Micro-Finance Registration Requirements

 To register a micro-finance company in Zimbabwe requires several steps.

  1.  These include incorporating the company in Zimbabwe,
  2.  Opening a company bank account,
  3.  Acquiring a tax clearance certificate,
  4. Applying for a micro-finance licence from the Reserve Bank of Zimbabwe. 

1. Register the company as a Private Limited Company 

The first stage is to register a company. The company needs to be registered as a Private Limited Company to be able to meet the requirements of the RBZ. 

2. Apply for a bank account and tax clearance certificate

The next stage is to open a bank account for your recently registered micro-finance company. Once you have a bank account you will need to get a tax clearance certificate. 

3. Apply for a micro-finance licence with the RBZ 

  •  Submit certified copies of certificate of incorporation, memorandum, and articles of association to RBZ. 
  •  Use names from the Registrar of Companies.
  •  NGOs and Trusts should register separate companies to conduct microfinance business. 
  • RBZ will not accept applications from companies limited by guarantee. 
  •  Such companies should convert to share capital companies and register as microfinance institutions. 
  • Microfinance companies should operate from formal business premises. 
  • The RBZ requires micro-finance companies to have a minimum share capital of US$20,000.00. This should reflect both on the company papers and the bank balance of the company. 
  • Proof of the sources of the funds should be submitted. 
  • Submit a tax clearance certificate. 
  • Submit a recent bank statement covering the past three months. 
  • Corporate Shareholders (with at least 5% shareholding) should submit copies of audited financial statements for the past two years and Tax Clearance Certificate.
#Microfinance #Zimbabwe  #Tax

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