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HOW TO REGISTER A BUSINESS NAME

2. INTRODUCTION. PACRA is an agency of the Ministry of commerce, Trade and Industry established by the PACRA Act No. 15 of 2010.Its mission is to promote innovation, orderly trade and competitiveness of the Zambian industry and commerce through the provision of information and the registration system of commercial and industrial property rights..

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HOW TO REGISTER A BUSINESS NAME

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    1. 1 PATENTS AND COMPANIES REGISRATION AGENCY

    2. 2 INTRODUCTION PACRA is an agency of the Ministry of commerce, Trade and Industry established by the PACRA Act No. 15 of 2010. Its mission is to promote innovation, orderly trade and competitiveness of the Zambian industry and commerce through the provision of information and the registration system of commercial and industrial property rights.

    3. 3 INTRODUCTIONcont Statutory authority for executing these three functions comes from five laws which PACRO administers: The Companies Act; Registration of Business Names Act; Patents Act; Trade Marks Act and Registered Designs Act ( Caps 388 to 402, respectively,1995 Edition of the Laws of Zambia).

    4. 4 HOW TO REGISTER A BUSINESS NAME WHAT IS A BUSINESS NAME? It refers to what a commercial enterprise calls itself.

    5. 5 It enables one to easily carry out business with other formal business organisations and Institutions i.e. Banks, Government institutions etc. It is a legal requirement To protect the name of the business and to prevent it from being used by another enterprises.

    6. 6 There are three types of Business names; Registration by an Individual (Form III) Registration by a firm/ Partners (Form II) Registration by a corporation (Form I & II)

    7. 7 Registration fee of K80 000 for individuals and partnerships K105 000 for corporations that are registering Business Names.

    8. 8 The names proposed (three) The general nature of business Present Christian and surnames The former Christian names Nationality, NRC No, age and sex Residential address of each of the individuals/partners Date of commencement of business.

    9. 9 Any one irrespective of their background, nationality, gender or status can register a business with PACRA A person should be 18 and above, of sound mind, have not been declared bankrupt in Zambia or any other country and without any criminal record.

    10. 10 Such changes are required to be specified on Business Name Form VI and signed by all the partners of the company. Changes must be lodged with the Registrar in writing within 14 days

    11. 11 Every business is required by law to submit annual returns to PACRA not later than 3 months after the end of its financial year. Annual return form VIII can be obtained free of charge. The filing fee is K35,000 An addition late filing fee of K70 000.00 is payable on returns filed later than the stipulated time.

    12. 12 When a business names wants to close its business, its partners must inform PACRA accordingly within 3 months after operations cease. The prescribed form for such notification is Business Name form VII. The fee for Cessation is K25,000

    13. 13 WHAT IS A COMPANY? It is a legal entity which is separate from its owners and shareholders, can sue and be sued, can live forever and can own its property. People who wish to register a company should be18 years and above, of sound mind, have not been declared bankrupt in Zambia or any other country and with no criminal record.

    14. 14 THERE ARE 4 TYPES Public Limited Company (PLC) Limited company by shares Limited company by guarantee Unlimited company

    15. 15 Mandated to sell its shares to the public Minimum of 7 members but with no limit on the maximum number. The minimum nominal capital is K50 000 000.00

    16. 16 This is a company with share capital Minimum of 2 and maximum of 50 shareholders, The shareholders liability is limited to the amount left unpaid on their shares. The minimum paid up nominal capital for LCOs is K5,000,000

    17. 17 This is a non profit making company with no more than 50 members. Each member is to sign a declaration of guarantee, specifying the amount that he undertakes to contribute if the company is wound up and its assets are insufficient to cover its liabilities. The liability in this case is limited only to the amount so guaranteed.

    18. 18 This one has all the characteristics of a private limited company except that in the event that it is wound up and its assets are insufficient to cover liabilities, the liability of the shareholders to contribute to the discharge of those liabilities is unlimited.

    19. 19 LIMITED LIABILITY - Since a company is a separate entity with a life of its own, the liability of its members is limited to the amount of money unpaid on the nominal value of its shares. PROPERTY A company can own property in its own name, company property is distinguished from the property of its members.

    20. 20 SUING: Companies can sue and be sued in their own name. PERPETUAL SUCCESSION: a company can live forever, even after the death of its members or changes in membership. TRANSFERABLE SHARES: Shares are easily transferable in a registered company.

    21. 21 Applicants are required to fill in and submit typed, and in Duplicate Forms 5, 11, and 1(PLC), 2(LCO), 3 (GTEE) or 4 (UC). Articles of Association may or may not be submitted with the application, It is the internal constitution of a company which regulates the conduct of a company and its members.

    22. 22 K10 000.00 is payable for a name search. K55 000.00 is for name reservation. Applicants are required to pay 2.5% of the nominal capital plus mandatory fees of K120 000.00.

    23. 23 It gives a record of the nature of the companys registration details Annual returns are submitted on Companies form 42. Private companies limited by guarantee submit their details on companies form 58. Annual returns for the previous financial year are to be filed within three months of a companys financial year-end.

    24. 24 If returns are filed later than 3 months but no later than 6 months after the prescribed date, the defaulting companies pay a penalty fee of K75 000.00 plus the normal filing fees. The penalty fee for submitting them later than 6 months is currently at K145 000.00 plus normal filing fee.

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