Company Registration Requirements
- 1 to 5 proposed names for your company, the one you want the most on top and the least on the bottom
- The main objectives of the company which will be listed in the Memorandum of Association for the Pvt Ltd and Incorporation Statement for a PBC.
- The full names, ID numbers and addresses of the shareholders/members/directors
- Pvt Ltd requires at least two directors and one shareholder, note that one can be a shareholder, director and company secretary on the same company
- In a Pvt Ltd note that a registered company, organization, trust or person can be a shareholder but in a PBC only a person can be a member/owner
- For the PBC we require the percentage of the interest and it must amount to 100%
- Physical and postal address of the business. In a PBC this goes on the Incorporation Statement and in a Private Limited Company it goes on the CR6.
- Each member of the PBC must sign the Incorporation Statement before the Registrar appends his/her seal, stamp and signature. In a Pvt Ltd the shareholders must sign and state the number of shares they are taking in the Memorandum of Association.
Should i register a PBC or a PVT Company?
PBC (Private Business Corporation) is meant mainly for small business or start ups. It is easy and cheaper to register and it is also easy to administer since it does not require annual returns which should be filed for a Private Limited Company annually for a fee between $50 to $80. You cannot register as a PBC if you want to register a pharmacy since the requirements of the MCAZ or the RBZ which requires $20000 minimum authorised share capital for a micro finance company.
How come i never heard of a PBC Company?
The PBC has been around for quite a while. The PBC Act dates back to 1993. The reason why it’s not popular is because most consultants generally don’t want to market it because it doesn’t bring as much revenue as a Pvt Ltd.
How long does it take to register a PBC or PVT Company?
We can register your company in a period of 3 to 12 days it depends with your budget.
Why is a PBC Cheaper to register?
The PBC is a lot cheaper to register as it is government’s attempt to formalise the informal sector. It’s also specifically designed for small to medium businesses hence the attempt to reduce the price to accommodate smaller businesses who cannot afford the higher costs of registering a Pvt Ltd. Not only is a PBC cheaper to register, it’s also cheaper and easier to maintain. It has no annual returns and laws that govern it are pretty straight-forward.
Do i get a Tax Clearance after registering a PBC or PVT Company?
Tax Registration and ITF263 (Tax Clearance registration) is another process which requires a separate budget processing period is from two to ten days.
Can a PBC obtain Tax Clearance, Bank Account or Tenders,?
A PBC just like Pvt Ltd it can obtain a ITF263 (Tax Clearance) at Zimra, it can also be listed as a government supplier in the government gazette and you can also get a bank account of your choice in Zimbabwe.