The Microfinance Act No. 10 of 2018 (“The Microfinance Act”) requires all microfinance service providers to obtain license to operate as such from the Bank of Tanzania (“BOT”) or any other regulatory body delegated by the BOT to issue such license. This requirement extends to the microfinance service providers who were operating before enactment of the Microfinance Act
COMPANY LAW UPDATE: EXTENSION OF TIME FOR REGISTRATION OF COMPANY’S BENEFICIAL OWNERS INFORMATION.
Enforcement the Companies (Beneficial Ownership) Regulations, 2021 Defining the beneficial owner Mandatory registration of Beneficial Owners by Companies in Tanzania Timeline for registration of Beneficial Owners Time extension for registration of Beneficial Owners’s information 1.0 Introduction As part of the efforts to developing Tanzania in business and investment, but also as a means to regulate corruption […]
REGULATORY AND COMPLIANCE LAW UPDATE: THINGS YOU SHOULD KNOW WHEN BUYING AND EXPORTING CASHEWNUT FROM TANZANIA
The Tanzanian economy is well known to be dependent on the Agriculture sector. Tanzania is well known to be among the leading Cashewnut producers in Africa. Areas known predominantly for Cashewnut cultivation include the southern coastal regions of the country, near the towns of Mtwara, Kilwa and Dar es Salaam. The Cashewnut Board of Tanzania (CBT) is entrusted with the responsibility of regulating the development of the Cashew Industry in Tanzania. In undertaking its mandated roles the CBT puts more emphasis in improving efficiency and effectiveness in the Cashewnut sub sector in order to meet requirements of different stakeholders thereby enabling them to contribute to the national development. The Board is established under section 3 of the Cashewnut Industry Act No.18 of 2009.
CORPORATE SECRETARIAL LAW UPDATE: AMENDMENTS OF THE ZANZIBAR COMPANIES ACT NO. 15 OF 2013 REGARDING COMPANIES REGISTERED IN TANZANIA MAINLAND
A brief overview of the new legal requirements for foreign companies registered in Zanzibar. Summary of the amendment of the Zanzibar Companies Act enunciated in the Finance Act No. 3 of 2021. The legal implications on the new amendments on Foreign companies registered in Zanzibar 1.0 Introduction The Revolutionary Government of Zanzibar on the 24th June 2021 […]
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