The Quick Guide to Getting An Investment Licence in Zimbabwe
All new foreign investments in Zimbabwe require an Investment License issued by the Zimbabwe Investment Authority (ZIA).
The requirements are –
1. A completed Form ZIA 1;
2. Application fee of US$500;
3. The Certificate of Incorporation/Registration for the joint venture company;
4. The official list of shareholders and/or directors of the joint venture company;
5. A business plan or feasibility study of the joint venture;
6. Proof of finance for the joint venture (the evidence of project finance may be provided in either bank statements, a confirmation letter from a bank, confirmed bank loans, other confirmed credit facilities and or equipment/machinery);
7. Brief resumes/CVs for shareholders and/or directors of the joint venture company and copies of identification documents (national ID for Zimbabweans and passport and visa/residence permit for foreigners);
8. A license fee of US$2,500 upon approval;
9. Applicable licences or permits from a relevant Regulatory Authority.
Once an Investment Licence is granted, such licence must be renewed at least three (3) months before the date of its expiry.
It bears noting that the Ministry of Youth Development, Indigenisation and Economic Empowerment has set up an office at the Zimbabwe Investment Centre in order to enable investors and their local partners to submit applications for indigenisation approval and for Investment Licenses at the same time and at the same place.
This whole process of approval of special dispensation and granting of Investment License is set to take about two (2) weeks. It appears that once the special dispensation has been granted by the Ministry of Youth Development, Indigenisation and Economic Empowerment, the Investment License is almost automatically granted as well.
This article has been written for informational purposes only and is not intended to be legal advice. For expert advice, contact our Corporate Advisory team.