ZIPA- Zanzibar Investment Promotion Authority. Here are the the most frequent questions answered by ZIPA.
What are the procedures for applying investment certificate?
There are two stages to follow for applying investment certificate: The first stage is to fill investment intention form and submitted along with the concept note of the proposed investment project. Once the concept note is approved, the second stage is to provide the application form to the prospective investors for non refundable fees of USD 200. A filled application form should be submitted to ZIPA, accompanied with the copies of the following documents:
Ten (10) copies of business plan/feasibility study.
Proof of availability of fund.
Copy of main pages of passports, passport size photographs, curriculum Vitae (CV).
Police clearance certificate of all shareholders from country of residence and country of origin.
Certificate of incorporation.
Memorandum and article of Association.
Receipt of payment done for application form.
Any other document to support the application.
What are the investment opportunities available in Zanzibar?
There are wide range investment opportunities from different sectors available in Zanzibar. These opportunities are available in Tourism, Manufacturing, Blue Economy, Energy, Agricultural, Real-estate development and others.
What are the initial investment capital for investing in Zanzibar?
The minimum initial investment capital varies from one sector to another and foreigners to citizens. For hotel and real estate sectors, the minimum investment capital is USD 2,500,000 and USD 300,000 while other sectors is USD 300,000 and USD 100,000 for foreigners and citizens respectively.
Is there any investment incentives in Zanzibar?
ZIPA offers lucrative packages of incentives. These include fiscal and non fiscal incentives for investments under Free Economic Zones, strategic investments and investments outside the Free Economic Zones.
Can a foreigner own land for investment in Zanzibar?
No the foreigner can not own the land according to The Land Tenure Act 1992. How ever the Act further provides the opportunity for the land to be leased to any person, Zanzibari or non-Zanzibari, intending to use that land for investment purposes subject to the approval of an investment project by ZIPA or other relevant authorities. The lease period goes up to 99 years.
How long does it takes for the work and resident permits to be processed?
The issuance of Work and Residence Permits is governed by the Employment Act No.11 of 2005 and the Immigration Act No.7 Cap 54 respectively. The Zanzibar Investment Promotion and Protection Act No.14 of 2018 provides an opportunity for the approved projects to employ expatriates in key positions that are determined by ZIPA. Through its One Stop Centre the work and resident permit are processed within 24 hours given all the supporting documents have been approved.
Does ZIPA have the land for supporting investments?
Yes ZIPA has the land for supporting investments, these land include five (5) free economic zones which are more incentivised Economic Regulations than any where else in the country. In addition to this ZIPA has also been handed over land banks which include over 50 Islets for investment.
Does ZIPA have designated areas for manufacturing and other investment?
Yes has five (5) designated areas for manufacturing and other investment, There are Amani Industrial Pack, Fumba Zone, Airport Free Port, Maruhubi Free Port and Micheweni Zone for Pemba.
Source: zipa.go.tz Images: unsplash.com