Page 97 - Business_Studies_F5

Student's Book Form Five

limited by shares being registered, Procedures for acquiring business
the applicant will be required to license from LGAs in Tanzania
fill details pertaining to company’s Mainland
details, principal place of business The Local Government Authorities (LGAs)
or registered office in or outside is entitled to offer a business license for
FOR ONLINE READING ONLY
Tanzania, business activity, directors, class “B” businesses. Class “B” is such
company secretary, company address, businesses that are established and operate
authorized share capital and their in a specific local/district/municipal area.
classes, shareholders, number of The following are the procedures for
shares being taken, and person with obtaining business license from LGAs in
power. Tanzania Mainland:

(d) Uploading the attachments: (a) Opening an account: The applicant of
The applicant will be obliged to a business entity will open an account
upload the attachment. Some of on behalf of the entity. In opening
the documents include; directors an account, it is important for the
and shareholders details, certified applicant to have a national ID and

copies of memorandum and articles TIN number. Once the account is
of associations. successfully opened the LGAs will
assign the applicant a representative
(e) Making and confirming payment:
Once documents are successfully role of a business seeking the business
uploaded a control number for license.
payment will be generated. (b) Selecting the type of business license
being sought: As indicated earlier
(f) Submitting the application: Once LGAs have several types of licenses
payment is received the applicant they issue; therefore, the applicant has
will submit the application.
to select the type of business license.
(g) Decision from the agency: In case there (c) Filling the application form:
are corrections in the submission, the Depending on the type of license the
applicant will get feedback on areas applicant will provide the necessary
requiring modification. If there are details required by the form. Details
no corrections, then the applicant will sought may include principal
receive an approval and certificate of business details, and business contact
incorporation from the agency. information.

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