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Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Tanzania
Tapping Into the Untapped Opportunity in the African Continent
Register a company in Tanzania. That sounds like a good idea, to scale and expand your business abroad. But why Tanzania?
A beautiful country located in East Africa, Tanzania is blessed in many ways. Rich in natural resources and renowned for its tourism (and perhaps Mount Kilimanjaro, the highest peak in Africa), here’s another reason why Tanzania beckons investors. The business opportunities. The demand for services to register a company in Tanzania has increased over the years. With the plethora of opportunities and benefits, it’s not surprising.
This peaceful, beautiful country has a lot to offer to the investor who is willing to take a chance. With the readily available skilled and semi-skilled workforce, let’s look as some of the benefits you stand to gain and why you should consider Tanzania.
Why Setup Business in Tanzania? The Benefits You Gain
With no requirement when it comes to paid-up capital, it’s easy for anyone to start a business in Tanzania. The issuance of two shares which are worth USD$1 each is enough to get you started. You only need two directors and two shareholders to kick-start the process. The best part? Both the directors and shareholders you appoint can be foreign nationals.
Low operating costs and fiscal incentives offered by the Government are other reasons why investors want to register a company in Tanzania. The incentives offered in the Special Economic Zones (SEZ) in the country are too good to ignore, such as the 10-year exemption on withholding taxes and corporate taxes or the 100% exemption on VAT for utilities.
Agriculture, manufacturing, tourism and imports are some of Tanzania’s strongest sectors. It is in these sectors that the biggest opportunities await, once you’ve registered a company in Tanzania. As the 11th country with the lowest consumer cost index, doing business in Tanzania is very affordable. For an investor, this is good news since it’s all about the numbers.
Like a lot of other countries, Tanzania has several entity options to choose from. These include:
- Sole proprietorship
- Non-governmental organisations
- Co-operative societies and societies
- Limited liability company
- A company limited by guarantee
Your chosen business entity will depend on the nature of your business. As a foreign business looking to register a company in Tanzania, you will need to provide:
- Certified copy of your Memorandum and Articles of Association
- Personal particulars of the company’s director (all directors) and company secretary
- A complete list of all the company’s directors
- Full address registered under the company
- A copy of your recent accounting statements
Need Help? We’ve Got You Covered
Don’t let the worry of starting a new business in a foreign country hold you back from scaling your business. With 3E Accounting’s incredible range of comprehensive, all-in-one services, you don’t have to worry. The move to register a company in Tanzania is going to be the best decision you’ll ever make. Why? Because we’ll help you make it so.
For more information or help regarding company incorporation, contact the 3E Accounting team today.