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Frequently Asked Questions

Bellmac Consulting Zambia > Frequently Asked Questions
Bellmac Consulting Zambia > Frequently Asked Questions

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.

The following types of companies can be registered in Zambia:

  1. Private Company Limited by Shares;
  2. Public Limited Company;
  3. Private Company Limited by Guarantee; and
  4. 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.

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.