STATUTORY COMPLIANCE SERVICES
NSSA (National Social Security Authority) is the statutory organization charged by law to oversee and manage social security in Zimbabwe in terms of the National Social Security Act (Chapter 17:04). All employers are required by the law to register with National Social Security Authority. Whether you are in the formal or informal sector, you are liable to register with NSSA. NSSA operates 2 schemes to which emloyers contribute. The 1st is the Workers Compensation & Insurance Fund (WCIF) which is funded entirely by employers for the purpose of providing benefits to employees and/or their beneficiaries in the event of a workplace injury or death. The 2nd one is the National Pension Scheme which is funded equally by both employers and employees. The fund provides benefits to employees and/or their beneficiaries in the event of retirement, invalidity or death.
Legal name. Trade name. Company contact number, physical and postal address. Main business activity. Commencement Date of Business. Type of Company. Banker’s details (Name of the bank, branch account, account number) Contributions details. Copy of certificate of incorporation. EMPLOYEE DETAILS Employee Occupation details Employee contact details. Spouse(s) Details. Other dependants’ details. Details of Owner, Managing Director or Responsible Person.
A business or shop licence is given by a licensing authority as certification that a place of business meets the minimum requirements for safety, healthy and sanitary standards. This is mandatory for all businesses in terms of the Shop Licences Act [Chapter 14:17] / Urban Councils Act [Chapter 29:15].
NEC or National Employment Council is a council created to represent the interests of employers / employer organisations and employees / employee organisations. There are several NECs for different industries e.g. NEC for Commercial Sector, NEC for Mining Sector, NEC for Catering Industry, etc. Registration with the relevant NEC for your industry is mandatory together with the submission of monthly returns and payment. Both employer and employee contribute 0.50% of the salary.
The Standards Development Fund (SDF) is a statutory organization charged with developing and promoting the standardization of commodities and services in Zimbabwe. Registration is mandatory in terms of the Standards Development Fund Act [Chapter 14:19]. The SDF levy is a quarterly 0.5% of a company’s gross payroll total inclusive of salaries, allowances, benefits and bonuses.
ZIMDEF (Zimbabwe Manpower Development Fund) is a statutory organization established by law to facilitate the development of critical and highly skilled human capital in Zimbabwe. Registration is compulsory by law and non-compliance can result in fines, penalties and/or imprisonment. The ZIMDEF levy (training levy) is 1% of the company’s gross payroll total inclusive of salaries, allowances, benefits and bonuses.
COMPANY SECRETARIAL SERVICES
PRAZ is the Procurement Regulatory Authority of Zimbabwe. PRAZ is responsible for controlling and regulating the procurement processes of government departments, ministries and parastatals. In order to be able to participate in public tenders and to supply the government and any agencies or institutions that the government controls, you need to have registered with PRAZ for the category of goods/services under which that tender falls. Advantages of PRAZ Registration
Participate in government and public tenders Capitalize on massive business from the government Get a competitive edge in your industry by dealing with and supplying the government since government entities represent big business opportunities
A vendor number is a unique number issued to business entities that wish to supply the government and its related agencies. By acquiring a vendor number, your company becomes eligible to supply government entities and get access to massive business. Advantages of having a vendor number You will be able to supply the following;
Government Ministries Government Departments Government Boards Government Parastatals
All clients, including individuals, companies, partnerships and cooperatives who want to venture into any business are required to register with ZIMRA within 30 days and comply with all obligations as stipulated in the legislation like submitting timely returns and making timely payments.
The filing of tax returns is mandatory for all taxpayers and for one to get a tax clearance and comply with the law. Sabarm Business Solutions will assist you in filing your returns in a timely manner and make sure that you are a compliant taxpayer. We will handle your;
QPDs PAYE returns (P2) VAT returns Income tax Annual Returns (ITF 12C)
Arrangements of tax affairs to minimize tax liability through the use of all allowances, tax deductions, exclusions, exemptions among others to reduce income. Business people need to ensure that all statutory obligations are met and in time to avoid punitive measures such as garnish orders. We will make sure that you pay the least amount of tax possible within the confines of the law.
This is issued by the Revenue Authority (ZIMRA) once a taxpayer has met all the stipulated obligations which include submission of tax returns and remittances of tax due. Failure to have a Tax Clearance certificate results in the deduction of 10% of the amount payable to the business (Withholding tax).