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GLOBAL INFO

Zimbabwe

COUNTRY:

ZIMBABWE

QUESTION:

ANSWER:

1.      What are the main types of companies in your country?

·       Private company limited by shares;

·       Private company limited by guarantee;

·       Public limited company and

·       Private unlimited company (Corporation)

2.      Which is the most preferred type of company by foreign investors?

 

·       Private company limited by shares (Pvt) Ltd

 

3.      What are the basic capital requirements of this company? (minimum amounts, types of capital, deadline of capital contribution)

 

-        Registering a company with a share capital of up to $2 000.00.  The amount payable to the Registrar of Deeds will be $140.00.  If Share Capital is above $2 000.00 the amount payable to the Registrar of Companies will be 5% of the difference.

-        The capital may be contributed by among others subscribers for shares and it are referred to variously as nominal or authorised share capital.

-        Act requires such a company to state the amount of share capital which the company proposes to be registered with and the division of that share capital into shares of fixed amounts.

-        The nominal share capital and share value are fixed arbitrarily.

 

4.      What are the basic rules of shareholders liability for company debts in this company?

 

-        As a general rule, Shareholders are not liable for debts incurred by the company

5.      What are the basic management requirements for this company? (only natural persons, or nationals can be managers etc.)

Infants, lunatics, aliens or directors of other companies may be disqualified by the articles but where they are not silent are not disqualified.

6.      How long does the registration procedure of this company take?

 

-        The process takes fourteen (14) working days, although in urgent situations, one can purchase a pre-registered shelf company then amend the details of the company at a later stage.

7.      What are the main costs of formation of this company in local currency?

 

-        Name search $5,

-        Articles and Memorandum of Association $100 or part thereof of the nominal/authorized capital of the company with a minimum fee of US$100.00

-        CR14 $20

-        Certificate of incorporation $20

 

8.      What is the average attorney’s fee of the formation of this company in local currency?

 

-        US$400.00

9.      What are the basic publicity requirements of this company (filing of company changes, financial reports, etc.)

-        The Registrar of Deeds must be advised on any changes

-        The company has to register with the Zimbabwe Revenue Authority (ZIMRA);

-        National Social Security Authority

-        Manpower Development Fund

-        City Health Department

-        Newspaper

-        Licensing Office with Local Authority

 

10.   What are the main auditor requirements?

-        Auditor position is not mandatory where such company has no more than 10 members,

-        Is not a subsidiary of a holding company which has itself  appointed auditors and

-        All the members in such company agree that an auditor shall not be appointed.