Registration benefits of Zimbabwe offshore company:
Zimbabwe offshore company
- Anybody may act as the Company Secretary of a private limited company
- Minimum of 2 director need not be resident of Zimbabwe (must be over 16 years of age)
- Minimum of 1 shareholder is required
- Usually takes only 1 week to register the company
- Only small simple paper work to fill out so ease of process
- Can benefit from the double tax treaty
- Zimbabwe company registration is relatively cheap, when compared to some other jurisdictions
- This region is becoming increasing popular for company registration
- No public records of access
- Nominee Directors/Shareholders are permitted for complete confidentiality
Facts About Zimbabwe Offshore Company
Located in Southern Africa, Zimbabwe is a landlocked nation surrounded by Mozambique, Zambia and South Africa. Over the past few years, Zimbabwe has become an impressive destination for offshore companies. This can be attributed to its budding economy and active initiatives in making investments. The rules and regulations of investment have remained consistent since the early Zimbabwe Dollar era. Only few changes have being made to control exchange.
Different Types of Businesses of Zimbabwe Offshore Company
Offshore businesses take different forms in the country. These laws have a history that dates back to the Roman-Dutch era. Also, the country borrows a little bit from English law too. It makes use of the insolvency law and English mercantile Company. In most situations, the legislations have been made stronger and fine-tuned by various judicial precedents and persuasive authorities from English. All Zimbabwe offshore company establishments in the country are classed into five categories. This includes the following:
1) Foreign representative or branch offices (subsidiaries).
2) Partnerships
3) Sole proprietorships
4) Co-operatives
5) Public or private companies incorporated under the Companies Act
The very first step in Zimbabwe offshore company formation would be “Registration”. The company has to register itself by filing the Articles of Association and Memorandum of Association (also known as the articles of incorporation). The registration may require one to two weeks. During the registration, all documents should be in order and the predefined fee should be settled promptly. Documentation depends on the entities and industries involved. In many cases, the documents are strongly restricted by various regulations and laws.
Capital Needs of Zimbabwe Offshore Company
Zimbabwe offshore company registration doesn’t comprise of any capital requirements. The Companies Act doesn’t speak of any minimum requirements. Additionally, important share capital details are provided in the Memorandum of Association. The memorandum provides details about the preference shares (stocks) and ordinary shares (common shares). The preferred stocks have rights for both capital and dividends distribution.
Details About Tax
Once the Zimbabwe offshore company is incorporated, it has to be registered with the Zimbabwe Revenue Authority in less than 30 days. The registration requires around two days. Moving on, all companies in Zimbabwe (ones that have an office and are a part of trade) should appoint a representative within a month. This is an obligation that affects the income tax to be delivered or served by the Zimbabwe offshore company. However, one should remember that Zimbabwe is not a tax haven!
