How to register a micro-finance company in Zimbabwe

To register a micro-finance company in Zimbabwe requires several steps. These include incorporating the company in Zimbabwe, opening a company bank account, acquiring tax clearance and getting a micro-finance licence from the Reserve Bank of Zimbabwe.

1. Register the company as a Private Limited Company
   The first stage is to register a company. The company needs to be registered as a Private Limited Company to be able to meet the requirements of the RBZ.
2. Apply for a bank account and tax clearance certificate
   The next stage is to open a bank account for your recently registered micro-finance company. Once you have a bank account you will need to get a tax clearance certificate.
3. Apply for a micro-finance licence with the RBZ
   • Submit certified copies of certificate of incorporation, memorandum, and articles of association to RBZ.
   • Use names from the Registrar of Companies.
   • NGOs and Trusts should register separate companies to conduct microfinance business.
   • RBZ will not accept applications from companies limited by guarantee.
   • Such companies should convert to share capital companies and register as microfinance institutions.
   • Microfinance companies should operate from formal business premises.
   • The RBZ requires micro-finance companies to have minimum share capital of US$20,000.00. This should reflect both on the company papers and the bank balance of the company.
   • Proof of the sources of the funds should be submitted.
   • Submit a tax clearance certificate.
   • Submit a recent bank statement covering the past three months.
   • Corporate Shareholders (with at least 5% shareholding) should submit copies of audited financial statements for the past two years and Tax Clearance Certificate.