Online company registration allows individuals and businesses to register a company through electronic means, streamlining the registration process. The following is a step-by-step guide for company registration in Tanzania.
Now, let’s explore the procedure for company registration in Tanzania:
1. Selecting a Business Name
Choose a distinct and memorable name for your company that is in line with your business activities. It is important to confirm that the name is not already registered or too similar to existing companies.
2. Drafting the Company’s Memorandum and Articles of Association
Prepare the Memorandum and Articles of Association, which outline the internal operations and regulations of your company. This document includes important details such as the company’s objectives, share capital, management structure, and shareholder rights. Seeking legal assistance is recommended to ensure compliance with Tanzanian company law.
3. Filling Out the Registration Forms
Obtain the necessary registration forms from the Business Registration and Licensing Agency (BRELA) or access them online. Fill out the forms accurately, providing all the required information, including the company name, registered office address, director details, and shareholder information.
4. Paying the Applicable Fees
Calculate the registration fees based on your company’s authorized share capital and make the payment at the designated bank. The fee structure varies depending on the type and size of the company. Ensure that you receive a receipt as evidence of payment.
5. Submitting the Application
Submit the completed forms, Memorandum and Articles of Association, and proof of payment to BRELA. The registration process will begin once your application is received. It is advisable to submit the application through your personal online registration system account (ors account) or through a reliable representative to ensure that all documents are properly received and processed. For better understanding feel free to contact us today!
Fees required to Register a Company in Tanzania
The Cost of company registration in Tanzania consists of fees for registration, consulting fees (if you choose to involve a consultant like Alin Law Care), fees for notarization, and any other costs associated with preparing and submitting documents. The overall expenses will vary based on the authorized share capital and the particular requirements of your company.
Documents/ Particulars required for company registration in Tanzania
- At least 3 proposed Company Names
- Proposed Business Location, this is a company office address and it is mandatory. If it is not yet arranged, we do offer a virtual office for registration purposes only at agreed rates.
- Physical Address, Phone number, Email Address of the shareholders and directors
- National ID / Travel Passport copies of the shareholders and directors
- Description of the business activities
- Proposed share capital to be registered
- Proposed share structure
- In case the shareholders and/or directors are entities, a certificate of incorporation from the countries where it was incorporated will be required.
Registration of a branch | foreign company in Tanzania
There are two options available to register a foreign Company in Tanzania: the application for registration can be done via the Tanzania Investment Centre (TIC) or directly to the Business Registration and Licensing Agency (BRELA).
- A certified copy of the Certificate of Incorporatin
2. A certified copy of the Memorandum and Articles of Association, Statutes, Charter, or any other instrument that defines the Constitution of the Company, as applicable.
3. A Board resolution Authorizing registration of a branch company in Tanzania
Benefits of Company Registration in Tanzania
- Limited Liability
One of the primary advantages of company registration in Tanzania is that it provides limited liability protection.
2. Business Credibility
Registering a company enhances your business credibility and professionalism. It gives your business a legal identity, which helps build trust with customers, suppliers, and business partners. Potential clients and partners often prefer to work with registered companies as they perceive them as more reliable and trustworthy.
3. Access to Funding
Registered companies in Tanzania have better access to various sources of funding. Banks and financial institutions are more likely to provide loans or credit facilities to registered businesses compared to unregistered ones. Additionally, registered companies may have opportunities to secure funding from investors, venture capitalists, or apply for government grants or financial assistance programs.
4. Ease of Doing Business
Tanzania has made significant efforts to improve its business registration processes, making it easier and faster for entrepreneurs to set up and operate their businesses. The government has implemented initiatives to streamline administrative procedures, reduce bureaucracy, and provide online platforms for company registration. These efforts aim to promote a business-friendly environment and facilitate the ease of doing business in the country.
5. Tax Benefits
Registered companies in Tanzania may enjoy tax incentives and exemptions provided by the government. These incentives can include reduced corporate tax rates, tax holidays for specific industries or regions, exemptions from certain taxes or duties, and other incentives aimed at attracting investment and promoting economic growth. Taking advantage of these tax benefits can result in significant cost savings for your business.
Conclusion
Company Registration in Tanzania is the first step to exploiting the numerous business opportunities available in Tanzania. By following the necessary procedures for Company Registration in Tanzania, you can create a legal entity that provides limited liability, credibility, and access to financing. It is important to understand the various types of companies, fulfill post-registration requirements, and explore potential tax incentives to ensure a successful venture. To ensure smooth company registration in Tanzania, it is essential to conduct comprehensive research, seek professional advice when needed, and stay updated on any changes in regulations. These steps will enable you to navigate the process effectively and position your business for growth and success in this dynamic East African country. Contact us for assistance!