Different companies/projects registered under the aegis of the company may have different names. When registering in Tanzania, a branch has the same powers as if it were a company registered in the country and is therefore subject to national legislation. According to the Tanzanian Companies Act No. 12 of 2002, the establishment of a company in Tanzania involves sending an application to BRELA, in particular to the Office of the Registrar of Companies. With this application, you will receive a certificate of incorporation. Only then will your business be considered a local business. Booking the company name can take up to 30 days and can be extended for a similar period. The associated costs are TZS 50,000 per name submitted for reservation. Before starting a local business in Tanzania, you should, among other things; have considered the names of persons who may impersonate the first directors of the Company, the names of at least two shareholders, the total authorized capital, the initial allocation of shares, consideration of the local content of your company and three potential options for the name of the company, as your first choice name may not be available. As a foreign investor, you have the option to register your new business as a local company or limited liability company (LLC).
In case of approval, BRELA offers your company in Tanzania a certificate of conformity. Please do well to resolve the following issues before submitting your application. Your company must have at least one local representative, preferably a Tanzanian. You should have a memorandum and regulations translated. Unlike an LLC, a public company is not prevented from transferring its shares and has the right to invite the public to subscribe for shares of the company. To reserve a company name, a fee of 50,000 TZS is due. First step: Ask the BRELA AGENCY for the name of the company. According to the data on BRELA`s website, you should expect to pay around TSHS 300,000 if you register as a company without registered capital, and around TSHS 66,000 for the registration fee for your application.
– the company needs help to comply with taxes, employment, immigration and payroll in Tanzania Each applicant must submit an application to the agency with at least 3 or more suggested names for the company, and the company registrar only approves 1 of the proposed names. In addition, there are no restrictions on the maximum number of members of the corporation, while at least seven members are required. Prepare the Memorandum and Articles of Association (MAA) and complete Form 14A, which includes detailed information about the location of the office, the directors and the secretary of the company. Send Form 14A to BRELA. This will be processed (it takes about 2 days), and if everything is in order, BRELA will issue a certificate of incorporation. Depending on the type of business you are starting, you can submit your business license application to the Ministry of Commerce and Industry or the municipal trade office. The type of business license you receive also depends on your company`s planned operations. Register your company name with the Business Registration and Licensing Agency (BRELA). Note that the proposed name must be unique and not identical to the existing registered company in Tanzania. Fees: Registration fees vary depending on the nominal share capital of the respective company and in particular: – the company wishes to establish an office quickly You will need to apply to the Tanzania Revenue Authority (TRA) for a Tax Identification Number (TIN) once you have registered your business, whether as a local or foreign company in Tanzania; Shield GEO offers a comprehensive service in Tanzania that allows companies to deploy their employees quickly and with reasonable and clearly defined costs and deadlines.
The Company contracts directly with Shield to hire and pay its employees on their behalf in Tanzania. To obtain this approval, you must send an application for registration of a foreign company to the Registrar of Companies of BRELA. In case of approval, BRELA offers your company in Tanzania a certificate of conformity. When starting a business, you need to consider these factors: if the company intends to have employees in Tanzania, it should also decide whether to manage this job internally or use a global employment organization for payroll and job responsibility. The company is not deemed to have a place of business in Tanzania simply because it operates through an agent in Tanzania at the agent`s establishment. The limited liability company is required to complete the TIN application forms as follows: – the company wants to limit its initial exposure to Tanzania – the company wants to operate within a defined budget Shield GEO then becomes a registered employer. Shield GEO assumes legal responsibility for these employees, sponsors them with work permits, adheres to local employment law, and makes their monthly payroll. Using Shield GEO is the fastest and most cost-effective way to deploy local and foreign workers to Tanzania. Learn more about outsourced employment through Shield GEO.
In order to be able to open this branch of a foreign company, an application for registration of a foreign company in the Commercial Register of BRELA must be submitted. If the Registrar approves the application, a certificate of compliance will be issued to the foreign company`s branch in Tanzania. Your business could be considered non-compliant if your business does not file tax returns every two six months of each revenue year. And on how to register a foreign company in Tanzania. Suppose you already have a registered business and you do not intend to register as a local business in Tanzania, but want to have a business existence there (a branch). In this case, you can apply to be registered as a foreign company. A foreign company is allowed to establish a representative office/branch by registering a place of business established in the country. Your business plan could include your preferred location to start your business. Since you are here to read this, I hope you have chosen Tanzania. If so, it`s a great decision you`ve made because Tanzania is a great market to invest in.
There are so many business opportunities in Tanzania that offer excellent prospects for citizens and foreigners alike.