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ZAMBIA

full name: Republic of Zambia


Population: 13.2 million (UN, 2010)
Capital: Lusaka
Area: 752,614 sq km (290,586 sq miles)
Currency Rate - 1.00 INR = 105.746 ZMK

DOING BUSINESS IN ZAMBIA


STARTING A BUSINESS

STANDARDIZED COMPANY
Legal Form: Private Company Limited by shares
Minimum Capital Requirement: 5,000,000
City: Lusaka

Registration Requirements:

Procedure 1. Check name for uniqueness at the Registrar of Companies

Time to complete: 2 days

Cost to complete: ZMK 5000

Procedure 2. Open a bank account and deposit at least K50,000 of operative capital.

Time to complete: 1 day

Cost to complete: no charge

Procedure 3. Register the company by filing the application for incorporate and
articles of association

Time to complete: 9 days

Cost to complete: see comments

Comment: All fees are payable to the Companies Registry. The registrar is located at the
Ministry of Commerce, Trade and Industry. Founders obtain a Certificate of Incorporation and
a Certificate of Commencement of Business.

The fees are calculated as follows:

Registration Fee - 2.5% of nominal capital of company


Certificate of Incorporation - K30,000
Certificate of Share Capital - K30,000
Certificate of Minimum Capital K30,000
Companies Form 5 - Directors/Secretary Consent to Act - K10,000
Companies Form 11 - Declaration of Compliance Form - K10,000
Sealing Fee - K10,000

The procedure takes from 7 to 10 days.

Procedure 4. Register with the local Zambia Revenue Authority (ZRA) office, direct
tax division to obtain a corporate tax number

Time to complete: 1 day

Cost to complete: no charge

Comment: File certificate of incorporation. Can also sign you for PAYE. The office of the
Commissioner General - VAT and direct tax division are location in the same building.

Procedure 5. File VAT registration form with the Commissioner General of VAT
department to obtain a VAT tax number

Time to complete: 21 days

Cost to complete: no charge

Comment: File certificate of incorporation, VAT form 1, investor's license issued by the Zambia
Investment Center, business plan (information about stock, machinery, suppliers, etc.) or
"similar document". Firms that earn less than the mandated threshold requirements can
register for VAT on a voluntary basis. The office of the Commissioner General - VAT and direct
tax division are location in the same building.

Procedure 6. Register with National Pension Scheme Authority for Social Security

Time to complete: 1 day

Cost to complete: no charge

FORMS OF BUSINESS ORGANISATION

A business may be conducted by individuals, partnerships, trusts, Zambian companies or


branches of foreign companies.

Public & Private Ltd Company

A Zambian company may be public (name ends in Public Limited) or Private Ltd. Both private
and public companies are governed by the Companies Act. There is minimum equity capital
requirements for companies of K500 000.

The private company is the most common vehicle for operating a business in Zambia. It may
have a minimum of two members and two directors.

Subsidiary & Branch of Foreign Company

A subsidiary of a foreign company is regarded as a Zambian company. The legal liability of the
parent company is limited to the amount of capital committed (together with any guarantees
provided).

A branch of a foreign company is regarded as a foreign company if it establishes a place of


business or owns immovable property in Zambia and must register as such.

The legal requirements of a branch are not limited to the extent of its Zambian assets.
Both a Zambian company and a branch operation are subject to the provisions of the
Companies Act.

A branch is obliged to lodge a certified copy of its Articles of Association (or other instrument
defining its constitution) with the Registrar of Companies, as well as a sworn translation into
English where appropriate.

Two primary requirements for a branch are:

· an annual audit, and


· financial statements must be lodged with the Registrar of Companies (financial statements
must be lodged for a company as a whole. Exemptions, renewable every two years may be
obtained in certain circumstances).

Locally registered private companies are also required to be audited but are not required to
lodge their annual financial statements with the Registrar of Companies.

For more law about the Zambia ,go to the


http://www.lexadin.nl/wlg/legis/nofr/oeur/lxwezam.htm#Company Law

Point to be noted
- Harsh economical circumstances for manufacturing of pharma
product
- Finished pharmaceutical product can be imported is duty free
- Importing pharma product is cheaper then manufactured locally

Geographical analysis

- There are mainly 10 cities in Zambia which contribute to zambia


economic.
1 Lusaka, Lusaka
2 Kitwe, Copperbelt
3 Ndola, Copperbelt
4 Kabwe, Central
5 Chingola, Copperbelt
6 Mufulira, Copperbelt
7 Luanshya, Copperbelt
8 Livingstone, Southern
9 Kasama, Northern
10 Chipata, Eastern