COMPANY REGISTRATION MADE EASY
With 88.6% of the Zambian employed population being in the informal sectors steps are being taken to make registration straightforward. In March 2019, the Patents and Companies Registration Agency (PACRA) announced the implementation of two new statutes which attempt to lessen the regulatory burden on smaller companies.
With these new statutes ‘smaller companies’ will not be required to appoint an auditor to audit the company financial statements and the company secretary need not be a legal practitioner.
A ‘small’ company is one which fulfills the following:Total investment (excluding land and building):
1. Total investment (excluding land and building):
*Does not exceed K500 000 for manufacturing companies
*Does not exceed K300 000 for other companies
2. Whose annual turnover does not exceed K800 000
3. Employs less than 100 employees
With these concessions, there is no better time than now to register a company especially with the online registration portal available on the PACRA website. More concessions have been made to reduce queues by making the online fees cheaper than the fees for applications made in person. Below are comparisons of fees that became effective 11th March.
In order to further streamline the application process the previous three tedious forms (called forms 2, 5 and 11) have been replaced with one form (called form 3).
In order to help the public with queries a fully fledged call center has been set up.
PACRA Call Center details
Zamtel: 095 4882 410/1/2/3
Airtel: 097 923 5471/2/6/7
MTN: 096 677 8716/21/56/65
Author: Queen of the South (E-Hire)