Government and the World Bank have embarked on aggressive reforms aimed at improving the country’s business environment, Reserve Bank of Zimbabwe (RBZ), Exchange Control Division Deputy Director Charity Kadungure has said.
Addressing stakeholders at the ease of doing business and promotion of enterprise development seminar in the capital today, Kadungure said government had reduced the number of days to register a company from 30 to 3 days among other milestone achievements.
“The Government of Zimbabwe has recorded milestone achievements in the following areas, Company registration time frame has been reduced from 30 days to 3 days.
“Permits from Regulators time frame were also reduced from 90 days to 14 days and Zimbabwe Investment Authority Approvals Greenfield projects require 24 hours for processing.
“All requirements associated with Greenfield projects are now considered under one roof whereby it’s now a one stop shop,” said Kadungure.
She added that the indigenization policy has been clarified and simplified to now only affect new projects in the Platinum, Gold and Diamond mining sector.
“Indigenisation policy has been clarified and simplified and now only affects new projects into the mining sector on Platinum, Gold and Diamonds. Investors can own 100% stake in all other sectors save for the aforementioned.
“Foreign investment is welcome in the mining, manufacturing, financial and tourism sectors with the 49/51% requirements only applying to Platinum, Gold and Diamonds in the Mining sector,” said Kadungure.
“The indigenisation requirements can be varied depending on the nature of the project and capital requirements whereby an investment of not less than US$1 000 000 in a project approved by the Investment Authority will qualify for permanent residence.
‘An investor who injects not less than US$100 000 in a sole business venture will qualify for a three (3) year residence permit. With prospect for permanent residence” added Kadungure.