Step 1: Choose the Optimal Business Entity
Initiate the process of forming a company in Tanzania by selecting the most suitable business entity. Depending on your business structure and long-term objectives, Fionza Consultants will guide you in determining the optimal business entity, paid-up share capital, corporate structure, and necessary licenses.
Step 2: Name Your Company
Following entity selection, proceed to choose a unique and compliant name for your company. Fionza Consultants will handle the reservation of your preferred company name with the Business Registration and Licensing Agency (BRELA).
Step 3: Prepare Essential Documents
Before initiating company registration, provide Fionza Consultants with the required KYC (Know Your Customer) documents, including names of directors and identification proof. Upon receiving these documents, our team will draft and notarize the Memorandum and Articles of Association, along with other relevant documents based on business activity and structure.
Step 4: Register the Entity
Fionza Consultants will submit the completed and notarized documents to BRELA for the initial assessment of fees and documents. If approved, the registrar issues the certificate of incorporation, and Fionza Consultants will courier it, along with other internal documents, to your specified address.
Step 5: Open a Corporate Bank Account
Post-registration, Fionza Consultants will assist in opening a corporate bank account. With established partnerships with reputable banks in Tanzania and globally, our team will present your business to relationship managers and compliance teams. The account opening process typically takes around 4 weeks, and our team can negotiate alternatives to in-person meetings if necessary.
Step 6: Process of Inclusion
Complete the process of inclusion to work seamlessly in Tanzania. Fionza Consultants will submit necessary details to the Tanzania Investment Centre, outlining company hierarchy, goals, and director/secretary information.
Step 7: Register for TIN and VAT
Proceed with post-registration requirements, including obtaining a Taxpayer Identification Number (TIN) and authorization for Value Added Tax (VAT) from the Tanzania Revenue Authority (TRA). For an LLC, submission of forms with company and shareholders’ data is required to obtain the TIN.
Step 8: Apply for Other Mandatory Registrations
Fionza Consultants will apply for a business license at the Ministry of Industry and Trade (MIT) or Local Government Authorities (LGAs), depending on the nature of the business. Submission of necessary documents, including the certificate of incorporation, is required.
Step 9-12: Further Registrations and Compliance
- Register for Workmen’s Compensation Insurance at the Workers Compensation Fund (WCF) and Tanzania Insurance Regulatory Authority (TIRA).
- Obtain Social Security Registration Numbers from mandatory security schemes.
- Register with the Occupational Safety and Health Authority (OSHA).
- Fulfill post-incorporation compliances by filing annual returns with the Registrar of Companies, accompanied by audited accounts.
Fionza Consultants ensures a smooth and legally compliant business establishment in Tanzania, guiding you through each step with expertise and efficiency.