Citizens, non-natives, and other people are all free to register their businesses in Tanzania and engage in income-generating actions. Still, business enrollment in Tanzania involves various entities and it takes nearly seven to fourteen working days. Entrepreneurs and investors who wish to establish businesses in Tanzania are advised to seek professional advice and discussion from attorneys and other affiliated experts since they offer the best regarding accurate description of the compass of business that gives enormous benefits.
The methods of registering a company in Tanzania
Determine the variety of business for your company
This requires you to pick a legal entity type you would like to have your business as. In Tanzania, you can have your business registered as a sole proprietorship, private companies, public companies, foreign branches, Parastatal or state-owned companies, or branch or representative offices.
Register the business name
The licensing agency and business registration have been mandated the power of registering a business. The proposed business name must be unique and not exist by any other business in Tanzania.
Submit the needed documents
Organize the Memorandum and Articles of Association, fill out form 14A, and give details regarding office positions, company directors, and the clerk. Also, submit the forms (form 14A) and other necessary documents to BRELA. Processing of the below documents and forms takes roughly two days, and also the agency issues a document of incorporation.
Get notarization of compliance
The incorporator has to visit a notary for notarization of the declaration of compliance to get a signed declaration of compliance.
Apply for a document of incorporation
Applying for a document of incorporation is done at the Tanzania investment center. The clerk or the incorporator must submit the following documents to the register of companies. The documents include the first directors and clerk and the intended situation of the listed office and a declaration of compliance with the operation for the company’s enrollment.
Draft Memorandum and Articles of Association
Prepare the memorandum and articles of association. The memorandum of association is a detailed statement of objects of the company, while the articles of association are clear statements of operation structure and processes.
Register with the Tax Authority
Get a Taxpayer Identification Number for your company. The Tanzania Revenue Authority issues a TIN. Once you get a TIN, the Tanzania Revenue Authority will open a tax duty train for your business, and you’ll be needed to fill out the tax duty return form.
Getting a business license
Once you have a business license, you’re free to begin your business in Tanzania. The kind of business license you acquire depends on the nature of your business and the nature of actions your business is involved in. Business licenses can be obtained from the Ministry of Industry, trade, and investment or the near External council in the place (regional government authorities) in which your business would be operating. Companies for example oil and gas, food and beverages, manufacturing, and consultancy must apply for special licenses and permits. The license is issued by MIT or the LGAs relating to the nature of the business. While applying for the license, you must submit these details along with the operation. The documents include documents of incorporation, evidence of suitable company premises, memorandum and articles of association, TIN, and evidence of Tanzanian citizenship.
Complete your Value Added tax duty enrollment
Applying for VAT can be done at Tanzania Revenue Authority. It is mandatory for businesses that intend to have original capital of 50 million in the first six months and 100 million in a year. Thus, it would be better to visit the Tanzanian profit authority office to get the needed papers for enrollment. VAT is for all businesses except those that offer professional skilled services. You conduct VAT enrollment through the Tanzania Revenue Authority.
Register for workmen’s compensation insurance
Employers must complete the workmen’s compensation tariff offer to register for workmen’s compensation. This can be done at the workers’ compensation fund and Tanzania insurance nonsupervisory authority.
Acquire social security enrollment
Getting social security enrollment numbers is for all obligatory security schemes. The law provides the mandatory schemes and is guaranteed by the government to give workers social security services.
Enroll with the occupational safety and health authority
Possessors of companies complete the operation form and give company enrollment documents. Operation documents needed include the name of occupier, address, nature of work, and the total number of workers. In addition, the Occupational Safety and Health Authority officers must visit the plant for examination and health safety before your operation.
