Doing business in Mwanza I By foreigner

Question

In order to do a business in Tanzania, regardless of the nature of business, one need to form a business entity, either by registration of a Business Name or a Company, but in our case a form of a Limited liability company as per the Tanzania Companies Act No 2 of 2002. All business operating in Tanzania must register with Business Registration and Licensing Agency (BRELA) which is under the Ministry of Industry and Trade,

 One may opt to register a new company here or opt to use the same company registered in another Country (and obtain certificate of Compliance in Tanzania.

 

Registration of a New Local Company

You may opt to register a new company here in Tanzania, either with a different name or bearing the same name as a foreign Company with just addition of word “Tanzania Limited” The company registered in Tanzania will be recognized as a local company, however for some purposes if there is foreign shareholder, the company is considered as foreign.

The procedures are as follows;

·        Name search, and clearing of a proposed company name (Cleared at Brela) by the Registrar of Companies. Since you cannot register a company with name similar to an existing company or company with un-qualified name. The Registrar of companies must approve the usage of the proposed name.

·        Names and Particulars of Directors and Shareholders, and value of shares for each must be available

  • ·        Drafting of Company’s Constitution  (Memorandum and Articles of Association)
  • ·        Filing registration forms including directors, shareholders and company secretary particulars.
  • ·        Assessment for company’s registration fees
  • ·        Payment for registration fees through the Agency’s bank account.

 

  • Obtaining Certificate of Compliance

In alternative, instead of registering a new company, you may opt to use the same Company registered in another country, and obtain certificate of compliance here in Tanzania and hence start operating and doing business here. The requisite procedures are as follows;

 

  • ·        Submission of the certified copies of the certificate of registration of the company from the original country.
  • ·        Submission of the certified copies of the memorandum and articles of association of the Company.
  • ·        Names and Particulars of Directors and Shareholders, identify number and value of shares for each.
  • ·        Names and details of the local representative of the company in Tanzania.
  • ·        The intended office and address of the company
  • ·        Assessment for company’s registration fees
  • ·        Payment for registration fees through the Agency’s bank account.

 

OBTAINING A TAXI PAYER IDENTIFICATION

  • Ø After registering a company, it is always followed by obtaining a tax payer identification number for the company and share holders.
  • Ø In order to get the Taxi Payer Identification Number, at least a one of the shareholders of the Company must appear in person at the Tanzania Revenue Authority’s office for interview or use another person after granting power of attorney to him/her.

 

OBTAINING A BUSINESS LICENCE

  • Ø One can only get a business licence after registration of the company and getting a tax payer identification number.
  • Ø After getting a business licence, a company is said to be dully authorised to do business in Tanzania.

 

EXPECTED TIME OF COMPLETION OF MATTERS

  • Ø It may take sometimes after handling properly signed memorandum and articles of Association.
  • Ø For Tax Payer Identification Number and Business Licence, it can take a maximum of Three (3) days.
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mwanzacity 4 months 0 Answers 82 views 0

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