What is Company? The meaning of a Company
All corporations are companies, but not all companies are corporations. Company is a much broader term than corporation, and it encompasses a lot of different types of businesses. These are a few of the key differences between a company and a corporation. Company. A company is any entity that engages in business
Registering a Company procedures in Tanzania
1.Propose a name of a business and submit it to Brela
Here you have to seat down and careful search for suitable name to your business that can be used to identify your business,write down 3 business names arrange them according to your priority,which your supposed to submit them to Brela office,Brela will look on their database if the proposed name are not used by any Company to approve your Business name .
2.Find a Notary person(legal person)for a declaration of compliance.
This is the person who deals with legal contracts visit their office they can prepare the Memorandum of the Company and article association for you it costs from 10,000-50,000Tzs.
3.Do application of incorporation and get a certificate of incorporation.
To apply for a certificate of incorporation done at Tanzania Investment Centre click here, a subscriber, secretary, or a person named in the articles of association as a director must submit the following to the Registrar of Companies:
14a (First Directors and Secretary and Intended situation of Registered Office). Click here to see Form-14
14b (Declaration of Compliance on Application for the Registration of a Company). to see form-14-b-1
NB: The Memorandum and Articles of Association are also filed with the forms.
After the forms are filed, the certificate of incorporation is usually processed within 2-3 days. Registration forms are free, and applicable registration fees (according to the New Companies Act 2002) are shown below.
Company Registration Fees
Stamp duty fee:
– Original Memorandum and Articles of Association: TZS 6,200
– Every additional copy: TZS 5,000
4.Apply for Taxpayer Identification number(TIN)
Go to Tanzania Revenue Authority (TRA)TIN registration is free of charge. It takes a minimum of 1- 2 days to obtain a TIN number, depending on the number of requests made to the Revenue Authority (TRA) at the time. The Certificate of incorporation shall be attached to the TIN application enclosed with Memorandum and Articles of Associations when a person makes application to TRA.
The limited company shall apply for TIN certificate by filling TIN application forms as follows:
Application for the company
Application for each shareholders/directors, in case any director has already issued with TIN certificates for other purpose he/she cannot make another application. The same TIN number will be used.
At least one of the directors of the company must be physically present at the tax office to give their fingerprints (biometric data). The applicant must visit TRA offices to pick up the TIN number in person. The company will be required to declare its estimated income or turnover for the provision tax assessment for the particular year. At the TRA office, the tax officer may interview the company founders/directors and record their business and personal particulars.Click here for TIN application
5.Apply for a business licence at the ministry industry trade(MIT) and local government authorities.
The business license is either issued by the Ministry of Industry and Trade or the Local Authorities depending on the nature of the business. Together with the application, the following documents must be submitted:
Certificate of incorporation
Memorandum and Articles of Association
Proof of Tanzanian Citizenship
Proof of a suitable company premises
Taxpayer Identification Number (TIN)
6.Apply for VAT certificate at TRA
Every business that has an initial capital registration of 50mi millions for the first six months of a business or 100 millions in a year are required to register for value added tax. The tax is not directly affecting MSMEs but rather incured by the last consumer. To register for vat one has to go to the nearby TRA office to obtain papers for registration. The registration applies to all with exception of those businesses offering professional expertise services. Another registration option is through TRA’s website.
All corporations are companies, but not all companies are corporations. Company is a much broader term than corporation, and it encompasses a lot of different types of businesses. These are a few of the key differences between a company and a corporation. Company. A company is any entity that engages in business
Registering a Company procedures in Tanzania
1.Propose a name of a business and submit it to Brela
Here you have to seat down and careful search for suitable name to your business that can be used to identify your business,write down 3 business names arrange them according to your priority,which your supposed to submit them to Brela office,Brela will look on their database if the proposed name are not used by any Company to approve your Business name .
2.Find a Notary person(legal person)for a declaration of compliance.
This is the person who deals with legal contracts visit their office they can prepare the Memorandum of the Company and article association for you it costs from 10,000-50,000Tzs.
3.Do application of incorporation and get a certificate of incorporation.
To apply for a certificate of incorporation done at Tanzania Investment Centre click here, a subscriber, secretary, or a person named in the articles of association as a director must submit the following to the Registrar of Companies:
14a (First Directors and Secretary and Intended situation of Registered Office). Click here to see Form-14
14b (Declaration of Compliance on Application for the Registration of a Company). to see form-14-b-1
NB: The Memorandum and Articles of Association are also filed with the forms.
After the forms are filed, the certificate of incorporation is usually processed within 2-3 days. Registration forms are free, and applicable registration fees (according to the New Companies Act 2002) are shown below.
Company Registration Fees
Stamp duty fee:
– Original Memorandum and Articles of Association: TZS 6,200
– Every additional copy: TZS 5,000
4.Apply for Taxpayer Identification number(TIN)
Go to Tanzania Revenue Authority (TRA)TIN registration is free of charge. It takes a minimum of 1- 2 days to obtain a TIN number, depending on the number of requests made to the Revenue Authority (TRA) at the time. The Certificate of incorporation shall be attached to the TIN application enclosed with Memorandum and Articles of Associations when a person makes application to TRA.
The limited company shall apply for TIN certificate by filling TIN application forms as follows:
Application for the company
Application for each shareholders/directors, in case any director has already issued with TIN certificates for other purpose he/she cannot make another application. The same TIN number will be used.
At least one of the directors of the company must be physically present at the tax office to give their fingerprints (biometric data). The applicant must visit TRA offices to pick up the TIN number in person. The company will be required to declare its estimated income or turnover for the provision tax assessment for the particular year. At the TRA office, the tax officer may interview the company founders/directors and record their business and personal particulars.Click here for TIN application
5.Apply for a business licence at the ministry industry trade(MIT) and local government authorities.
The business license is either issued by the Ministry of Industry and Trade or the Local Authorities depending on the nature of the business. Together with the application, the following documents must be submitted:
Certificate of incorporation
Memorandum and Articles of Association
Proof of Tanzanian Citizenship
Proof of a suitable company premises
Taxpayer Identification Number (TIN)
6.Apply for VAT certificate at TRA
Every business that has an initial capital registration of 50mi millions for the first six months of a business or 100 millions in a year are required to register for value added tax. The tax is not directly affecting MSMEs but rather incured by the last consumer. To register for vat one has to go to the nearby TRA office to obtain papers for registration. The registration applies to all with exception of those businesses offering professional expertise services. Another registration option is through TRA’s website.
About the Author
Mussa Msemakweli is a technology entrepreneur, Book writer and digital marketing expert. He is currently C E O at the Africa shared . His work has been featured in a number of publications, including the Maisha halisi Magazine and on Culture trip. If you have a good time follow me on facebook and instagram or leave a comment, Thanks.
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