A foreign investor may opt to register a new limited liability company (local company) or seek business existence of a foreign company in Tanzania by establishing foreign company. Under the Tanzanian Companies Act, Act. No. 12 of 2002 establishing a new company in Tanzania requires making an application to the Registrar of Companies at the Business Registration and Licensing Authority (BRELA) to acquire a Certificate of Incorporation.
The company incorporated will be considered as a local company.
This company may be a company limited by shares or limited by guarantee with a share capital.
Prior to establishing a local entity in Tanzania one must have ready the following matters;
Memorandum and Articles of a called with company objects and rules respectively
Total authorized capital, nominal share value, and initial share allotment
Names of at least two directors that may act as first directors of the company
Names of at least two shareholders
Local content consideration. There are certain businesses which require Tanzanian shareholders like mining, Broadcasting business, Telecommunication business
At least 3 options of prospective company names for clearance as most names may be unavailable and having options in place may save a lot of time
Statutory declarations forms (14a and 14b) that are filed parallel with the MEMARTs.
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