In Zambia the Companies Act no. 10 of 2017 regulates companies and the Business Names Registration Act no. 16 of 2011 regulates business names/ sole propertorships and firms.
Frequently Asked Questions
The following types of companies can be registered in Zambia:
- Private Company Limited by Shares;
- Public Limited Company;
- Private Company Limited by Guarantee; and
- Foreign Branch.
It is the process by which companies and corporations are governed and regulated.
A beneficial owner is an individual who:
- Directly or indirectly, through any contract, arrangement, understanding, relationship or any other means ultimately owns, controls, has at least 5% of the shares of a company, or receives at least 5% of the dividends of a company or 5% of proceeds of a transaction from a company;
- Exercises ultimate and effective controls over a legal person or legal arrangement; or
- Effectively controls a legal person or legal arrangement on whose behalf a transaction is conducted.
There is no citizenship requirement for one to be appointed as a director in Zambia, however, for a local company, at least half of the directors appointed must be resident in Zambia. For a foreign branch, a person resident in Zambia should be appointed as a local director.
A company is required to have at least two directors and two shareholders.
There is no citizenship requirement.
Yes. A company is required to have a company secretary. A foreign branch is required to appoint a documentary agent who will be responsible for filing necessary documents at the companies registry.