The Parliament of Tanzania, through the Written Laws (Miscellaneous Amendments) (No. 3), Act No 5 of 2021 (published on 11th October 2021) amended several Acts of parliament, some of which have some implication on corporate arrangements. In this brief, we highlight those changes.
Business Names (Registration) Act
A: National ID necessary for registration
Registration of business names in Tanzania is governed by the Business Names (Registration) Act, Cap 213 [R.E. 2002]. Section 6 of this Act is amended by replacing Sections 6(d) and (e) with new provisions. The implication of these changes is to require those registering names for business firms and individuals to submit their national identification number as a prerequisite for registration. In the same provisions, nationality, nationality of origin, age, and sex of individual partners are no longer mandatory for registration (the assumption being they are already captured in the national I.D.s’).
B: Increased fines
The Act has been amended to increase fines for non-compliance. For example, the penalty for a false statement is now increased to two hundred thousand from fifty thousand (Section 16). Similarly, failure to furnish particulars as required by the Registrar will now attract a fine of two hundred thousand from fifty thousand (Section 17). For general offenses without specific punishment, Section 25 has been amended to introduce a fine of not less than five hundred thousand and not more than five million.
C: Introduction of business names register
Section 19 of the Act has been amended to introduce a Register of Business. There shall now be a register of business names, wherein shall “be entered the names of firms and persons registered.” The implication is that each registered name shall be identified by assigned registration number. This development is likely to bring certainty in verifying the statuses of registered names.
The Companies Act, [Cap 212 R.E. 2002]
A: Particulars for incorporation
A new Section, Section 3(4), has been added to introduce necessary particulars that must be submitted for company registration. These particulars were already in practice through the use of the BRELA online registration system. This new Section has brought this practice into law. Specifically, registration of a company will require applicants to submit;
- Date of birth or date of incorporation or registration;
- Nationality or nationalities;
- Country of residence or country of incorporation or registration;
- Residential address or an address of registered office;
- National identity number, registration, or incorporation number;
- Tax Payer Identification Number, where applicable; and
- Any other information as may be prescribed in the regulations.
B: Incentives for Investors
C: Notification of transfer and transmission of shares to Registrar
A new Section 83A has been introduced requiring any company that has transferred its shares to notify the Registrar of companies within 28 days. A certificate of tax clearance must accompany such transfer. This was already in practice and has now been incorporated into the law.
D: Duties of company directors and secretaries
Section 187(2) has been substituted with a new Section with more elaborated duties of company directors. The directors of public companies are now required to take all reasonable measures to secure a company secretary or joint secretary “who is a person qualified as an advocate, certified public accountant, auditor or such other qualifications as the Minister may prescribe in the regulations.” This means that secretaries for public companies must have those prescribed qualifications as the law requires.
For private companies, such restriction is relaxed. The requirement is for directors to “take all reasonable steps to secure a secretary or each joint secretary of the company who appears to them to have the requisite knowledge and experience of discharging the functions of the secretary of a private company.” They need not have prescribed qualifications as required in public companies.
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me?
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
Thanks for sharing. I read many of your blog posts, cool, your blog is very good.
Your article helped me a lot, is there any more related content? Thanks!
Here s everything you need to know can you buy priligy over the counter Accepted 27 February 2019
buy priligy In other preclinical studies, activity against multiple myeloma cells may occur via TLR4 NF kappaB signaling pathway inhibition 52
Unfortunately, it was not possible to evaluate the relationship between variations in plasma fHb and markers of glycocalyx disruption hyaluronan, syndecan 1, heparan sulphate as these were not measured for the old RBC group due to cost reasons [url=https://fastpriligy.top/]where to buy priligy in usa[/url]
Instead, they can download aГў Rupert OgnOtRbogtfhRiyNQm 6 27 2022 can i order cytotec no prescription Peutz Jeghers syndrome is a cancer predisposing disorder that is inherited as an autosomal dominant trait
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
Your article helped me a lot, is there any more related content? Thanks!
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.
He said laser communications systems get more attractive compared to radio the further the spacecraft travels from Earth because the communications beam can be better focused augmentin is for what propranolol, metoprolol, esmolol