Sayspring Consultancy

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A Bussiness Consultancy Hub gives services – from organizations to NGOs to PLTD Companies. Gives solutions to any business or non-profit organizations in tax consultancy, registering with all Government regulatory bodies to risk management profiling. It’s a one-stop-shop company eager to give its consultancy and solutions to the nations.

Our vision

Our vision is not only to be a business advisory council but a strategic partner to our clients, offering them value-based services to help them build timeless businesses that will impact Africa’s Economic growth.

A vision of what we are hoping to accomplish is paramount for success. . The idea of taking prescribed management action in order to make progress toward and achieve a goal is central to the entire world , and especially the process of adaptive management.

Differences between pbc

differences between pbc and plc company
The main differences between registering as a pbc and a plc company in Zimbabwe

Want to register a company in Zimbabwe but wondering which company type to choose? Below are the differences between PBC and PLC company you need to know before starting your booming business

We will not talk about the most noticeable difference of company registration cost of since this is justified below.

1. Difference between PLC and PLC company in size

PBC company is ideal for Small Medium Enterprises(SMEs).

According to Zimra, SMEs falls into a range, classified by having employees below 75 and an annual turnover not exceeding $1 000 000.

On the other hand, a PLC is suitable for large businesses like multinational companies wishing to expand into Zimbabwe’s market.

This does not limit you to register your business as a PLC even when your business is small or still starting.

2. Number of shareholder(s)

A PBC restricts ownership from 1 to 20 shareholders. You can operate your sole trader business without any fear of loosing control.

The only blow will be the extend to how much you can raise more capital when being compared to a PLC company which requires at least 2 to 50 shareholders.

Of these people, one of them must become a company secretary which is a must.

3. Cost of operation

In terms of operational costs, a PLC becomes more expensive to maintain in the long run than a PBC especially when we are not talking of whether you are making a profit or loss.

At the end of each accounting period each limited company is obliged to pay annual returns to the Registrar of Companies.

Its not a huge amount but often becomes a blow to startups which are yet to make a profit. So the concept of saving is going to stick around.

4. Document outcomes

Different types certificates are awarded when you register as a PBC or PLC company.

With PBC you get a Statement & Certificate of Incorporation which summarizes all your company information on one paper.

This document include all your company information and details of shareholders which comes under PLC as the CR6 and CR14 documents in PLC companies.

But in PLC you will get the CR6, CR14, Memorandum and Articles of Association as the documentation outcome.

To conclude, you might feel a PBC sounding inferior to PLC companies. Its not true since both of these companies are legally recognized under the Company Law of Zimbabwe.

So you can apply for government tenders, licenses or anything you wish as you would have done with a PLC company. Only business size, number of shareholders, cost of operation and the document outcome is what distinguish a PBC from a PLC.

My Advice: If you can afford both it will be amazing! I recommend you to take a PBC company if you want to start small and choose a PLC company if you plan for rapid expansion sooner. There are no hustles involved in converting a PBC into a PLC and vice versa. So go on to register what your can afford bearing your future business plans.

Having dealt with differences between PBC and PLC company. Are you thinking of registering your company to join us in the industry?

I am pleased to inform you that you can do here on this website with just two simple clicks. It’s very simple as A,B,C, so register now.

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October 1 — December 1

Bookkeeping in Zimbabwe

Information is power when it falls into the right hands, right?

What more about having your financial books being maintained on real-time basis, giving you a true reflection of where your business stands every minute when a transaction happens?

Our contract bookkeeping in Zimbabwe is cloud based, offered on real-time to businesses in Zimbabwe.

This allows business owners to access their financial information anywhere using smartphones, tablets, laptops or desktops for making timely decisions that grows their SME businesses.

Our bookkeeping services to company owners in zimbabwe

With our bookkeeping services, business owners will have the freedom to focus on core business activities whilst we maintain their accounting books.

We do not manage their books only but we go further helping them understand their financial state better, giving that advice which grows and makes business succeed.

  1. Provide hardware or use already existing equipment
  2. Setup a bookkeeping system and have it running
  3. Record all transactions as they happen in real-time
  4. Report accurate financial status of businesses
  5. Give periodic financial advisory to business owners

The bookkeeping process to help better manage finances

We execute the bookkeeping process following a systematic approach. Below are the major activities involved when conducting the bookkeeping process in Zimbabwe.

1. Setting the basics

This involves choosing to operate on cash-basis or accrual-basis.

Cash basis records a transaction when cash is received whilst accrual records it even when cash doesn’t exchange hands.

The choice differs with business type but knowing which basis to choose sets a foundation for successful business.

2. Designing a Bookkeeping System

We lay out the basic structure that defines your books of accounts.

This involves establishing a systematic bookkeeping cycle custom built to suit the type of your business.

3. Business Road Mapping

We help you setup a custom Chart of Accounts for your business.

This is organised to make it easy to produce required financial statements.

All accounts related to financial statements will be identified and listed.

4. Design controls for Records and Money

We create strong internal processes and controls to curb any possibility of fraud before operation commences.

The system lays how employees handle cash and company assets whilst a backup plan for data storage is worked on.

This is vital in deciding the future of your business.

5. Tracking & Monitoring Sales and Purchases

Every business owner needs to know and track every dollar that comes in and out of the business.

Journals and ledgers are set to capture all transactions for financial reporting purposes.

This will keep accurate and updated records of all sales and inventory trends for avoiding under/overstocking.

6. Paying your employees
It is the responsibility of every employer to make sure employees are paid accurately.

We ensure all required government documents are dealt with when a new employee is hired.

Other staffing issues like payroll management, paying all employee tax due are some of the things we do on your behalf.

7. Employer tax & testing your books

At the end of an accounting period, we test all transactions to check if all were captured and accurately recorded.

We will balance your books, starting with checking the accuracy of the cash balance, then move on to the trial balance, find errors and correct them.

Therefore all receipts should be kept as supporting trails to used when need arises.

8. Preparation of Financial Statements

Having put all transactions in order, the need to summarize them follows.

We prepare the income statement together with the statement of financial position for your business.

These two statements will show the overall financial health of your company as of that particular date.

Your accounting period can be weekly, monthly, quarterly or yearly basis.

Who can engage our contract bookkeeping services?

Every Small Medium Enterprise (SMEs) can engage our bookkeeping services since we have different packages that suits perfect.

These SMEs range from Private Business Corporations (PBC) to Private Limited Companies (PLC) located in any part of Zimbabwe.

Our bookkeeping services covers the whole of Zimbabwe, so don’t let distance be a barrier to hire us. You can engage us as your next contract bookkeepers if you operate.

  1. All sole trader businesses.
  2. Every startup business in Zimbabwe.
  3. Small Medium Enterprises (SMEs) in Zimbabwe.

1. ZIMRA registration

A valid business bank account is required for ZIMRA registration.

We help you secure a Bank Advice note for opening a business bank account and obtain a Business Partner(BP) number for your company.

2. PAYE and Quartely QPD returns & submission  

We help you calculate your provisional (QPD), income tax and submit to the regulatory authorities.

We prepare your taxes closely following statutory requirements to help your business from being penalized.

3. ITF263 tax clearance certificate
This certificate is proof that your business is tax complying, paying all taxes due to ZIMRA.

Every tax certificate is valid for a year and is renewed every year depending on previous tax status.

Having a valid tax clearance shows your trading partners that you honor statutory obligations which help you avoid withholding of 10% of sales.

5. Tax Appeal / Penalties

We help you launch tax appeals and recover from tax penalties charged by statutory authorities.

This will help your business reshape its corporate image and adhere to good corporate practices.

Thus, helping you get back to your feet and do business as usual.

6. Tax Audits

We navigate through your accounting books, taking a closer view of all the taxes you paid, recalculating tax figures and prove how much paid versus what you should pay.

Our duty is at helping our clients to defend themselves and stand firm to their plea.

The process of company registrations Zimbabwe has not been much clearer. Below is all you need to know about business registration and having your startup company incorporated in Harare.

Register a Company in Zimbabwe

A company can be registered in Zimbabwe either as a Private Business Corporation(PBC) or as a Private Limited Company(PLC).

A PBC company suits best small medium enterprises(SMEs) whilst a limited company(PLC) is ideal for bigger businesses. It can be easily converted into a Public Limited company to appeal for funds from the public.

Requirements to register a PBC Company in Zimbabwe

A list of prerequisites you need to register a company in Zimbabwe is shown below.

  1. The company core business
  2. List of four(4) proposed company names
  3. Business physical and postal addresses
  4. Information about PBC members i.e names, ID numbers & share percentages
  5. Contact details of the person responsible

Requirements for register a Private Limited company in Zimbabwe

A list of pre requisites you need to register a Pvt Ltd company is shown below.

  1. The company core business
  2. List of four(4) proposed company names
  3. Business physical and postal addresses
  4. Director’s full names, ID numbers and residential addresses
  5. Shareholder’s full names, residential addresses and shareholding percentage
  6. Appointment of company secretary, full name, ID number and residential addresses
  7. Contact details of the person responsible

Four vital documents every PBC company should have

The documents below are a must to have for every PBC company to consider operating formally.

You should take note of what these documents mean and why they are necessary for PBC registration.

1. Statement & Certificate of Incorporation

The document proves that a company is legally incorporated as a PBC company and is bound under the PBC Act by the Registrar of Companies.

It will be used whenever the CR6, CR14 Memorandum and Articles of Association are required.

2. ITF263 Tax Clearance Certificate

A tax clearance is a must when you really want to engage in a formally recognized deal with a registered business.

It shows that the company complies and conforms to ZIMRA Tax Authority. Without it, you may lose a sizable good business.

3. Company By-laws

This is a document that legally binds all the members in a PBC company.

It outlines how operations will be undertaken, clearly stating the procedures to take when ceasing business operations.

This is helpful especially when things get messy when it comes to dissolving a business.

4. Shareholder Certificates

These certificates are acts as evidence that shows your stake of ownership in a company.

It is often found more useful to the next of kin in case a dispute arises.

Key features of Private Business Corporation (PBC)

  • Allow 1-20 member(s) to operate. This suits sole trading and partnership businesses.
  • Use company by-laws to govern profits sharing and procedures for company dissolution.
  • Statement & Certificate of Incorporation is the document outcome.

Key features of Private Limited Company (PLC)

  • Allow 2-50 shareholders to operate. This suits bigger types of businesses.
  • Its a must for every limited company to appoint a company secretary.
  • Memorandum and articles of association are the document outcome.

Advantages of operating a registered PLC/PLC company

  1. You can easily raise more capital from financial institutions.
  2. Eligible to apply for government tenders and bigger business.
  3. Enjoy limited liabilities, protecting you from losing your personal property to cover debts.
  4. Affords you to be at peace with the Tax & Revenue Authority.
  5. Safeguards you from losing business to registered businesses.

4 Reasons to start business in Zimbabwe

Starting a business in Zimbabwe is not an easy task but often the most lucrative thing when it comes to rewards.

Some of the major reasons to consider starting a company are shown below.

1. Pursuing your passion

Very few people have managed to follow their passion in a lifetime.

Different barriers such as educational requirements often stand as stumbling blocks in their way.

Only starting a business can be the answer to pursue what you are passionate about.

increase revenue

2. Increasing your income

No doubt a successful business can generate a lot of revenue compared to any full-time employment you can get anywhere.

Don’t you want to be the next person to leverage the benefits of starting a successful one company yourself?

create employment

How much will it cost to register a company?

3. Employment creation

Sooner or later your startup company is going to expand and need to hire people.

Creating employment impacts directly to the surrounding society.

You will have an opportunity to help change the lives of those locals employed, affording them basic needs and wants.

driving the economy

4. Improve your job security

Its time to quit thinking of getting fired by your boss anymore.

Starting a business helps you stop earning that fixed salary but assures you the continuity of employment as long business exists.

Thus safeguarding against the possibility of any job loss in the foreseeable future.

How can i register a company in Zimbabwe?

To register a company in Zimbabwe you have two options. These two options are elaborated below so that you can choose one for yourself.

  1. Business registration in Zimbabwe by doing it yourselfThough a bit complicated, it involves you preparing the company documents like CR14, Statement & Certificate of Incorporation, visiting the Registrar of Companies office, lodging your documents and a lot of follow-ups too.
  2. Company formation in Zimbabwe through consultantsThis involves engaging experienced third-party agents to do the company registration process on your behalf. Thus transferring all the hustles involved during business registration to the consultant of your choice.

It is now easy to form your own company and become your own boss.

Our company registration charges are relatively cheaper than the industry average.

ITEM DESCRIPTIONPRICE
Private Business Corporation (PBC) formationUS $180
Private Limited Company (PLC) formationUS $235

My question will remain “why paying more for the same thing?”

Online company registration in Zimbabwe

It has become easier to register your company online in Zimbabwe than what it was previously.

With online business registration, there is no need to physically visit our offices since you can initiate and complete the process so long there is internet access.

Two simple steps to online company registration in Zimbabwe

To register a company online click here to fill the information on the form and send us your company details.

This information includes company names, business objectives, information about members/shareholders and the contact person.

Click the submit button to see send us your information.

Then proceed to make a payment since the business registration process begins only when payment is successfully completed.

Wish you good luck and all the best in becoming your own boss.

How will your business benefit from tax consulting and complying?

Are you wondering if paying tax will ever be of benefit to you and your business?

Paying your tax due will ease up the way in which your business operations are undertaken. The right question to ask is how?

  • It helps you win big business like government tenders of high value.
  • It helps you avoid withholding and remitting 10% of your sales to ZIMRA.
  • It allows you to be at peace with statutory boards to avoid tax penalties.
  • Paying business tax is part of good corporate governance practices.

Who can engage our tax consulting in Zimbabwe?

We provide our tax consulting services to startups and SME businesses. If you are a business owner or part of any business team mentioned above you can choose to work with us. Below are the types of company formations that suit our tax services:

  • Private business corporations
  • Private limited companies
  • Trust organisations

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