doing business in zimbabwe - manokore attorneys€¦ · our 2016 edition of the doing business in...

JUNE 2016 EDITION

DOINGBUSINESS IN ZIMBABWE

Zimbabwe’s engagement with the international community will be essential for the re-capitalisation and future growth of the economy. In this, our 2016 edition of the Doing Business in Zimbabwe report, we provide a comprehensive picture of the legal landscape and investment rules in place, and advice for investors in various sectors of the economy.

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Preface

Key information

1 . Business Vehicles in Zimbabwe

1.1 Private & Public Companies

1.2 Partnerships

1.3 Foreign Companies

1.4 Special Purpose Vehicles

2 . Investment Regulations

2.1 Licencing by ZIA

2.2 Indigenisation and Economic Empowerment

2.3 Exchange Control

2.4 Taxation

3. Employment and Labour Laws

4. Intellectual Property

5. Mergers and Acquisitions

5.1 Competition

6. Project Finance and Infrastructure

6.1 Energy

6.2 Public Private Partnerships (PPP’s)

6.3 Project Financing

7. Mining

7.1 Mining Licenses

7.2 Recent Legislative Developments

8. Oil and Gas

9. Real Estate

8.1 Registration of Title

8.2 Taking Security

10. Agriculture

11 . International Trade

12. Dispute Resolution

12.1 Alternative Dispute Resolution

12.2 Enforcement of Arbitral Awards and Judgements

13. Investment Risk

DOING BUSINESS IN ZIMBABWE | 4

PREFACEManokore Attorneys’ Doing Business in Zimbabwe series is aims to provide our clients and major stakeholders with a comprehensive insight into investing in Zimbabwe, and to provide information on the overall business operating environment. By examining the regulatory framework of particular sectors for investment, this guide helps businesses to make well informed investment decisions.

Manokore Attorneys has found the need to contribute to Zimbabwe’s economy through strategic intervention within the public and private sectors to provide quality legal expertise in commercial business transactions. Our approach is centred on the process of re-engagement with the international community as being part of the broader national focus – and we have reached out to this community through our various client interfaces as well as potential investors.

In order to achieve re-engagement with the international business community, a form of re-calibration in Zimbabwe is necessary to effectively provide investors the confidence to enter the market and the government an assurance of a long-term investment motive. As the nation moves from a “business as usual” mentality into a high level, strategic thinking mode - there is an increasing need for the underlying support mechanics of technical

expertise to guide the process of doing business in Zimbabwe.

Manokore Attorneys

has found the need to contribute

to Zimbabwe’s economy through strategic

intervention within the public

and private sectors to provide quality

legal expertise in commercial

business transactions.

As the world is looking directly to Africa as the next emerging market, the value of foreign direct investments headed in Africa’s direction is likely to increase to unchartered levels in the near future. Southern Africa particularly provides an attractive investment destination which we hope Zimbabwe will benefit from. The re-engagement of Zimbabwe with international partners is, in our view, aimed at improving the attractiveness and ease of doing business in order to re-capitalise the economy.

This second edition of our Doing Business series seeks to better inform our clients and potential investors about the realities of participating in the Zimbabwean economy, together with the potential regional spin-offs.


KEY INFORMATION

Source: World Bank, CIA, TradingEconomics.com and ZimStat

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Zimbabwe ranks 155 out of 189 economies in the World Bank’s 2016 Doing Business Index.

155

1

189

$27.92 billionGDP2015 est.

15.2 million

Population

FDInet inflows(million $)

2009

2014: 4 percent2013: 3.7 percent

105165.9

387 399.5 400

544.8

2010 2011 2012 2013 2014

2012: 4.4 percent

GDP Annual Growth Rate

Member of Common Marketfor Eastern and Southern Africa

Access to market of

Member ofSouthern AfricanDevelopment Community

Access to market of

400+ millionpeople

190+ millionpeople

• Zimbabwe Investment Authority Act • Indigenisation and Economic Empowerment Act

Important legislation


and to share losses is constituted. Partnerships are normally governed by a deed of partnership, which becomes very useful in resolving partnership disputes. The applicable regulatory frameworks for partnerships will be dependent on the sector specific licencing requirements.

1.3 Foreign Companies

A company incorporated outside of Zimbabwe can establish a place of business within Zimbabwe and proceed to carry out its activities as a foreign company either as a branch or a representative office. In order to set up a branch, a foreign company is required to make an application to the Minister of Justice and Legal Affairs in order for that foreign company to operate in Zimbabwe as a foreign entity with a branch. Once a foreign company obtains authority by way of a certificate from the Minister, it would then register this branch with the Registrar of Companies.

We offer company

formation services for different forms

of operating vehicles including Private

companies, public companies,

Foreign companies, Partnerships and project

specific Special Purpose Vehicles.

1.4 Special Purpose Vehicles

In Joint Venture projects involving the Government and private sector entities, Special Purpose Vehicles (“SPV’s”) are normally used to achieve the purpose of the project. These entities are often registered as private companies with the Government as a shareholder. This is important as it gives investors a certain level of comfort when participating in Public Private Partnerships (“PPP’s”) in this market.

1. Business Vehicles in Zimbabwe

The Companies Act [Chapter 24:03] governs the constitution, incorporation, registration, management, administration and winding up of companies in Zimbabwe. The types of companies are private company limited by shares; private company limited by guarantee; private unlimited company and public limited company. Investors have the option of registering their commercial presence in Zimbabwe in various forms including limited liability companies, Partnerships, Foreign Companies and Special Purpose Vehicles for Joint Ventures with the Government.

1.1 Private & Public Companies

The most common company established by new businesses is the private company limited by shares. A private company can have membership between two (2) and fifty (50) persons, while a public company may have as little as two (2) with no maximum number on membership. The key difference between the two entities is that the private company restricts the transfer of its shares by shareholders, and cannot invite the public to subscribe for any shares or debentures of the company; whereas public companies are publicly traded entities with their shares and debentures being open for transfer in the public domain.

1.2 Partnerships

This is a less controlled form of business vehicle, whose formation and rules regarding the operations are governed by common law. Complex legal formalities - more familiar with companies - are not required. A partnership will be legally formed once essential common law requirements are met, that is, the right number of people agreeing to do business for a profit


2.Investment Regulations

2.1 Zimbabwe Investment licencing

Zimbabwe Investment Authority Act [Chapter 14:30] (“the ZIA Act”) is the enabling legislation for foreign investment. A foreigner wishing to establish operations in Zimbabwe is advised to obtain an investment licence in terms of the ZIA Act for the reasons detailed below.

Obtaining a ZIA license accords the investor protection of the laws of Zimbabwe. In addition, the incentives in terms of the ZIA Act can only be granted to licensed investors. For purposes of repatriation of income, taxation and export, exchange controls and import tariff dispensations, it is highly recommended that any foreign investor obtain this approval and be in possession of a valid investor license in terms of the ZIA Act.

Once approval is obtained, a licensee (investor) has to implement the approved project within a period of six (6) months or risk cancellation, suspension or withdrawal of the license by the Authority. A license is valid for a fixed period of time as per consideration by the ZIA board, with renewals being subject to the approval of an extension of license application by the investor, which is to be made at least three (3) months before expiry of the license.

Sectors Reserved for Domestic InvestorsIn terms of Government Notice 9 of 2016, titled “Frameworks, Procedures and Guidelines for Implementing the Indigenisation and Economic Empowerment Act”, gazetted by the Minister of Youth, Indigenisation and Economic Empowerment, the sectors reserved against foreign investors now also include: Valet Services, Cigarette manufacturing, fuel retailing and Artisanal Mining

of all minerals (except diamonds). The provisions of the ZIA Act relating to the “reserved sectors” shall be amended in order to effect these changes and make the Reserved Sector List consistent with the indigenisation Frameworks.

Under these new frameworks, no new foreign investment in these sectors would be allowed, unless prior approval has first been obtained from the line ministries on a special case basis and subsequently approved by Cabinet. Foreign investors would have to partner with domestic investors in order to operate in the below-mentioned reserved sectors. Once project approval has been obtained, a reserved sector compliance certificate is issued.

Manokore Attorneys recently published a write up on the Government Notice 9 of 2016, you can find it on our website.

Agriculture forestry

Agriculture primary production

Transportation

Estate agencies

Retail and wholesale trade

Milk processing

Provision of local arts and crafts

Employment agencies

Marketing and distribution

Advertising agencies

Tobacco processing

Tobacco grading and packaging

Grain milling and bakeries

Hairdressing and beauty salons

Source: Third Schedule of the Indigenisation and Economic Empowerment Regulations


ZIA has introduced a “One Stop Shop” for processing investment proposals, which includes the Ministry of Youth Development, Indigenisation and Economic Empowerment, the Registrar of Companies, Zimbabwe Revenue Authority, the Ministry of Mines and Mining Development and other relevant government departments that one needs to obtain approvals or permits from.

2.2 Indigenisation and Economic Empowerment

The Government’s current policy on indigenisation is a move from equity based empowerment to broad based economic empowerment, focusing on economic development in the investment areas. The purpose of Indigenisation is to deliberately involve indigenous Zimbabweans in the economic activities of the country in order to ensure the equitable ownership of the nation’s resources.

In terms of the Indigenisation and Economic Empowerment Act [Chapter 14:33], “empowerment” means the creation of an environment which enhances the performance of the economic activities of indigenous Zimbabweans. The Act defines an indigenous Zimbabwean as “any person who, before 18 April 1980, was disadvantaged by unfair discrimination on the grounds of his or her race, and any descendants of such a person, and includes any company, association, syndicate or partnership of which indigenous Zimbabweans form the majority of the members or hold the controlling interest”.

A foreign investor wishing to conduct business ventures in Zimbabwe would be required to partner with an indigenous Zimbabwean in such a manner that would see the latter with a shareholding of at least fifty-one (51) percent and the former with, at most, forty-nine (49) percent shareholding. This is encompassed in section 3 (1) (a) of the Act, which provides that the Government shall endeavour to secure that at least fifty-one percent of the

shares of every public company and that of any other business shall be owned by indigenous Zimbabweans.

In terms of The Indigenisation and Economic Empowerment (General) Regulations, 2010 - published in Statutory Instrument 21 of 2010; an employee share ownership scheme or trust, a managerial share ownership trust and a community share ownership trust may be taken into consideration when assessing the extent to which a business that is a company has achieved (or exceeded) the minimum indigenisation and empowerment quota. Managerial employees may benefit as long as that benefit makes up no more than five (5) percent of the shares or interests in the employee share ownership scheme or trust.

We have assisted clients to draft

and prepare implementation plans

for indigenisation approvals,

conducted on-site legal annual compliance

reviews and provided assistance

in compliance procedures.

It should be well noted that it is criminal in terms of the law to create ‘fronting structures’ for purposes of compliance with indigenisation laws.

It is of importance to note that indigenisation requirements differ in specific sectors. Most prominent are the indigenisation regulations of the mining sector which are found in Mining Regulations Indigenisation General Notice 114 of 2011.

2.2.1 On 11 April 2016, the President of Zimbabwe in a Press Statement titled “Presidential Statement To Clarify The Government Position On The Indigenisation And Economic Empowerment Policy”, stated the following salient points:


2.2.1.1 Natural Resources SectorThe Government and its designated entities will hold a 51% stake in the business in this sector with the foreign investors holding the remaining 49%. However, for existing businesses, where the Government does not already own 51% of the business, compliance shall be achieved through the efforts of the business to ensure that the local content retained in Zimbabwe by such business (i.e wages, salaries, taxes, community share ownership schemes, procurement and linkage programmes etcetera) is not less than 75% of the value of the exploited resource.

2.2.1.2 Non Resource SectorBusinesses in these sectors will achieve compliance through the pursuing and implementing of the following socio-economically desirable strategic objectives including the following:a. Technology transfers;

i. Creation of local employment and imparting of new skills/skills development;ii. Beneficiation of raw materials for purposes of value addition;iii. Granting ownership to local Zimbabweans or through employee share ownership schemes as may be negotiated between the foreign investor and the indigenous partners;iv. Creating linkage programmes, enterprise developments and value chains within the relevant sectors that the business is operating in.

2.2.2 The Presidential Statement further clarified that the Financial Services Sector and institutions aligned to the insurance sector shall remain under the jurisdiction of the Reserve Bank in terms of the Banking Act and the Provident and Insurance Act respectively in order to ensure financial sector stability. These institutions are however required to achieve compliance through the provision of financing facilities for key sectors

and projects, employee empowerment schemes, linkage programmes and other financial empowerment facilities as may be directed by the Reserve Bank from time to time.

Under the new frameworks introduced in January 2016 through Government Notice GN 9/2016, the Ministry of Youth, Indigenisation and Economic Empowerment has now set out a proposed framework for implementation of the Indigenisation policy to ensure compliance. The key features of the gazetted measures are as follows:

2.2.2.1 Every business that has not yet submitted its indigenisation Implementation Plan is required to do so by 31 March 2016 through the Zimbabwe Investment Authority;2.2.2.2 Indigenisation Implementation Plans are to articulate how the businesses will achieve compliance with the indigenisation laws within five (5) years;2.2.2.3 Exception Applications that do not conform to the guidelines will be lodged by the National Indigenisation and Economic Empowerment Board (“NIEEB”) to the Ministry of Youth, Indigenisation and Economic Empowerment in consultation with the line Ministries for consideration by Cabinet through the Cabinet Committee on Indigenisation and Economic Empowerment;2.2.2.4 All new investments must incorporate an Indigenisation and Economic Empowerment Plan;2.2.2.5 Enforcement of the National Indigenisation and Economic Empowerment Charter which will aim to promote good governance and ethics in all businesses;2.2.2.6 The introduction of sector based credits or quotas to reflect the contribution of investors to national development efforts as enunciated by the President of the Republic of Zimbabwe. This encompasses the following: a. Through Empowerment Quotas or Creditsi. This method introduces a systematic


calculation through which a weighting (credit) is given to assess the extent to which a business’ compliance is measured from its activities towards the support of indigenous Zimbabweans through achieving socio-economically desirable objectives. The empowerment quotas or credit are then accredited as a percentage towards assessing the extent to which the business has achieved the minimum fifty-one (51) percent indigenous shareholding.

ii. The enunciation of the empowerment quotas or credits aims to remove the discretionary framework of the ‘lesser share principle’, which is counter-balanced through giving a precise weighting for each socio-economically desirable objective.

iii. The social and economic empowerment objectives are accredited to Agriculture, SME’s and Micro-financing, Youth programmes, Women programmes, low cost housing, vocational training, skills development, value additions, preferential procurement, carbon neutral environment & empowerment, Linkage or outsourcing programmes, enterprise development, socio-economic development initiatives, educational bursaries, and National Economic Empowerment Charter.

iv. The Empowerment credits are sector specific and thus do not apply similarly across the board, with the proviso that there is a minimum threshold in each sector within which the direct equity must be held by indigenous Zimbabweans.

On 11 April 2016, the President clarified the role of the Ministry of Indigenisation: “The provisions of the indigenisation legislation are not applied in absolute terms. This is due to the diverse nature of different sectors of the economy and other considerations such as the potential impact of the proposed project on the local community and projects of national interest. Therefore indigenisation proposals are considered on a

case by case basis with negotiations between investors and the relevant line ministries, and the role of the Ministry of Youth Development, Indigenisation and Economic Empowerment is to co-ordinate the efforts of the line Ministries in the implementation and fostering of compliance with the policy.”

2.3 Exchange Control

The Zimbabwean Exchange Control System is regulated by the Exchange Control Act [Chapter 22:05], Foreign Exchange Guidelines, External Loans and Exchange Control Review Committee Guidelines and Reserve Bank Directives. The Exchange Control Review Committee (“ECRC”) is responsible for, inter alia, considering and making decisions on all applications relating to the inflow and outflow of funds. The following transactions are subject to Exchange Control approval:

2.3.1 Equity acquisition by foreign investors in unlisted local companies is limited to forty (40) percent for existing projects, for which Exchange control approval is required.

2.3.2 Where foreign investors want to participate on the Zimbabwe Stock Exchange (“ZSE”) in addition to compliance with the ZIA Act.

2.3.3 Disinvestment proposals for companies in the process of winding down or closing operations. Disinvestment proceeds arising from post 1993 investments can be remitted after exchange control approval has been granted. Investors may remit offshore any capital plus appreciation, as well as dividends in full as and when they accrue.

2.3.4 Foreign investment in listed companies, Exchange Control generally considers up to forty (40) percent equity participation in existing companies by foreign


investors, which threshold is in line with ZIA and ZSE policies aimed at promoting growth of investment in new operations rather than in existing ones.

Exchange Control approval is not required for remittance of dividends to foreign shareholders in the company. However, notification by the authorised dealer is required. On investment in listed companies, investment proceeds qualify for one hundred (100) percent remit-ability rights subject to deduction of the relevant withholding tax. Any amounts arising from capital appreciation and capital gains made on disposal of investments will be freely remit-able subject to the deduction of capital gains tax.

Authorised Dealers can process external loans and trade credits of up to ten million United States Dollars (USD10,000,000.00) without prior approval by the External Loans Co-ordination Committee (“ELCC”), whose role is to implement an effective debt management policy by sanctioning and monitoring all new loan commitments undertaken by all sectors of the economy. All applications for external loans in excess of the stipulated threshold must be submitted to the Reserve Bank of Zimbabwe (“RBZ”) for ELCC approval. Approved loans shall be for financing export oriented projects and no external borrowing shall be approved by ELCC and Exchange Control to finance non-productive activities.

In its Monetary Policy Statement (“MPS”) of January 2016, which contains the Exchange Control Policy for the year, the RBZ highlighted the following Exchange Control regulations pertaining to investments in Zimbabwe:

• Service Agreements between Related and Unrelated Companies - provisions have been put in place to guard against Illicit Financial Flows (“IFFs”) through payments arising from service agreements between related and unrelated companies, indicating that the aggregate of

service payments by local companies to all related and unrelated companies shall not exceed three (3) percent of audited gross annual revenue. Exchange Control shall also conduct onsite and ex-post validation of the companies involved in such arrangements.

• Investments on the ZSE - the Single Investor Limit has been increased from then (10) percent to now fifteen (15) percent on the ZSE. For the promotion of portfolio investments by foreign investors on the Zimbabwe Stock Exchange, a single investor is now permitted to acquire up to fifteen (15) percent of listed shares per counter. In order to align the Exchange Control threshold of 40% to the Indigenisation and Economic Empowerment regulations, foreign investors can now acquire listed shares on the Zimbabwe Stock Exchange up to 49% per counter.

• Review of Pricing of External Loans - in order to encourage long term external borrowings for productive purposes, the pricing structure for external loans has been aligned with the domestic interest rates ranging from 6% -10% per annum. However, tobacco financing, shareholder loans and notional vendor finance shall remain the same as per the following existing external borrowing which is 5% per annum. Approved loans shall be for financing export oriented projects and no external borrowing shall be approved by the Exchange Control Authority to finance non-productive activities.

• Profit Sharing Arrangements for selected sectors - in order to rejuvenate the productive sectors of the economy which are facing challenges in accessing sustainable financing to increase productivity, foreign investors are now permitted to inject capital with the view of participating in the risk and return of the company. It should, however, be noted that the funds to be provided under these profit sharing models are not equity nor debt funds. Such arrangements would require prior Exchange Control approval.


2.4 Taxation

A new business is required to be registered with the Zimbabwe Revenue Authority (“ZIMRA”) within thirty (30) days of incorporation. All companies must appoint a public officer of the company within one (1) month of the establishment of such office or place of business, who must be approved by the Commissioner General, and is answerable for all company tax matters.

Every person who becomes an employer is obliged to apply to the Commissioner General for registration as an employer, within fourteen (14) days of him becoming an employer. A non-resident employer is required to appoint a resident representative to secure registration. Any entity whose annual taxable turnover exceeds (or is likely to exceed) US$60,000.00 (sixty thousand United States Dollars) per annum is obliged to register for VAT as an operator not later than thirty (30) days after becoming so liable.

Any proposed investment into Zimbabwe will, at some point, attract tax liability for the investor. An investor can structure his investment in a manner that ensures tax efficiency - particularly through the use of tax deductions provided by Double-Taxation Agreements (“DTAs”) between Zimbabwe and particular countries. Any income derived from an investment which is subject to a DTA will allow the investor receiving that income to pay a lower rate of tax by virtue of the DTA. Zimbabwe has entered into comprehensive DTA’s for the avoidance of double taxation on the same income with the following countries: Botswana, Bulgaria, Canada, France, Germany, Malaysia, Mauritius, Namibia, Netherlands, Norway, Poland, South Africa, Sweden and the United Kingdom. Zimbabwe has signed a DTA with China, which is still to be ratified, and has pending DTA’s with Indonesia, Namibia, Singapore, the Seychelles, Switzerland, Tanzania, Thailand, Tunisia, Yugoslavia, Zambia, the Democratic Republic of Congo and South Africa (renegotiation).

The 2016 National Budget Statement under the heading “Building a Conducive Environment that Attracts Foreign Direct Investment”, which was presented to the Parliament of Zimbabwe on 26 November 2015 by Hon. P. A. Chinamasa, MP Minister of Finance and Economic Development; contained a number of proposed changes to Zimbabwe’s tax legislation with a view to bringing such legislation in line with international best practice:

2.4.1 Income Tax (individuals)2.4.1.1 Effective 1 January 2016, an exemption is allowed on income tax on lump sum pension communications such that early computations of lump sum pensions (i.e. before retirement age) are now exempt to the greater of US$10,000.00 (ten thousand United States Dollars) or one-third, up to a maximum of US$60,000.00 (sixty thousand United States Dollars) paid to an employee below the age of fifty-five (55) years.

2.4.2 Income Tax (Corporates)2.4.2.1 Transfer Pricing: Effective from 1 January 2016, a transfer pricing framework has been proposed. The transfer pricing framework will broadly follow the Organisation for Economic Cooperation and Development (“OECD”) guidelines and values (although, this will still be informed by the United Nations Practical Manual on transfer pricing for developing countries). The proposed transfer pricing amendments in Zimbabwe’s tax legislation will be aimed at ensuring that there are legislative measures designed to combat transfer pricing manipulation.

2.4.2.2 Withholding Taxes: Effective from 1 January 2016, the Tobacco levy payable by both buyers and growers was reduced from 1.5 cents to 0.75 cents per


each dollar. Furthermore, in the context of withholding tax on local contracts, a payer has a right to recover the principal ten (10) percent withholding tax from the payee within 24 months from the date of payment (excluding penalties and interest); with such provisions being retrospective from 1 January 2009.

2.4.2.3 Value Added Tax: changes proposed by The National Budget to Zimbabwe’s value added tax (“VAT”) regime include:

• backdating of the zero rating of soya beans to 1 February 2009;• insurance agents and brokers will be liabile for VAT on commission earned from the supply of short term insurance (effective 1 September 2015);• tax refunds can also be set off against tax liabilities from other tax heads effective from 1 January 2016 (previously available for VAT refunds only).

2.4.2.4 Customs and Excise: There was a proposal to introduce rebates on capital equipment imported by the mining, agriculture, manufacturing and energy sectors on equipment valued at US$1,000,000.00 (one million United States Dollars) and above, effective from 1 January 2016, as well as five (5) percent special excise duty on vehicles would be replaced by deemed rates of duty based on the engine capacity and year of manufacture of the vehicle.

2.4.2.5 Mining Royalties: There was a proposal to reduce the royalty rate on gold from five (5) percent to three (3) percent on the incremental production from the previous year; with the relief being granted by way of a credit in the following year of assessment (effective 1 October 2014). There was a further general proposal to review mining fees and charges from 1 January 2016.


3. Employment And Labour Law Labour laws are necessary to safeguard employees from arbitrary or unfair treatment and to ensure fair contracting between employers and employees. Zimbabwe has a well-regulated labour landscale. The primary enactments are the Labour Act (Chapter 28:01), which was recently amended on 26th August 2015, and the Regulations made thereunder, commonly referred to Statutory Instrument 15 of 2006. The Act also allows for enactment of sector-specific working conditions or standards through registered Collective Bargaining Agreements (“CBAs”) whose provisions are negotiated by Trade Unions and Employer organisations. Some of the labour issues covered under these CBAs pertain to: minimum and maximum hours of work, minimum wages/salaries, payment for overtime and payment for gratuity at termination of employment.

Any employer and employee disputes should be referred to conciliation through Ministry of Labour officials who, after the new amendment to the Act, now have the powers to make a decision which is then registered with a Labour Court which has the constitutional mandate to deal with all labour or employment issues. If the employer and employee fall under a registered National Employment Council (“NEC”), then their dispute is referred to that particular NEC for resolving.

Prior to the Labour Amendment of 26th August 2016, the labour officer or NEC official did not have the powers to make any determination, such that any dispute not resolved by the parties themselves was referred to compulsory Arbitration.

Our Firm has developed a dedicated

Labour Practice Group

that deals with these core issues

affecting businesses in Zimbabwe.

A party aggrieved by the ruling of an arbitrator had the right to appeal to the Labour Court, with another right to appeal to the Supreme Court if aggrieved by the ruling of the Labour Court. Under the new amendment, it is not clear whether there is a right to appeal against the ruling of the labour officer or NEC official to the Labour Court, and subsequently to the Supreme Court. The next six (6) months should provide clarity once the Labour Court starts handing down judgements on the matters referred to it from Labour Officers.


4. Intellectual Property Intellectual Property is regulated and protected in terms of several Intellectual Property laws, the major ones being the Copyright and Neighbouring Rights Act [Chapter 26:06], the Patent Act [Chapter 26:03], the Plant Breeders Rights Act [Chapter 18:16], and the Trade Marks Act [Chapter 26:04].

Zimbabwe is a member of several conventions pertaining to the protection of intellectual property right, namely the Berne Convention for the Protection of Literacy and Artistic Works, the Paris Convention for the Protection of Industrial Property, the World Intellectual Property Organisation (“WIPO”), the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (“TRIPS”) and The Madrid Protocol.

The Patents Act is concerned with the protection of inventions which is defined as “any new and useful art, whether producing a physical effect or not, process, machine, manufacture or composition of matter which is not obvious or any new and useful improvement thereof which is not obvious, capable of being used or applied in trade or industry and includes an alleged invention”. The Act confers that protection for a patent that is registered with the registrar of patents shall endure for a period of twenty (20) years in Zimbabwe. Zimbabwe is also member of the African Regional Industrial Property Organisation (“ARIPO”), which has the authority to grant patents in Zimbabwe as well as several of its regional neighbours, which ultimately has the effect of the patent being protected in each of the territories. By virtue of being a member of ARIPO, where an application is filed in one member state, such application has the same effect as filing it in the other member states. Member states also have the advantage of economies of scale which also provide for the ease of access of the national resources between them, whilst at the same time protecting their sovereignty.

The Copyright Act makes provision for protection of literary works, musical works, artistic works, audio-visual works, sound recordings, broadcasts, programme-carrying signals and published editions. Protection is granted to the creator of such works for a period of generally fifty (50) years whose start date is dependent upon the relevant category. This protection entails control of use by the public over the work created by the creator. Protection of foreign works in this regard is provided for by virtue of Zimbabwe being a member of the Berne Convention, granting protection to foreign nationals who are also members of the Convention.

The Trade Marks Act is concerned with protection of a mark, which is defined as “a mark which is used or proposed to be used in relation to goods or services for the purpose of indicating a connection in the course of trade between the goods or services and some person having the right, either as proprietor or as registered user, to use the mark, whether with or without any indication of the identity of that person; and distinguishing the goods or services in relation to which the mark is used or proposed to be used, from the same kind of goods or services connected in the course of trade with any other person; but does not include a certification mark”. The Trade Marks Act prescribes that such a mark is protected for a duration of ten (10) years, renewable from time to time in terms of the legislation.


5. Mergers

and AcquisitionsThe sector of mergers and acquisitions is dynamic and fast-paced in Zimbabwe, lifting the economy as a whole into a positive light. In our vast experience, sectors such as manufacturing, agro-processing, technology and energy have been of particular interest in the mergers and acquisitions taking place in Zimbabwe.

We have gained valuable experience

in negotiating, drafting and reviewing

of contracts in this regard,

and have been involved in large mergers

and acquisitions on both a local and

international scale, dealing with some of the

biggest names in Africa.

The main regulatory considerations of importance are ZIA, Indigenisation, Exchange Control, Taxation, the Environmental Management agency (all of which have been discussed above) and the Competition and Tariffs Commission (“CTC”).

5.1 Competition

Competition is regulated by The Competition Act [Chapter 14:28] through the Competition and Tariff Commission of Zimbabwe (“CTC” or “Commission”). The definition of “restrictive practices” in the Act includes anti-competitive agreements and abuse of dominant position, or monopolisation. Certain restrictive practices are considered to be more harmful to competition and are prohibited. These are termed ‘unfair business practices’ in the Act and are punishable by fines and/or imprisonment.

A “merger” in terms of the Competition Act includes horizontal mergers and vertical mergers.


It however does not include pure conglomerate mergers, unless they have horizontal or vertical elements. It also does not include joint ventures resulting in the establishment of ‘green field’ enterprises. All mergers that fall within a prescribed threshold, based on the combined annual turnover or assets in Zimbabwe of the merging parties, must be notified to the Commission for examination “within thirty days of (a) the conclusion of the merger agreement between the merging parties, or (b) the acquisition by any one of the parties to that merger of a controlling interest in another”.

In examining mergers, the CTC first determines whether or not the merger is likely to substantially prevent or lessen competition in Zimbabwe or any part of Zimbabwe by assessing a number of factors in terms of the legislation. If it appears that the merger is likely to substantially prevent or lessen competition in Zimbabwe or any part of Zimbabwe, the CTC then determines whether the merger is likely to result in any technological efficiency or other pro-competitive gain which would be greater than and offset the effects of any prevention or lessening of competition that may result or likely result from the merger, and would not likely be obtained if the merger is prevented. The CTC also determines whether the merger can or cannot be justified on public interest grounds.

In our experience with regards to merger notifications we have found the CTC to pay particular attention to public interest considerations when evaluating proposed mergers. As such, whilst competition law considerations pay a key role in the decision-making process, public interest considerations have also played a considerable role in this process, as the Commission has made an effort to give effect to the impact that certain mergers will have on the public interest.

The Competition Act applies to all economic activities within or having an effect within Zimbabwe, but indicates that it must not be applied as to limit any right acquired under specific intellectual property rights unless such right is used for the purpose of enhancing or maintaining prices or as any other restrictive practices.

The Act also binds the State to the extent that the State is concerned with the manufacture and distribution of commodities. The merger control provisions of the Act override any powers given to any sector regulator in considering and approving mergers and acquisitions. Accordingly, any sector regulator that regulates mergers and acquisitions are required under the Act to apply to the Commission for the final authorisation of the merger.

The Act’s de minimus rule effectively exempts small and medium-sized enterprises from its application. The Act only prohibits those restrictive practices that restrict competition to a material degree. It is also only those mergers and acquisitions that fall within the prescribed threshold that have to be notified to the Commission for examination, and those that substantially prevent or lessen competition that can be disallowed. The above exemptions however only apply to small and medium-sized enterprises that have no market power.

The Commission is an autonomous body that does not refer any of its competition decisions to any other authority in Zimbabwe.

For enforcement purposes, orders made by the Commission against any anti-competitive practices can be lodged with the High Court of Zimbabwe for registration as an order of the High Court to enable it to have


the effect of a civil judgement of the High Court. Appeals against any decision of the Commission are made to the Administrative Court. However, so far none of the Commission’s decisions have been appealed against. The Commission therefore has still not established any case law.

In 2012, Zimbabwe participated in a Tripartite Peer Review (in conjunction with Zambia and Tanzania) undertaken under the United Nations Conference on Trade and Development (“UNCTAD”). One of the recommendations that emerged from the Peer Review was that a Competition Policy be crafted to provide broad guidance on the treatment of social, economic and legal issues facing the Zimbabwean competition legal framework. Other goals of the Competition Policy were to allow the enforcement of experiences in the course of implementing the law and the reviewing of the current competition law for Zimbabwe. In this regard, the Commission engaged a consultant to produce the new Competition Policy under the auspices of UNCTAD and a draft is now in place.

6.Project Finance and Infrastructure

6.1 Energy

The current strategy of the prevailing energy policy, through government’s objective of ensuring that the energy sector drives economic growth, is to improve the institutional framework and governance of the sector in order to ensure that the private sector becomes the engine for provision of energy services.

The Electricity supply industry comprises three distinct market segments: generation; transmission and bulk supply; and distribution and retail supply. Traditionally, these three business segments have been owned and operated by a single, vertically

integrated state enterprise (ZESA holdings). ZESA’s main investments were two interconnections with Cahora Bassa (Mozambique) and South Africa, which have provided much-needed imports to compensate for the lack of investment in local generation.

This practice group focuses

on the better good of Zimbabwe as a whole,

with an aim to enriching the economy

and lives of the local people through

project financing.

The segments have, however, recently been unbundled and private companies can now also participate. The Energy sector presents an opportunity for investment in Zimbabwe as the availability of electricity remains a major challenge. Most activity in energy projects is from Independent Power Producers seeking to establish on and off grid power generation plants from either thermal or hydro sources.

6.2 Public Private Partnerships

The Zimbabwean government is looking to partner with the private sector in PPP arrangements in various infrastructure activities. Including roads, dams, bridges, ICT Infrastructure and housing developments. The government is looking to rehabilitate most of the existing infrastructure. Contractors may enter into Build Operate Transfer (“BOT”), Build Own Operate Transfer (“BOOT”), Build Transfer Operate (“BTO”), Lease Arrangements, Concessions with the government or a Statutory Corporation under which the Contractor undertakes to construct infrastructure for the state or statutory corporation. This will be subject to the right of the contractor to control and operate the project and thereafter transfer the project to the government after a specified period. The recently enacted Joint Ventures legislation provides the framework for entering into such arrangements


with the government. Investors who invest in these type of projects usually enjoy a tax holiday for the first five years and will be taxed at fifteen percent (15 %) for the second five years.

6.3 Project Finance

Project Financing involves raising finance for the design, construction and development of a project’s infrastructure and the procurement of any equipment and assets required for the operation of the project. In the absence of corporate guarantees and assets, as well as financial resources from the government, a combination of debt and equity is used to raise capital for both private and PPP projects instead of relying on project cash flows that may be subject to market fluctuations. The opportunities for investment in projects financing are mostly through participation in either public or privately issued long and short term debt instruments which are ordinarily by way of Bonds, Treasury Bills, and other short term special Notes. In October 2015, the Zimbabwe Stock Exchange announced its plans to re-introduce a bond market/fixed income securities market. This could be a positive development to further deepen Zimbabwe’s financial markets, thus providing alternative sources of debt finance for projects.


7. Mining Zimbabwe is a mineral-rich country, endowed with a wide range of mineral resources. The Mines and Minerals Act [Chapter 21:05] governs the mining sector, and is regulated by the Ministry of Mines, the Minerals Marketing Corporation of Zimbabwe (“MMCZ”) (which is the body responsible for marketing all the country’s minerals and metal products except gold and silver which are sold through the Reserve Bank), and the Chamber of Mines. In terms of Section (2) of the Act, all minerals are vested in the President, and in order to acquire mineral rights one therefore needs to make an application to the Mining Commissioner of the relevant mining district.

Mining companies enjoy a number of incentives including special flat income tax rates of fifteen percent (15%) as compared to the standard rate of twenty five percent (25%); on liquidation gold proceeds are liquidated at market rates; royalties which are not deductible for income tax purposes are calculated at a percentage of the gross fair market value of minerals produced; all expenditure on exploration, development and operating incurred wholly and exclusively for mining operations is allowed as a deduction in full.

With the assistance of our very own in-house

mining law expert, who is well versed in this subject,

we are able to provide articulate and specialised advice

pertaining to the global focus area of mining and energy.

There is no restriction on carry-over of tax losses - these can be carried forward for an indefinite period. Special initial allowance on capital equipment is allowed at a rate of one hundred percent. Taxable income of a holder of a special mining lease is taxed at a special rate of fifteen percent.

A mining claim holder confers on the holder the exclusive right to mine the mineral resource for which the claim was registered and to prospect for other minerals on the claim. Ordinary claims are up to 25 hectares, whilst special claims are between 26 and 150 hectares.

7.1 Mining Licenses

The various types of mining licences are:

7.1.1 A special/normal prospecting licence7.1.2 Exclusive Prospecting Orders7.1.3 A mining lease7.1.4 A special mining lease7.1.5 A special grant


7.2 Recent Legislative Developments

Recent legislative developments in the Mining Sector include the following:

7.2.1 Reduction in the mining license fees (including custom milling license fees, special fees as well as export permit fees, mining leases and Prospecting licenses for select minerals, (including diamonds and platinum) through the Mining (General Amendment) Regulations, 2016 (No.19);

7.2.2 The introduction of the Minerals and Exploration and Marketing Corporation Bill, which if passed, shall have the effect of repealing the Minerals and Marketing Corporation of Zimbabwe Act, and therefore re-establishing the Minerals Marketing Corporation of Zimbabwe (MMCZ) and providing the creation of the Minerals Exploration and Marketing Corporation (MEMC). The MEMC will have the main mandate and objectives of controlling and regulating the export, sale and stockpiling of minerals as well as governing all matters related to the prospecting and exploration of minerals in Zimbabwe as well as the marketing of minerals.

8. Oil and Gas Historically, prospects of oil and natural gas discovery were deemed minimal, but in light of Zimbabwe’s increasing energy crisis, there is now an increased interest in the exploration and exploitation of these resources. This presents exciting new prospects on the energy frontier, not only on a local level, but on a regional scale. According to ZIA, Zimbabwe has a vast natural resource endowment which is awaiting the deployment of capital towards full exploitation. Exploration and exploitation of Coal-Bed Methane (“CBM”) in particular, is especially a prime investment opportunity.

Zimbabwe’s National Energy Policy of 2012 highlighted that Zimbabwe is endowed with a variety of renewable and fossil energy resources that are heavily under-explored and hence its true potential is yet to be discovered. If proven, this could result in untrammelled capital investment and economic growth for the country. To accelerate this sector, the Zimbabwean Cabinet has approved investment models for CBM exploration and extraction, namely Joint Venture/Public Partnerships, Special BOT arrangements and Private Sector. In addition, Government offers various investment incentives in the form of tax holidays, National Project Status (which provides for exemptions on import duty and other taxes), exemption from payment of withholding tax, guaranteed dividend payment and repatriation, cost reflective tariffs and other incentives provided under the Mines and Minerals Act.


9. Real Estate 9.1 Registration of Title

In Zimbabwe ownership in land is transferred from one entity or person to another through a deed of transfer prepared by a conveyancer and executed or attested by the Registrar of Deeds. The conveyancer lodges all the requisite transfer documents at the Deeds Registry Office in Harare or Bulawayo depending on where the property to be transferred is located. In accordance with the Deeds Registries Act [Chapter 20:05], the Registrar examines the deed and other documents lodged by the conveyancer before he or she executes or attests and registers the deed. The Deeds Registry Offices in Harare and Bulawayo are fairly efficient in ensuring that all deeds lodged are usually processed and registered within seven (7) days.

The registration system is meant to provide an efficient system, and affords security of title to land and rights in land, and buttresses the right to property as entrenched in the current Constitution.

9.2 Taking security

In Zimbabwe, the common law allows security to be taken by assuming an asset in order to secure debt. No transfer or removal of the asset is required from the security giver. The most common form of security is through the registration of a mortgage bond over a debtor’s property in favour of the creditor. In essence, the registration of a mortgage bond takes place pursuant to an agreement between the parties—the mortgagor (debtor) and the mortgagee (creditor). The Governor of the Reserve Bank of Zimbabwe Dr J.P. Mangudya in the January 2016 Monetary Policy Statement stated that the RBZ was in the process of establishing a collateral registry system in line with international best practice which is aimed at promoting the use of movable collateral by lenders as a method of increasing access to credit.

Currently, in Zimbabwe obligations can be secured by movable property through the registration of a notarial bond, which hypothecates movable property as security for a debt obligation. This is a type of security instrument which is registered over identifiable and specified moveable property. Notarial Bonds takes two forms: a general notarial bond and a special bond. A general notarial bond applies generally to all movable property, both corporeal and incorporeal in the bond debtor’s possession; whilst a special bond is taken over specific corporeal property.

Another option for international investors (in situations where a company wishes to secure long term financing but does not wish to put up any of its assets as collateral) is through the issue of debentures which can be purchased through reputable brokers. Debenture holders have first call on a company’s assets in the case of liquidation if such company had not previously pledged any of its assets to secure previous debt. In the event that the issuing company becomes insolvent, debenture holders have recourse in that they have a legal claim to the assets of the company that are not ‘specifically’ pledged to any other debt.

Manokore Attorneys has a dedicated team

that focuses on all property and real estate

transactions within Zimbabwe.


10. AgricultureHistorically, agriculture has been the mainstay of Zimbabwe’s economy. The investment opportunities in the sector include crop production, mechanisation and horticulture. Investment in agriculture is heavily supported by the Government given that agriculture and food security have been designated a priority sector in Government’s efforts to turn around the economy. Fiscal incentives in agriculture include special deductions over and above the normal deductions. Farming inputs are zero rated for Value Added Tax purposes.

According to the Constitution of Zimbabwe, no compensation shall be payable where agricultural land is expropriated by the State under the land redistribution scheme, and that matters to do with the acquisition of agricultural land are not justiciable before a court of law. In the event that land is expropriated by the Government, a foreign investor may therefore not be able to recover its investment except for improvements made on the farm before the acquisition.

Investment methods which are more desirable in the agricultural sector are Joint Venture arrangements and Management Agreements. Entities wishing to invest in this sector would benefit from the aforementioned investment licences issued by the ZIA, since the ZIA Act provides that property or interest or right therein of every investor to whom an investment licence has been issued in terms of this Act shall be accorded every protection afforded by the laws of Zimbabwe.


11. International TradeZimbabwe’s National Trade Policy (2010 – 2016) is the key guideline on the principles by which Zimbabwe stands regarding trade facilitation and regional integration. The policy is designed to direct Zimbabwe to export led industrialisation which will be further achieved on the guidelines of the Industrial Development Policy (2012 -2016).

According to the World Bank Global Economic Prospects of January 2016, Zimbabwe ranked 3rd on the leading sources of intra-regional trade for exports to the rest of Africa in 2015. In terms of imports from the rest of Africa, Zimbabwe ranked 5th on that same list.

Zimbabwe is strategically located in the centre of the Southern Africa region, well positioned to be the investment hub of Southern African. It has access to world markets as facilitated by a number of Bilateral Trade Agreements and its membership in the Southern African Development Community (“SADC”), Common Market for Eastern and Southern Africa (“COMESA”), African Caribbean and Pacific nations (“ACP”), and World Trade Organisations (“WTO”).

South Africa is Zimbabwe’s largest trading partner, with most of the trade being imports into Zimbabwe. The two countries are set to consummate their deep cemented trading relationship on conclusion of the Zimbabwe South Africa Simplified Trade Regime as a means of facilitating and formalising small-scale trade between the two countries. The EU is the country’s second biggest trading partner.

Zimbabwe has partially liberalised its current account, which allows for the easier flow of trade. As a result of an appreciating US dollar

relative to the South African rand, there has been a loss in external competitiveness. In addition, the National Competitiveness Report which was published by government in 2015 highlights the key challenges to Zimbabwe’s competitiveness, and seeks to address these challenges by presenting solutions that facilitate trade and investment in the country.

12. Dispute ResolutionBased on case law reported from January 2013 to date, the most commercial litigation disputes relate to: (a) administrative or tax cases; (b) contractual disputes arising out of loan agreements, credit facility agreements, payment for services rendered; (c) voluntary and involuntary liquidations and judicial management; (d) disputes emanating from Arbitration awards; and (e) property disputes.

In some instances,

involvement in such high level corporate

transactions results in the necessity to engage

in dispute resolution processes, including

conducting litigation on behalf of our clients.

We have our very own in-house litigator,

who upholds the interests of our clients with

enthusiasm and zeal, and who possesses vast

experience in the litigation of corporate

matters such as these.

12.1 Alternative Dispute Resolution

Alternative Dispute Resolution (“ADR”) may be described as a range of procedures that serve as alternative to litigation through the courts for resolution of disputes. It generally involves the intercession and assistance of a neutral


third party and is used when parties are trying to avoid public proceedings in a court of law. The advantage is that it places emphasis on informality of proceedings and speedy resolution. ADR is vital in modern commercial and labour agreements, and investors find it as an alternative to submission to foreign laws.

Conciliation, mediation and arbitration are three basic forms of ADR that have been developed. Arbitration should be resorted to when other ADR mechanisms have failed. The Arbitration Act [Chapter 7:15] is the model law on arbitration used for labour and commercial disputes.

12.2 Enforcement of Arbitral Awards and Judgements

Zimbabwe has ratified the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (“the Convention”), which requires courts of contracting states to give effect to private agreements to arbitrate and to recognise and enforce arbitration awards made in the contracting countries. In terms of Article 3 of the Convention, each contracting state shall recognize arbitral awards as binding and enforce them in accordance with the rules of procedure of the territory where the award is relied upon. Under the Convention, an arbitration award issued in any other contracting state can generally be freely enforced in any other contracting state (save that some contracting states may elect to enforce only awards from other contracting states –the “reciprocity” reservation).

The Civil Matters (Mutual Assistance) Act [Chapter 8:02] allows for the registration of a foreign judgement in Zimbabwe provided the judgement was handed down in a designated country. The word “judgement” is defined in section 2 of the Act to mean “a judgement or order given or made by any court or tribunal requiring the payment of money, and includes an award of compensation or damages to an aggrieved party

in criminal proceedings”. In terms of section 5, a judgement creditor under a judgement from a designated country may apply to an appropriate court for the registration of that judgement in the appropriate court within six (6) years from the date of judgement or a determination of any proceeding by way of appeal or review where such proceedings have been instituted in respect of the judgement. Section 25, however, expressly acknowledges that the Act does not purport to override or exclude the operation of any other law, including the common law, pertaining to the recognition and enforcement of foreign judgements. In terms of common law, the general requirements for the recognition and enforcement of foreign judgements may be summarised as follows:

12.2.1 The foreign court in question had the requisite international jurisdiction or competence according to our law;

12.2.2 The judgement concerned was final and has the effect of res judicata according to the law of the forum on which it is pronounced;

12.2.3 The judgement must not have been obtained by fraudulent means;

12.2.4 It must not entail the enforcement of a penal or revenue law of the foreign state;

12.2.5 It must not be contrary to public policy in this country; and

12.2.6 The foreign court must have observed the minimum procedural standards of justice in arriving at the judgement.


13. Investment RiskWithin the holistic regulatory framework which has been outlined in this document, our research has revealed the risks that investors are looking to avoid in Zimbabwe would include:

(a) restrictions on repatriation of funds (b) fear of arbitrary harassment or pursuits by the Government; (c) fear of arbitrary government policies, chief amongst them Indigenisation policies, currency instability in that there are constant threats of the defunct Zimbabwean Dollar being arbitrarily reintroduced in place of foreign currency.

Investors are also looking to avoid risks associated with tax liabilities and employee legacy issues.

Zimbabwe is a member of the International Monetary Fund (“IMF”) and is currently under a Staff Monitored Program with the IMF as part of the initiatives to re-engage with the international trading community. Through the IMF, Zimbabwe has undertaken to remain committed to maintaining its objectives of implementation of sound macro-economic stability, harness the country’s growth potential to the maximum, dealing with the fiscal challenges the country faces, honing in on financial sector confidence, improving the country’s external position and heading the growth by the private-sector. An IMF report on Zimbabwe’s progress, dated October 2015 noted that Zimbabwean authorities have taken important steps towards macroeconomic and structural reforms, with its most significant progress being in the reform agenda for the financial sector and labour-market. The report states that Zimbabwe had been progressing well according to the program imposed by the IMF and has achieved four of the five quantitative targets for year ending July 2015, and all of its structural benchmarks. The IMF report also emphasised the intensification of Zimbabwe’s

re-engagement with the international community with the objective of clearing the arrears owed to the international financial institutions (IFI’s), being the IMF, the World Bank Group and the African Development Bank, through the implementation of development strategies with the help of creditors and development partners.

An updated report by the IMF was released in May 2016. The report noted that authorities have implemented the policies agreed under the Staff Monitored Program, despite the difficult economic and financial conditions. Although Zimbabwe has been facing fresh economic challenges (such as the El Niño induced drought in the agricultural sector, a liquidity crisis and negative inflation), the government has strengthened regulatory framework, especially in the banking sector. The Zimbabwe National Financial Inclusion Strategy, 2016–2020 was launched in early-March 2016 with the objectives of increasing the number of banked adults as well as broadening access to financial services. This progress has shown that Zimbabwe possesses the technical and institutional capacity to implement economic reforms which will lower the risk of investment in Zimbabwe.


As one of Zimbabwe’s premier commercial law firms, the experience

we draw on is wide-ranging. Our firm is a highly specialized boutique

law firm tailored for high level investment deals with a well exposed

personnel who are all experts in their areas of specialisation. By applying

their well trained and seasoned minds, the team has the highly sought

after ability to examine all angles to deliver sound, practical business

solutions: Solutions that help our client see new opportunities.

Lloyd Manokore

Managing Partner

[email protected]

Reena Thaker

Associate

Mergers & Acquisitions

[email protected]

Farai Nyabereka

Senior Associate

Regulatory Approvals

[email protected]

Bridget Mafusire

Associate

International Trade, Project Finance & Public Private Partnerships

[email protected]

DOING BUSINES IN ZIMBABWE | 28

This disclaimer governs the use of the guide to doing business in Zimbabwe. By using this guide, you accept this disclaimer in full. The information contained in this guide is not advice, and should not be treated as such. One should not rely on the information in this guide as an alternative to legal advice from an appropriately qualified professional. If one has any specific questions about any legal matter you should consult an appropriately qualified professional. To the maximum extent permitted by applicable law, Manokore Attorneys exclude all representations, warranties, undertakings and guarantees relating to this guide. Should a section of this disclaimer be determined by any court or other competent authority to be unlawful and/or unenforceable, the other sections of this disclaimer continue in effect.

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