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;
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Memorandum and Articles of a called with company objects and rules respectively
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Total authorized capital, nominal share value, and initial share allotment
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Names of at least two directors that may act as first directors of the company
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Names of at least two shareholders
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Local content consideration. There are certain businesses which require Tanzanian shareholders like mining, Broadcasting business, Telecommunication business
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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
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Statutory declarations forms (14a and 14b) that are filed parallel with the MEMARTs.
