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Tuesday, July 29, 2008

Starting your own Business

Over the years, I have come across a few Tanzanians who all claim to have plans to start their own business some day. It is unfortunate though, that when it comes to starting your own business, most Tanzanians have no idea where to start.

I therefore decided to share this bit of information with you today:

The 1, 2, 3's of starting a business in Tanzania

The document above outlines all the las you need to consult depending on the type of business you want to start; the amount of capital needed; application forms and legal documents to be submitted, etc.

The following websites may also be of use depending on whether you are interested in starting a financial services firm
  1. Capital Markets and Securities Authority -- Legislation

  2. Banking and Financial Institutions Act

  3. Insurance Supervisory Department -- Insurance Act & Regulations

  4. Insurance Supervisory Department -- Registration/Licensing requirements

  5. Tax Laws Administered by TRA

  6. Tanzania Investment Act

  7. Auditors and Accountants (Registration) Act

1 comment:

Anonymous said...

First and foremost, I aknowledge your efforts to create this blog. It is my hope that this will help many people, specifically Tanzanians.

Back to your post on "starting your own business", it is my feeling that the information you have provided is relevant to those who have gone several stages and are left with few before starting their business.

It is my contention that majority of Tanzanians who want to open up their own business lack an understanding of very basic things towards going into business. Things that are more related to the business itself and the person who will run it - which include issues of business oriented mind, capital financing, customer, goods and services, records, advertising and the like.

It is very likely that people will meet the legal and licensing requirements but relinquish most important issues that will necessitate implementation of the business idea and its sustainance. Many people claim to have business plans but fail to turn them into real business. If you analyse the reasons for that, very few will turn out to be related to licenses.

In my opinion, knowledge of business law is very important aspect in doing business, however, it is very easy to get it by just by approaching a lawyer.