It can be a daunting task to start a new business in Zimbabwe. But it does not have to be. Here are five quick steps you can follow for starting a business in Zimbabwe:
Step 1 – Decide on a business idea
The first step to starting a new business is deciding on the type of business you want to start. The best way to do this is by thinking about what you are passionate about and good at, as well as how much money or time it would take for you to get started. You should also consider if there is a market for this type of product or service in Zimbabwe, where there are many local businesses competing with each other.
If you decide that opening up your own bakery would be fun but also expensive, then maybe starting an online store selling cakes instead might be better suited for your budget!
Step 2 – Register your New Zimbabwe Business
- Register your New Zimbabwe Business
You’ll need to register your new business with the government, who will issue you a certificate of registration. You can do this at the Registrar General’s Office in Harare or any Provincial Administration Office (PAD).
When registering your company name, there are certain rules that must be followed:
- It cannot be similar to any other registered company name in Zimbabwe.
- It must not include words like “limited”, “company”, “ltd” or anything similar sounding like these words as part of its name (for example “Zimbabwe Limited”). The only exception is if it has been approved by the Registrar General’s Office before registration takes place!
- Remember that companies have restrictions on their names; so check first whether yours fits within those restrictions before proceeding further!
Step 3 – Locate your office premises
The location of your office premises is a key consideration for many businesses. It can make or break your business, as it affects everything from clients’ accessibility to the overall productivity of employees. The importance of location when it comes to starting a new business varies depending on what type of business you’re starting up, but there are some general guidelines to keep in mind:
- If you’re opening an office-based company that requires employees, then finding an area with good public transport links will be important so that staff aren’t stuck commuting long distances every day. This can also help attract more qualified applicants who don’t want to live too far away from their workplace (and vice versa).
- If you’re selling products online or via catalogues/catalogues rather than face-to-face contact with customers, then being near major highways may not matter too much–but still keep this factor in mind if possible as many customers prefer shopping online rather than driving around looking for somewhere else nearby where they might get good deals too!
Step 4 – Get licensed and register with the government authorities
The next step is to register your business with the Registrar of Companies. You will need to do this if you plan on having employees, as well as registering for VAT (Value Added Tax) if applicable.
You will also need to register with the Inland Revenue Authority of Zimbabwe (IRAZ), which handles taxes and duties paid on imported goods. They will charge a fee for their services but it’s worthwhile since they can help you establish the correct tax rate for your business, depending on its type and location.
You should also register with ZIMRA (the Zimbabwe Revenue Authority), which collects taxes from businesses based on how much profit they make over a given period of time – usually per month or quarter – as well as any other fees due under law such as customs/import duties etc..
Finally there are other government agencies that may require registration such as Ministry Of Labour And Social Welfare, Ministry Of Health And Child Care etc..
Step 5 – Understand the tax implications of your new business
In Zimbabwe, you are required to pay taxes on all income that you earn through your business. Taxes are paid by both the employer and the employee at different rates depending on what type of business you have.
- The amount of tax payable is calculated by multiplying gross earnings by a percentage rate called “taxable income”.
- You don’t have to calculate this yourself because it’s done automatically when HMRC receives your Self Assessment return from you each year. However, if your circumstances change then it may be necessary for HMRC to recalculate how much tax should be paid – this can happen if:
- You change jobs or start another job;
- You retire early with an occupational pension scheme; or
- Your spouse dies leaving behind dependants who rely on their income
New Business in Zimbabwe is easy.
Zimbabwe is a great place to start a new business. There are many opportunities in Zimbabwe, and this makes starting up a company or investing in one of the many existing companies an easy thing to do. The country has a population of over 12 million people, making it one of Africa’s largest economies. It also has an excellent infrastructure that includes roads, railroads and airports–all essential for transporting goods throughout the country.
Conclusion
We hope that by now you’re ready to start your own business in Zimbabwe. It’s a great country with a lot of potential and we wish you all the best with your new venture!
