Zambia is a landlocked country located in southern Africa. The country borders several other countries such as Tanzania, the Democratic Republic of Congo, Namibia, Botswana, Mozambique, Angola, and Malawi. This is a vast benefit to the country as it provides a wider bazaar for its products. The executive language spoken in Zambia is English. The country’s approximate population is about 19000000. While the economy of Zambia greatly relies on copper mining activities within the country. Similar to most nations, Zambia has numerous companies. This artifact focuses on the development of firm registration with its borders.
Companies in Zambia
According to the United Nations Statistics Division, Zambia has roughly 10500 registered businesses with the majority based in the capital city, Lusaka. Moreover, since the country’s economy is supported by copper mining, other existing profitable organizations are established along the copper belt zones. Even though most companies in Zimbabwe are owned by locals, a few numbers of them belong to foreigners. A clause contained in the Companies Act provides evidence for the latter.
Company registration in Zambia
The foremost aim of registration is to transform the sector from unofficial to formal entities. The phenomena greatly contribute to the expansion of the economy through directive processes of taxation of the firms. The company registry in Zambia is guided using the company’s act of 2017. Ministry concerned forms the office of the registrar of companies that oversees the listing of both local and foreign corporations. To incorporate a company, the following entities must be adhered to;
Establishment of the companies name
Establishment of the company’s name. At this juncture, it’s important to note that such a name should be unique and must not have been used by any existing firm. Registration of Businesses Names Act and the Patents of Companies Registration Agency Act set up an agency with the intention of clearing company names.
The signing of assertion of compliance
The signing of assertion of compliance also known as companies forms 11 by the administrator of oaths. This is a document that is signed by the owners of the company to illustrate that the organization at hand will comply with the policies and regulations governing business operations. Officers from patent and company registration agencies can also make appointments with investors at any time to ensure such compliance is met.
Acquiring an investment license
Acquiring an investment license. Such certificates are issued by the development agency of Zambia. A necessity for the issuance of the certificate is that the company must have raised a minimum of $250000. Business entity location must also be inspected to guarantee that the premises are used in line with the activities of the company. However, investors can either choose to have the credentials or not.
Obtaining a tax id number and applying for value-added tax
Obtaining a tax id number and applying for value-added tax. It is a mandatory requirement for companies that fabricate goods to register for value-added tax in compliance with Zambia Revenue Authority.
Registration for social safety
Registration for social safety. Investment operating premises might be inspected before the registration. Some of the elements that are measured in social security include protection of health and injuries to the employees. It also extends to the general good of the public. If a corporation has been proven to cause harm to the nation a certificate of registration of social safety measures will not be issued. Such registration intends to protect both employees and the public at large.
Opening a bank account
Opening a bank account. Promoters must open a bank account with a depository that operates within Zambia. However, for a foreign owner, foreign taxpayer identification must provide before creating a bank account. This is done to facilitate the payment of tariffs for investment opportunities.
A registration certificate is issued after the completion of all the application processes. At this point, the company is at liberty to commence its activities.
