10 000 new companies registered in 2015

Business Reporter

About 10 000 new companies were registered last year with traders accounting for the largest chunk at over 1000 entities followed by mining at about 400, information obtained from the office of the Registrar of Deeds, Companies and Intellectual Property shows.In written responses to The Herald Business, Chief Registrar Fidelis Maredza said 9 475 companies were registered in 2015 while a further 1 774 has been registered so far since January this year.

This brings the total entities registered between 2015 and the first quarter of 2016 to 11 249.

Traders and business registered 1 044 companies last year followed by mining at 453, manufacturing 392, construction, building and civil works at 258, sporting at 238 with security and agriculture following at 99 and 90 companies respectively.

A mix of other sectors accounts for the remainder.

The Department of Deeds, Companies and Intellectual Property is a critical component of the investment environment and links with other Government departments under the One Stop Shop concept under the Zimbabwe Investment Authority.

A work flow chart of the company registration process shows that it takes about six days from the initial application for a name search to the final release of registered company documents which include Certificates of Incorporation and Approval of Registration.

The process starts from receiving and receipting applications for name search followed by distribution, examination, computer search and approval; printing of name approval-also known as a CV4 and dispatch to clients.

After the approval of the name, clients are required to lodge further particulars which include Memorandum and Articles of Association and the Registrar of Companies captures data, prints Certificates of Incorporation and Approval of registration.

Mr Maredza said any company which fails to submit annual returns for more than two years may be struck off the register in terms of Section 320(4) of the Companies Act (Chapter 24:03).

The nominal capital range of the companies registered last year and early this year ranges from $2000 to $40 000.

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