Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in Mozambique
Foreign investors choose to company incorporate in Mozambique because they foresee the vibrant economic growth of the country. True, Mozambique has had severe political upheavals in recent history which make investing for the long term problems. However, the country has natural resources such as significant natural gas deposits which could be developed soon. There are also nice beaches, marine biodiversity and natural parks which may bring in tourists, now that politics is less turbulent.
Determining Industries for Company Incorporate in Mozambique
There are some industries that attract foreign investors to the country nowadays. These are:
- Real estate
Investors from Turkey, Portugal, South Africa, the USA, Italy, China, Mauritius, and the United Arab Emirates already show interest. The government of Mozambique is now opening the country to investment which would help drive up economic activities.
Options for Your Company Incorporate in Mozambique
Should you decide to invest in Mozambique, you have two main options. You may either set up a branch office or you can form a corporation. It is advisable to opt for a corporation because you may find it problematic putting up a branch office instead.
If you opt for a corporation, you need to choose between a public limited company or a private limited company. These are the two main options that the majority of businesspeople opt for. However, there is also another option which is for capital and industry companies, if you think that is suitable.
How to Proceed With Company Incorporate in Mozambique
First, you need to reserve a company name through the Legal Entities Reservation Office. You need to fill out the right form that you will submit along with your valid identification. You should also be ready to present your passport if you are a foreigner and non-resident of Mozambique. If you are married, the government may ask you to present proof of the marriage along with the correct identification of your spouse. You definitely have to present your notarized power of attorney as an authorized representative for the company incorporate in Mozambique. Documents should have the correct signatures as well.
For Legal Persons, there are some special requirements, namely:
- A true copy of the deed of the constitution.
- Commercial registry certificate (valid copy).
- A true copy of the tax card.
- Minutes of the shareholders’ or board of directors’ meeting when they decided to set up a company in.
- Mozambique (certified true copy)
For the minutes of the meeting, it is important that these stipulate:
- the type of company chosen for the investment;
- the name of the designated representative who will pursue the company incorporated in Mozambique activities; and
- the amount of the share capital.
You may then process the Articles of Incorporation to indicate the scope of the company’s activities and operations in Mozambique. Afterwards, proceed to a commercial bank to deposit the share capital of the company.
There are actually many more steps to the incorporation than these, so you might feel that you need more assistance. You may contact us at 3E Accounting to find out more about setting up a company in Mozambique. We will be glad to assist you further in this process.