Requirements for company registrationKnowing what’s needed to register a business sets you up to start a successful business. Below are the requirements for company registration in Zimbabwe explored in detail.

 

1. Four (4) unique company names

Come up with at least four(4) unique company names for your business. The question to ask is “how unique is unique and why does it matter?”

Why unique business names during company registration?

For your company name to be reserved by the Registrar of Companies, it is first checked against a list of already registered companies to assess its uniqueness.

Only business names which are not close or similar to registered or existing companies are the ones which are reserved.

If all the company names you submit are not unique, chances are to do the process over and over till you have something unique.

This might prolong the name search phase than expected.

Avoid using abbreviations

When formulating business names avoid using abbreviations like XZY or TLZ trading.

These are not permitted. Come up with unique meaningful words instead. These can be French/Greek translations.

Importance of good business names

You should bear in mind that company names you choose today will have a significant impact when branding your business later. So do it wisely.

You can use a business name generator to have something more unique in a short space of time.

 

2. Company’s main objective

You need to specify the nature and type of business you are venturing into.

This can include mentioning a product/service you are offering.

Attributes of a good business objective

A good company core business should:

  • Be short and precise
  • Be straight to the point
  • Include every business activity you will be conducting

Examples of good company objectives

Case: Assume you are a cosmetologist who want to start a cosmetic store, offering consulting expertise to your clients and sponsoring recognized monthly cosmetics awards.

You can rephrase your objectives like this:

  1. To provide Cosmetic Products, Awarding & Consulting Services
  2. To offer Cosmetics, Consulting & Periodic Awards

Why Going for specific vrs general objectives?

Pros:

  • Investors knows no one business is good at everything. This makes your business seen as a master of that specific industry which gives you a nod over tender bids.
  • It become easy when branding e.g. Toyota is known for cars, Nash Paints for everything to do with painting.
  • Strategic partnership can be engaged to do with other things which are not your competencies.

Cons:

  • You will be limited to a specific industry and no other industry will your papers be applied except the one you specified.

Company objectives specials

If you are not sure which type of business you are venturing into you can place the General Trading prefix which suites any type of business.

A short and precise objective will make it easy for investors to read, understand and have a clear picture of what your business do.

 

3. Business physical & postal addresses

Providing the place of business operation for your startup company is a must.

If you don’t have any office as yet consider using your residential address temporarily or engaging virtual office services.

This will not impact any operations since more startups are operating from home setup with clients becoming aware of it.

Instead, focus on being reliable and dedicated on fulfilling your promises and surpassing customer’s expectations.

 

4. Director/Shareholder’s information

This is all the information relating directly to the company directors and shareholders

Personal information of directors

All director/member’s personal information should include their:

  • First name & last name
  • National I.D number
  • Residential address

Shareholding percentages

This is the percentage stack that each director/member owns in a newly formed company.

It is expressed as a percentage that must equal to hundred percent (100%) when summed up.

 

5. Appointment of Company Secretary for pvt limited company

Every Private Limited Company must have a dedicated secretary.

The duty of directors is to appoint a secretary.

 

6. Contact details.

These are personal contacts of an individual who will be responsible for overseeing your company registration process.

Included should be your email address and your phone number so as to receive timely updates on the company registration progress.

To sum up

Having supplied all this information, your company registration process will be ready to kick off.

Only the registration fee payment will be left to officially begin the processing of your company documents.

Company Reg 263

We are you startup legality experts specializing with company registrations, statutory compliance, tax consultancy, bookkeeping and web design. We are happy to be helping you start and grow your business whilst tackling problems together. Reach us if you want more business insights and want to take your business to the next level.

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This Post Has 4 Comments

  1. Marylyn

    Thanks, it’s quite informative

  2. Rosa

    Thanks for the great post

  3. Reg Bernstein

    What is the registration fee requirement

  4. Fungayi Marime

    Very informative,thank you very much