Starting a new business takes a lot of planning. There’s a lot involved if you want your business to grow and succeed. This checklist for starting a new business will help you get started.
Background work
- Analyze your business idea by doing a SWOT analysis
- Assess your strengths and weaknesses as an entrepreneur
- Establish business and personal goals
- Assess your financial resources and identify potential sources of funds
- Identify the financial risks
- Determine the start-up costs
- Decide on your business location
- Do a thorough market research
- Identify your customers
- Identify your competitors
- Develop a marketing plan
Business transactions
- Select a lawyer and an accountant
- Choose a form of organization (Private Business Corporation, Private Limited Company, for example)
- Create your business (register your company name, incorporate the business, etc.)
- Prepare a business plan
- Select a banker and set up a business checking account
- Apply for business loans and grants (if applicable)
- Establish a line of credit (if possible)
- Select an insurance agent and obtain business insurance
First steps
- Prepare corporate brochures
- Build a website
- Set-up corporate email accounts
- Get business cards
- Obtain a lease
- Line up suppliers (if applicable)
- Get furniture and equipment
- Obtain business licenses or permits (if applicable)
- Register with NSSA to get SSR number (if applicable)
- Register with ZIMRA to get a BP & PAYE number (if applicable)
- Join a professional organization or network
- Choose a starting date
- Prepare and deploy your communication/marketing strategy
not a bad article, very insightful after all
very informative
true this one more insightful;interesting thanks
Truely helpful
Helpful Info looking forward to visit your offices n get the ball rolling soon thank you
Is it mandatory for a PBC to obtain a BP & PAYE number and SSR from NNSA?
Hi BT. It’s mandatory to pay taxes to the government. The only way to do that is by having a BP number. PAYE number is needed if your company has employees. The same goes for NSSA, if you have employees then you need to register with NSSA and obtain an SSR number
I love the information. It has brought light
Does a PBC need to register with tax and etc kana kuti ukapedza kuregister company wakutofaisa zvinhu
Hi Owen. Any type of business including a PBC is required by law to register and pay taxes.
Quite informing. I feel on top of things already
Very Inciteful
Quite motivating and educative. I am planning to register a company and this is positive info.
someone told me there’s a certain income threshold that makes you liable to pay taxes. if your company’s income falls below that threshold, then it won’t be liable to pay taxes, how far true is that.
Thanks in advance!
Good day Tendy,
There is usually a misconception on the different types of tax available in Zimbabwe. All companies (PBC or PLC) are liable to pay income tax from the first dollar profit they make. Thresholds only apply to VAT (value added tax) where you can only register for VAT and therefore submit VAT to ZIMRA if your annual income exceeds $60,000.
Hi. For bank statements.can I use foreign bank statements.in my case I’m banking with ABSA
Hi Shadreck,
Only a Zimbabwean bank statement is accepted. Only 1 such statement is needed for any 1 of your directors
Collective info , Thank you so much.
Very insightful
Thank you, very informative and useful to me.
very helpful. Thanks