Yes, it is a statutory requirement for a company in Tanzania to have a physical registered office for communications and service of notices.
Tanzania, known officially as the United Republic of Tanzania, is a country in East Africa, just south of the Equator. The population of the country is ethnically and linguistically diverse.
The economy of Tanzania is primarily agrarian, with agriculture accounting for about 40% of the nation’s GDP. In addition, Tanzania is also rich in mineral resources, especially gold, diamond, tin and gypsum. The major industries are food processing, textiles, brewing, and tobacco, with a smattering of steel mills and paper & pulp processing units. In the service sector, tourism has been gaining a lot of traction of late. Mount Kilimanjaro, the highest peak in Africa, serves as a major tourist attraction, as does the country’s aggregation of forest reserves, national parks, and conservation areas, which cumulatively span about a fourth of the country’s land area.
To start a business in Tanzania, you can opt for one of the following company types.
A limited liability company (LLC) in Tanzania is a distinct legal entity, separate from its shareholders. The liability of each shareholder towards the debts and obligations of an LLC is limited to their respective share capital contribution. As for the prerequisite for an LLC incorporation in Tanzania, it requires at least 2 shareholders and 2 directors, all of whom may belong to any nationality. There is no minimum paid-up share capital precondition. An LLC is the most commonly preferred legal entity by a foreigner for registering one’s business, and is best suited for the incorporation of a small business with a simple shareholding structure.
A public company in Tanzania is one whose shares are available for trading to the people. To form such a company, at least 2 directors and 7 shareholders (one of whom must be a Tanzanian national with a minimum 40% stake in the company) are required. Also, a minimum share capital of US$300,000 must be deposited to start a public company. A public company is ideal for someone looking to raise capital or list the company on the Tanzanian national stock exchange.
An overseas firm may set up a 100% foreign-owned company in Tanzania in the form of a branch office. It may be used to carry out business activities within the country.
A representative office refers to a company set up only for market research or promotion purposes. It is not allowed to carry out commercial or business-related activities.
There is a plethora of advantages for registered companies in Tanzania:
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