Establish a company in Tanzania as a foreigner
To conduct any business in Tanzania, regardless of the nature of the market, a business entity must be formed, either through the registration of a Business Name or Company registration in Tanzania, but in our case, through the formation of a Limited liability company (LLC) in accordance with the Tanzania Companies Act No 2 of 2002.
Requirements to be eligible for company setup in Tanzania include:
- Memorandum and Articles of Association (MEMARTs) with company objectives and rules.
- Total authorized capital, nominal share value, and share allotment at the outset.
- Names of at least two directors who may serve as the company’s first directors.
- At least two shareholders’ names.
- Consideration for local content. Certain businesses, such as mining, broadcasting, and telecommunications, require Tanzanian shareholders.
- At least three prospective company name options for clearance, as most names may be unavailable, and having options in place may save a significant amount of time.
- Statutory declaration forms (forms 14a and 14b) must be filed alongside the MEMARTs.
Setting up a business in Tanzania involves additional steps such as obtaining a Tax Identification Number (TIN) from the Tanzania Revenue Authority (TRA) and acquiring the necessary business license depending on your business activities. Compliance with ongoing obligations, including annual returns and tax filings, is important after registering a company in Tanzania.
Are you a foreigner wondering how to start a business in Tanzania? Consult Tan Biz Link for professional assistance and the best services in navigating the procedures for successful company registration in Tanzania.
