Healy Consultants Sees Great Opportunities in Tanzania
Singapore City, Singapore - March 18, 2014 - Singapore-based Healy Consultants makes registering a business in Tanzania accessible and straightforward process. Consequently, you will be surprised of the possibilities that this African gem of a countr
April 23, 2014 (Newswire.com) - Incorporation in Tanzania is remarkably easy and LLCs, which are the most common type of business structures in the country, can be established in only one week. Furthermore, international investment is heavily supported by the Government, which allows 100% foreign ownership with a minimum requirement of two company directors and two company shareholders. Lastly, with a paid up capital of only US$1, Tanzania really stands out of the crowd in the means of effortless business setup.
Executives find tax regulations in Tanzania pretty straightforward. Companies not registered in one of Tanzania's Special Economic Zones suffer corporate tax rate of 30% on their worldwide income. The same rate of 30% is applicable on capital gains from business income. Additional remittance tax of 10% on net profits remain payable by all foreign branches. While exports are exempt from VAT rates, standard rate of 18% is applied to all other goods. Lack of foreign exchange controls and transition of company losses for indefinite amount of time represent neat tax incentives for resident companies. There are several contributions in the form of tax that a company must fulfill for its local staff members, namely:
Social security payment of 10% on each individual salary;
Special Skills and Development Levy of 6% on all payments to employees;
Participate with payment to the workers' private or compensation insurance scheme.
About Tanzania's Competitive Edge
New Government policies in Tanzania really push forward to promote its regional strengths in the manufacturing sector. Entrepreneurs endeavoring in the secondary sector will enjoy Government refunds of 50% of the costs of plants, machinery and vehicles purchased within the country.
Accordingly, imported machinery and raw materials intended for use in the production process are duty free. Manufacturing company in Tanzania is cost-efficient, provided the abundance of unskilled workers, low average monthly wage of US$50 and cheap rental costs around US$0,50 for both industrial and warehouse spaces. Tax incentives for this type of business include VAT and custom duty exemption. Taking part in three regional trade blocs further eases labour needs with the ability to hire workers from partnering countries, practically for free. Furthermore, Tanzania's membership allows for access to vast African market base of almost half a billion people, hurdle-free.
Healy Consultants firmly believes that Tanzania is on its way to become the best manufacturing center in Africa and with such simple incorporation procedure, who can blame them?
About Healy Consultants
Healy Consultants provide a full range of professional services, which include the following:
Offshore financial services
Accounting and taxation
Business start up services
Global marketing services
International trading strategies
Healy Consultants are professionals who offer quality services, which perfectly match the needs of our highly sophisticated clients. We are also proud of the fact that our services are affordable and accessible by our most modest customers.
Our clients have access to an excellent range of quality products and services. We come with rich experience and a global presence, resulting in unique market awareness beneficial to your firm in more ways than one.
Categories: Commercial Law