Establishing a local company:
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 a Company, 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 to establish a local company in Tanzania
- Memorandum and Articles of Association with company objects 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 (14a and 14b) are filed alongside MEMARTs.
Are you a foreigner looking to establish a company in Tanzania? Consult Tan Biz Link for the best services.