshrined under Section 12 of the Accident Prevention & Workers’ Compensation Scheme SI 68 of 1990.

A NSSA Clearance Certificate is a pre-requisite when applying for licences issued by local authorities.

Business counterparts have confidence in doing business with companies who are compliant to statutory obligations

What is required to obtain a NSSA Clearance Certificate?

The Employer’s account must be up-to-date in terms of contributions & premiums.

Employers with outstanding legacy debt, must make alternative debt settlement arrangement, approved by NSSA.

The Employer must furnish all statutory returns particularly P4 return or make satisfactory arrangements with NSSA for the furnishing of such returns.

Contact our team if you need assistance with NSSA Certificate: +263716196475 | +263777069078

9.Bid Security

It is also known as a bid bond. This is a refundable fee that you pay as a security. This is done to avoid suppliers who win tenders and fail to deliver.The bid security shall be payable through the below options:

First Option…………. A certified bank cheque; or

Second Option………A bank guarantee from a commercial bank;

Third Option…………A cash deposit to the Procurement Regulatory Authority of Zimbabwe (PRAZ) – If the third option is chosen, bidders must also submit proof of payment of non-refundable Bid Bond Establishment fees in terms of the section 90 part IV of the S. I 5 of 2018. The amount payable to PRAZ as non- refundable cash bid bond establishment differs. Any bid not accompanied by a Bid Security where this is a requirement of bidding, will be rejected by

the Procuring Entity as non-responsive.

10.Declaration of corrupt practises.

Most companies now require you to declare that you have not been involved in any corrupt activities and you’ll not even do so. A sample of a declaration of corrupt activities takes this form:

We at [your company name] do hereby declare that we do not egage in any corrupt activities.

Signed: [Company secretary or any other signatory]

Please note that most companies take the declaration of corrupt activities seriously and failure to declare that you’re corrupt means automatic disqualification. Make it a habit to include this even if it’s not mandatory.

The Government of Zimbabwe requires that Procuring Entities, as well as Bidders and Contractors,

observe the highest standard of ethics during the procurement and execution of contracts. In pursuit

of this policy: the Procuring Entity will reject a recommendation for award if it determines that the Bidder

recommended for award has, directly or through an agent, engaged in corrupt, fraudulent,

collusive or coercive practices in competing for the Contract or been declared ineligible to be

awarded a procurement contract under section 99 of the Act;the Authority may under section 72 (6) of the Act impose the sanctions under section 74 (1) of the Regulations; and any conflict of interest on the part of the Bidder must be declared.

Tender application checklist

Inorder to apply and win tenders, have a checklist so you will not ommit important items. Here is a checklist you can ammend to fit yours:

  1. Company Registration documents.
  2. Tax Clearance Certificate.
  3. PRAZ Registration
  4. NSSA Registration
  5. Vendor Number
  6. Check if you have FULLY signed the Bid Submission Sheet.
  7. Check if you have attached Proof of Payment for a Bid Security Fee.
  8. State bid validity and delivery period.
  9. Recommendation Letters.
  10. Any proof of being a member of a certain professional body.
  11. Detailed Company Profile.
  12. Declaration of corrupt practises.
  13. Business bank account.

Tenders are an opportunity for your company to showcase itself and to demonstrate that you have what it takes to be considered as a potential supplier. It is not easy to win a tender. However, with proper preparation, you can increase your chances of winning.

One of the main reasons why companies lose tenders is that they do not always meet the requirements set out by the client. To make sure that you get shortlisted for the next round, it is important that you understand what the client is looking for. This will help you to complete your proposal in a way that addresses the client’s needs and demonstrates how your company can meet their requirements.

This guide has given you all the steps of writing a successful tender application in 2024 and give you practical tips on how to write a winning proposal.We wish you all the best in your business.

Our contact details: +263716196475 |+263777069078 | [email protected]

How to open a company bank account with FBC bank

01


INTRODUCTION

How to open a company bank account with FBC

Here are the requirements to open a company bank account with FBC.

*Certificate Of incorporation

*Memorandum and Articles of Association

*CR6 form

* CR 14 / CrR5 form 

*Director’s and signatories document*

*Copy of ID / valid passport

* Proof of residence in your name / letter from employer utility bill ZESA ( must be within the last 3 months

* Passport photos x 2

* Constitution( for cooperatives /societies groups n clubs

*Registration certificates ( for cooperative)

*Resolution to open

* Tax Clearance certificates Zimra ( we will give you a bank advice note)

* $20000( corporates) intial deposit $10000 minimum balance $8500

* Service fee $2000 per month

 *All directors are need when signing

The requirements to open a company bank account with FBC are almost the same with opening a company account with the other banks. The only difference lies in that FBC requires a constitution for Cooperatives.

Remember, opening a company bank account is one of the crucial step in formalising your business. Why not get the assistance of qualified professionals to prepare all the required documents for you?

Call or WhatsApp us: +263716196475 | +263777069078 | [email protected]

How to open a Company bank account with First Capital bank

01


INTRODUCTION

How to open a corporate or company bank account with First Capital bank

Here are requirements to open a company bank account with First Capital Bank

1. Certificate of incorporation – bearing the registrar of companies

2. Memorandum and articles of association –registrar stamp on both copies

3. Company registered address document for registrar-registrar ‘s stamp

4. List of company directors from registrar-must bear the registrar’s stamp –names to agree with

identification documents

5. For a company registered after 15 February 2020 a beneficial ownership declaration form (cr16)

6. current tax clearance certificate from the tax authority

7. identity documents ( valid passport , national id card , driver’s licence) and proof of residential

address( utility bill less than 3 months old ) of all signatories.

8. Identity documents ( valid passport , national id card , driver’s licence ) and proof of a

residential address ( utility bills less than 3 months old ) for all executive directors. For non –

executive directors provide date of birth, place of birth , id number and residential address

9. Identity documents and proof of residence for shareholders with 10% shareholding and above

(i)if corporate body, provide registration number , registered address, registered name and date

of registration (ii) if individual provide ,passport , or id or driver’s licence and residential

address confirmation.

10. Fully completed application form

11. Appointment of bankers

12. Shareholders organogram showing ultimate beneficiary owners – management structure

13. Latest financial statements – #12 months projections ( cash flow statement ,balance sheet and

income statement

14. Company profile

15. Their email address [email protected]

Kindly take note that for item #6, Current Tax Clearance Certificate, you have to use a bank advice note which we can issue to you for USD 20. Contact us: +263716196475 or +263777069078 , email address is [email protected] . For assistance with any other documents and bank account opening, please do not hesitate to contact us.