News / National
Zimbabwe issues new foreign investors residence permit guidelines
18 Feb 2012 at 13:17hrs | Views
According to the Zimbabwe Investment Act retail and the third schedule of Section 21 of the Indigenisation and Economic Empowerment Act, wholesale trade, including distribution of local and other locally-produced goods, barber shops, hairdressing and beauty salons are reserved for locals.
Other businesses reserved for locals include transportation such as road haulage, passenger bus, taxis and car hire services.
All new foreign investment also requires an investment licence issued by the ZIA upon successful approval of a project proposal submitted to the authority.
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Also all companies must be registered with the Register of Companies under the Companies Act or Private Business Corporation Act.
Upon successful application, the company obtains a Certificate of Incorporation.
Only locals are allowed to operate under the Private Business Corporation Act as private businesses such as sole traders.
Any foreign investors wishing to participate in a reserved sector can only do so by entering into a joint venture arrangement with a Zimbabwean with the foreign partner taking a maximum of 35 percent shareholding.
According to ZIA procedures, a person investing not less than US$1 million in a project approved by the ZIA qualifies for permanent residence on application.
An investment of at least US$300 000 in a sole business venture in a project approved by ZIA qualifies one for a residence permit for three years at the end of which permanent residence may be granted.
Investment of US$100 000 in a joint venture, approved by ZIA, with a bona fide Zimbabwean partner makes one eligible for a three-year residence permit at the end of which permanent residence may be gran- ted.
According to ZIA, any foreigner wishing to take up employment in Zimbabwe must have a valid work permit issued by the Department of Immigration upon application by the individual or company after proof that the person will provide skills that cannot be sourced locally.
The foreigner will only be permitted to work within capacity for which that specific permit was issued.
Other businesses reserved for locals include transportation such as road haulage, passenger bus, taxis and car hire services.
All new foreign investment also requires an investment licence issued by the ZIA upon successful approval of a project proposal submitted to the authority.
Welcome To Zimbabwe
Also all companies must be registered with the Register of Companies under the Companies Act or Private Business Corporation Act.
Upon successful application, the company obtains a Certificate of Incorporation.
Only locals are allowed to operate under the Private Business Corporation Act as private businesses such as sole traders.
Any foreign investors wishing to participate in a reserved sector can only do so by entering into a joint venture arrangement with a Zimbabwean with the foreign partner taking a maximum of 35 percent shareholding.
According to ZIA procedures, a person investing not less than US$1 million in a project approved by the ZIA qualifies for permanent residence on application.
An investment of at least US$300 000 in a sole business venture in a project approved by ZIA qualifies one for a residence permit for three years at the end of which permanent residence may be granted.
Investment of US$100 000 in a joint venture, approved by ZIA, with a bona fide Zimbabwean partner makes one eligible for a three-year residence permit at the end of which permanent residence may be gran- ted.
According to ZIA, any foreigner wishing to take up employment in Zimbabwe must have a valid work permit issued by the Department of Immigration upon application by the individual or company after proof that the person will provide skills that cannot be sourced locally.
The foreigner will only be permitted to work within capacity for which that specific permit was issued.
Source - zimdiaspora
