HomeLocal NewsForeign firms must register with ZIA —government

Foreign firms must register with ZIA —government

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The country could have been prejudiced of thousands of dollars in potential revenue amid reports that a number of foreign investors in the country have been operating without licenses from the Zimbabwe Investment Authority (ZIA).
The revelations come at a time Zimbabwe has failed to attract meaningful investment as a result of the discord within the inclusive government.
The government has however ordered foreign investors to comply with a directive to regularise their operations or leave the country by the end of October 2010.
In a notice published yesterday Minister of Economic Planning minister Tapiwa Mashakada said numerous foreign investors had established businesses in the country without registering with ZIA, in contravention of the ZIA Act Number 4 of 2006.
“The Ministry of Economic Planning and Investment promotion is aware that a number of investors have established businesses without registering with ZIA. This anomaly has to be immediately regularised.
“All foreign investors are given until 30th of October to register with the Zimbabwe Investment Authority,” Mashakada said.
Presenting his mid-term budget review early this month, Finance minister Tendai Biti said Zimbabwe had been failing to attract meaningful foreign direct investment in the past 18 months.
Only US$852 million was invested in 2009 and so far, business worth US$105 million had been written. The Economic Planning ministry said accordingly, all foreign investors in the country and those intending to operate were required by law to register with ZIA for licensing.
“In accordance with this notice foreign investors who have not been licensed by ZIA but currently operating in any sector of Zimbabwean economy are therefore advised to regularize their investments by obtaining the Zimbabwe Investment licence,” said the ministry. Contacted for comment yesterday, Economic Planning deputy minister, Samuel Udenge said there was need to update the register so that all investors could be located.
“We need to know who is operating from where as a ministry. As you know ZIA used to fall under a different ministry and it is time we put our house in order,” he said.
Udenge said it was important that all foreign investors operating in the country were properly registered.

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