The Companies and Other Business Entities Act [Chapter 24:31] (the Act) was gazette on the 15th day of November 2019 and came into force on the 13th day of February 2020, replacing the previous Companies Act [Chapter 24:03] and the Private Business Corporations Act [Chapter 24:11]. The Act, among other issues, aimed to modernize and streamline the process of registering and regulating companies and other business entities in Zimbabwe. Pursuant to the Companies and Other Business Entities Act, the registration process in Zimbabwe has been transformed from a manual paper-based system to an electronic filing system. All companies and business entities previously registered under the repealed Companies Act and Private Business Corporations Act are required to re-register electronically under the new Act, notwithstanding their continued existence under their original names and registration numbers. The initial re-registration deadline of twelve months was extended to accommodate the implementation of the electronic system, which is now operational. Companies and business entities are hereby notified that failure to re-register within the prescribed timeframe will result in automatic deregistration and removal from the register, as stipulated by the Act.
Fidelis Manyuchi
manyuchif@scanlen.co.zw
(Partner, Scanlen & Holderness)
