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Sunday, 4 August 2019

Requirements For Company Registration In Zimbabwe

Knowing what’s needed to register a business sets you up to start a successful business. Below are the requirements for company registration in Zimbabwe explored in detail.



1. Four (4) unique company names: Come up with at least four(4) unique company names for your business. The question to ask is “how unique is unique and why does it matter?”

Why unique business names during company registration? For your company name to be reserved by the Registrar of Companies, it is first checked against a list of already registered companies to assess its uniqueness.

Only business names which are not close or similar to registered or existing companies are the ones which are reserved.

If all the company names you submit are not unique, chances are to do the process over and over till you have something unique.

This might prolong the name search phase than expected.
Requirements For Company Registration In Zimbabwe
Avoid using abbreviations: When formulating business names avoid using abbreviations like XZY or TLZ trading.

These are not permitted. Come up with unique meaningful words instead. These can be French/Greek translations.
Importance of good business names: You should bear in mind that company names you choose today will have a significant impact when branding your business later. So do it wisely.

You can use a business name generator to have something more unique in a short space of time.

2. Company’s main objective: You need to specify the nature and type of business you are venturing into.

This can include mentioning a product/service you are offering.
Attributes of a good business objective - A good company core business should:
  • Be short and precise.
  • Be straight to the point.
  • Include every business activity you will be conducting.
  • Examples of good company objectives.
Case: Assume you are a cosmetologist who want to start a cosmetic store, offering consulting expertise to your clients and sponsoring recognized monthly cosmetics awards.

You can rephrase your objectives like this:
1. To provide Cosmetic Products, Awarding & Consulting Services
2. To offer Cosmetics, Consulting & Periodic Awards
Why Going for specific vrs general objectives?

Pros:
  • Investors knows no one business is good at everything. This makes your business seen as a master of that specific industry which gives you a nod over tender bids.
  • It become easy when branding e.g. Toyota is known for cars, Nash Paints for everything to do with painting.
  • Strategic partnership can be engaged to do with other things which are not your competencies.

Cons:
You will be limited to a specific industry and no other industry will your papers be applied except the one you specified.

Company objectives specials: If you are not sure which type of business you are venturing into you can place the General Trading prefix which suites any type of business.

A short and precise objective will make it easy for investors to read, understand and have a clear picture of what your business do.


3. Business physical and postal addresses: Providing the place of business operation for your startup company is a must.

If you don’t have any office as yet consider using your residential address temporarily or engaging virtual office services.

This will not impact any operations since more startups are operating from home setup with clients becoming aware of it.

Instead, focus on being reliable and dedicated on fulfilling your promises and surpassing customer’s expectations.


4. Director/Shareholder’s information: This is all the information relating directly to the company directors and shareholders
Personal information of directors

All director/member’s personal information should include their:
First name & last name
National I.D number
Residential address
Shareholding percentages: This is the percentage stack that each director/member owns in a newly formed company.

It is expressed as a percentage that must equal to hundred percent (100%) when summed up.


5. Appointment of Company Secretary for pvt limited company: Every Private Limited Company must have a dedicated secretary.

The duty of directors is to appoint a secretary.

6. Contact details. These are personal contacts of an individual who will be responsible for overseeing your company registration process.

Included should be your email address and your phone number so as to receive timely updates on the company registration progress.
To sum up: Having supplied all this information, your company registration process will be ready to kick off.

Only the registration fee payment will be left to officially begin the processing of your company documents.

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