Company formation in Tanzania: Walkthrough

How to Register a Company in Tanzania?

Tetra Consultants advises you to read through the guide on company formation in Tanzania to fully understand the steps required to incorporate a company in Tanzania. Our package concerning the company incorporation services in Tanzania will get you on your way to setting up your corporate home in Tanzania. 

Simply put, we can break down our procedure of forming a company in Tanzania into four different phases:

1. Planning & strategy
2. Incorporation
3. Bank account opening
4. Staying compliant

By systematically following the above four phases, you can expect to start conducting business with your Tanzania company within 10 weeks.

Planning & strategy

• Our team of professional consultants will suggest the most appropriate corporate structure for you to carry out your business after understanding your business goals and activities. Prior to company formation in Tanzania, you will be advised on the best paid-up share capital, corporate structure, laws, and whether any operating licenses are required.
• You must supply a list of needed KYC papers to Tetra Consultants before we proceed with company formation in Tanzania. The names of the directors, the company’s resolution, and identity proof are some of these documents.
• At the same time, a registered agent will also be assigned to act as the point of contact between the local authority and your company. Tetra Consultants will also provide you with a legal address to meet your compliance requirements. 
• Tetra Consultants will reserve your preferred company name with the Business Registration and Licensing Agency (BRELA). Tetra Consultants will also draft articles of incorporation, business plan, and other documents required for company formation in Tanzania, according to the business activity and corporate structure.

Incorporation

• Once the documents are prepared, we will then proceed to file the same to register company in Tanzania with the Tanzania Business Registration and Licensing Agency (BRELA).
• After receiving approval, Tetra Consultants will courier the Certificate of Incorporation, Memorandum and Articles of Association, and other corporate documents to your preferred address.
• Simultaneously, Tetra Consultants will assist you with acquiring an additional license or approval you may require. For example, entities looking to operate banking or insurance businesses in Tanzania are required to get respective licenses from the Bank of Tanzania (BoT). 
• Further, Tetra Consultants will ensure completing the process of inclusion for your entity and register for the same with the Tanzania Investment Centre. 

Bank account opening

• Upon registration, Tetra Consultants will help our clients to open a corporate bank account within 4 weeks. Our team has established partnerships with multiple reputable banks in Tanzania. Tetra Consultants’ banking team is experienced in this field and we will be able to timely secure banking solutions within the stipulated deadlines.
• Typically, a corporate bank account opening will take roughly 4 weeks. In most cases, the directors and shareholders are not required to travel through the process of securing a bank account. However, if travel is needed, Tetra Consultants will have a representative to accompany you to the bank meeting.
• Alternatively, our team will negotiate with the banks to conduct a conference call instead or request a waiver. This is to minimize any engagement delay and to secure corporate bank account numbers as the soonest.
• Once your account has been successfully opened, Tetra Consultants will courier the internet banking token and access codes to your preferred address.

Staying compliant

• Following the setup of your new Tanzania corporate home, Tetra Consultants will ensure to complete the registration of your entity with the Tanzania Revenue Authority for obtaining a tax identification number and other authorization and registration with the Ministry of Industry and Trade. 
• Further, Tetra Consultants will continue to provide you with the necessary accounting and tax services to ensure that you can continue to conduct business legally while staying compliant with regulatory obligations.
• Our team of dedicated consultants will timely prepare your annual returns to be submitted to the Registrar of Companies. 
• We will prepare the required filings to ensure we meet all stipulated deadlines.
• Our team of dedicated consultants will continue to clarify any doubts you may have with regard to your company’s obligations.

Contact us to find out more about the process of company formation in Tanzania. Our team of experts will revert within the next 24 hours.