Company Formation in Tanzania – SK Patodia

ADVANTAGES OF COMPANY FORMATION IN TANZANIA

The Republic of Tanzania is a sovereign state located in Eastern Africa. It is closely connected to major African countries and borders Mozambique, Kenya, Malawi, Uganda, Zambia, Congo, Rwanda and Burundi. Setting up a business in Tanzania is a viable option for entrepreneurs looking to expand their business in the manufacturing, tourism, agricultural and import sector. With a population of approximately 57 million, it offers one of the biggest markets in Africa. Following are the advantages of company registration in Tanzania.

  • It is the second largest economy in Eastern Africa.

  • As one of the most prominent developing countries of Africa, it offers excellent market opportunities in tourism, import, manufacturing and agribusiness.

  • A pro-business government that facilitates the provision of various incentives for both local as well as foreign investors.

  • As opposed to its neighbours, it offers a comparably stable climate that is conducive to a prosperous business environment.

  • It offers the easy availability of skilled and semi-skilled work personnel.

  • It enjoys low transportation costs by facilitating the conveyance of goods through water for other landlocked countries.

  • Businesses in Tanzania’s SEZs are exempt from corporate and withholding tax for a period of ten years.

  • It has Bilateral Investment Treaties with approximately 19 countries.

REQUIREMENT TO OPEN A COMPANY

BASIC REQUIREMENTS

  • Minimum 2 shareholder (Individual/ Corporate Entity).
  • Minimum 2 director.
  • A director or shareholder can be the same or different person of any nationality However, it is advisable to appoint a Local Representative.
  • 100% local or foreign shareholding allowed.
  • There is no minimum share capital required but it is advisable to have a capital of TZS 100,000,000 for a company consisting of Foreign Shareholders.
  • A local registered office address is mandatory.
  • The Director/ Representative of the company need to visit Tanzania for the bank account opening process.

DOCUMENTS REQUIRED

Individual Shareholder:

  • Application forms duly signed by the authorized signatory.
  • Passport Copy of the UBOs/ Shareholders/ Directors.
  • Copy of National Identity Card/Aadhar Card of the UBOs/ Shareholders/ Directors.
  • Most Recent Utility Bill/ credit card statement/ bank statement with name and residential address of the UBOs/ Shareholders/ Directors.
  • Curriculum Vitae (CV) /Profile of the UBOs/ Shareholders/ Directors.

Corporate Shareholder:

  • Applications forms duly signed by the authorized signatory.
  • Certificate of Incorporation of the corporate shareholder (mother company).
  • Memorandum & Articles of Association of the mother company.
  • Board Resolution detailing the formation of the branch or the subsidiary nominating an authorized manager.
  • Passport Copy of the UBOs/ Shareholders/ Directors.
  • Copy of National Identity Card/Aadhar Card of the UBOs/ Shareholders/ Directors.
  • Most Recent Utility Bill/ credit card statement/ bank statement with name and residential address of the UBOs/ Shareholders/ Directors.
  • Curriculum Vitae (CV) /Profile of the UBOs/ Shareholders/ Directors.

OUR SERVICES

Incorporation Services:

  • Company Formation.
  • Provision for the Local Registered Office Address in Tanzania for the 1st Year.
  • Tax Registration.
  • Assistance in the Corporate Bank Account Opening Process.

Other Maintenance & Compliance Services:

  • Renewal for the Local Registered Office Address in Tanzania Annually.
  • Accounting (depending on the volume).
  • Drafting of the financial statements Statutory Audit (depends on volume and complexity).
  • Corporate tax filing (depends on complexity).

TIME PERIOD

The entire process of formation of a company in Tanzania is estimated to be completed in approximately 4-5 Weeks.
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