INDIGENISATION ACT ZIMBABWE PDF

Zimbabwe’s largest daily newspaper. Government is amending the Indigenisation and Economic Empowerment Act to reflect its policy. Taxonomy: Zimbabwe, Indigenization, Indigenisation, Act, Investment, FDI, Regulations,. Download: Microsoft Office document icon Indigenisation & Economic. Amendments to Zimbabwe’s controversial Indigenisation and Economic Empowerment Act, Chapter (the “Act”), were gazetted on

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Indigenisation Act Amendments Now Law

Please contact customerservices lexology. These far-reaching changes, first announced in the Budget in Decembershould pave the way for foreign investors wishing to establish operations in the country and boost the economy.

Any other person is free to invest in, form, operate and acquire the ownership or control of any business without restriction. Affected companies may apply to the minister potentially, the Minister of Finance to be assigned to administer the Act for permission to comply with the Act within an agreed period of time.

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In respect of reserved sectors, only a business owned by a Zimbabwean citizen may operate in such sectors. Accordingly, under the amended Act, anyone of any race may qualify, provided they hold Zimbabwean citizenship.

Companies owned zimbbwe foreigners that have zinbabwe operating in reserved sectors prior to 1 Januarymay continue to do so if, before 1 Julythey register with the Zimbabwe Revenue Authority and the National Indigenisation and Economic Empowerment Unit and open a local bank account. New foreign entrants to these industries may apply to the ministry for permission to operate in the reserved sectors, motivated by significant employment creation, skills transfer and the creation of sustainable value chains.

Amendments to Zimbabwe’s indigenisation laws to open economy to foreign investment

Businesses wishing to amend previously approved indigenisation implementation plans may, within 60 days of the commencement of the Act, submit a revised plan to the minister indigenisatipn approval. President Emmerson Mnangagwa kept his promise of December that the Act will be significantly amended and the changes will be affected in the first quarter of If you would like to learn how Lexology can drive your content marketing indigenisatiob forward, please email enquiries lexology.

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