The Ministry of Economic Planning and Investment promotion through ZIA said the country will launch the one stop investment shop on December 13 in Harare. The launch of the one stop investment centre has been delayed for several times.
The investment centre aims at reducing the time and bureaucracy that an investor goes through when planning to invest in the country. At the moment it takes about six months to complete the process of registering a company and ZIA aims to reduce that to five working days.
“The Ministry of Economic Planning and Investment promotion would like to inform valued stakeholders that the one stop shop investment centre will now be launched on 13 December 2010,” the Zimbabwe Investment Authority (ZIA) said in a statement.
Zimbabwe, according to the World Bank report titled “Doing Business” released early this month, the country ranked 143 out of 183 countries in the procedures of starting a business category.The country ranked 120 out of 183 in terms of its stance on protecting investors.
Zimbabwe unity government has been battling to secure foreign direct investment since the inception of the unity government last year in February.
A local empowerment law, the Indigenization and Empowerment Act which entitles locals hold at least 51 percent of shares in companies worth over US 500 000 dollars has scared away investors.
The law is yet to be implemented in full but companies have been told to comply with the regulations or they will be forced into partnerships.Companies are still submitting their proposed share structures to the Ministry of Indigenization.