Knowing what’s needed to register a business sets you up to start a successful business. Below are the requirements for company registration in Zimbabwe explored in detail.
1. Four (4) unique company names
Come up with at least four(4) unique company names for your business. The question to ask is “how unique is unique and why does it matter?”
Why unique business names during company registration?
For your company name to be reserved by the Registrar of Companies, it is first checked against a list of already registered companies to assess its uniqueness.
Only business names which are not close or similar to registered or existing companies are the ones which are reserved.
If all the company names you submit are not unique, chances are to do the process over and over till you have something unique.
This might prolong the name search phase than expected.
Avoid using abbreviations
When formulating business names avoid using abbreviations like XZY or TLZ trading.
These are not permitted. Come up with unique meaningful words instead. These can be French/Greek translations.
Importance of good business names
You should bear in mind that company names you choose today will have a significant impact when branding your business later. So do it wisely.
You can use a business name generator to have something more unique in a short space of time.
2. Company’s main objective
You need to specify the nature and type of business you are venturing into.
This can include mentioning a product/service you are offering.
Attributes of a good business objective
A good company core business should:
- Be short and precise
- Be straight to the point
- Include every business activity you will be conducting
Examples of good company objectives
Case: Assume you are a cosmetologist who want to start a cosmetic store, offering consulting expertise to your clients and sponsoring recognized monthly cosmetics awards.
You can rephrase your objectives like this:
- To provide Cosmetic Products, Awarding & Consulting Services
- To offer Cosmetics, Consulting & Periodic Awards
Why Going for specific vrs general objectives?
- Investors knows no one business is good at everything. This makes your business seen as a master of that specific industry which gives you a nod over tender bids.
- It become easy when branding e.g. Toyota is known for cars, Nash Paints for everything to do with painting.
- Strategic partnership can be engaged to do with other things which are not your competencies.
- You will be limited to a specific industry and no other industry will your papers be applied except the one you specified.
Company objectives specials
If you are not sure which type of business you are venturing into you can place the General Trading prefix which suites any type of business.
A short and precise objective will make it easy for investors to read, understand and have a clear picture of what your business do.
3. Business physical & postal addresses
Providing the place of business operation for your startup company is a must.
If you don’t have any office as yet consider using your residential address temporarily or engaging virtual office services.
This will not impact any operations since more startups are operating from home setup with clients becoming aware of it.
Instead, focus on being reliable and dedicated on fulfilling your promises and surpassing customer’s expectations.
4. Director/Shareholder’s information
This is all the information relating directly to the company directors and shareholders
Personal information of directors
All director/member’s personal information should include their:
- First name & last name
- National I.D number
- Residential address
This is the percentage stack that each director/member owns in a newly formed company.
It is expressed as a percentage that must equal to hundred percent (100%) when summed up.
5. Appointment of Company Secretary for pvt limited company
Every Private Limited Company must have a dedicated secretary.
The duty of directors is to appoint a secretary.
6. Contact details.
These are personal contacts of an individual who will be responsible for overseeing your company registration process.
Included should be your email address and your phone number so as to receive timely updates on the company registration progress.
To sum up
Having supplied all this information, your company registration process will be ready to kick off.
Only the registration fee payment will be left to officially begin the processing of your company documents.