This is how much it costs to register a business in Zimbabwe. The government has gazetted the Companies and Other Business Entities (Fees) Regulations of 2020, which outline how much it costs to register a business in Zimbabwe. It now costs $600 to register a private company in Zimbabwe while the cost of registering a public company is now $2000. On the government’s interbank foreign exchange rate, this translates to approximately $35 and $118.
However, on the widely used and ubiquitous black market, euphemistically called the parallel market, this translates to US$21 and US$71. However, some political and business analysts have called on the government to reduce the costs of registering a business in Zimbabwe, to encourage those in the information sector of the economy to become formal.
They also called on the government to move away from the bulky and slow paper-based systems and instead embrace digital technology which allows paperless applications and filing of documents. Responding to the new fees, constitutional law expert and University of Kent law professor Alex Magaisa said,
…The Zimbabwe Government has been celebrating a new law, Zimbabwe Investment Development Act (ZIDA), which establishes a combined agency for investment. Not bad. But it’s a futile exercise when policies are not competitive. Business registration should be cheaper, easier and faster.
There is little incentive for businesses to formalise when there’s a cost to it that can be avoided. Yet Zimbabwe could do with more of its informal businesses formalising and getting out of the shadow economy. Paper-based systems are costly & yesterday’s technology.
Below is the full schedule of fees which iHarare is publishing unadulterated.
Source – iHarare
In other news – More details on the death of Prince Musarurwa
More details on the death of Prince Musarurwa. Musarurwa died on Saturday night at Chinhoyi Hospital after battling illness for almost a year. He was 31. Mourners are gathered at his rural home in Musarurwa Village, Murombedzi, in Zvimba.
Afro-jazz musician Prince Kudakwashe Musarurwa of the popular hit song “Runonzi Rudo”, which features songstress Pah Chihera, has died of lung cancer, a family spokesperson confirmed…continue reading.