building 11-10-10.jpgThe government is set to extend the deadline for the registration of foreign owned companies with the Zimbabwe Investment Authority to facilitate an efficient data collection for future economic planning.
 
Consultations involving the private sector and government ministries on the extension of registration of foreign owned companies with the Zimbabwe Investment Authority are in progress as stakeholders seek to ensure that all externally owned firms comply with investment procedures.

 

The Permanent Secretary in the Ministry of Economic Planning and Investment Promotion, Dr Desire Sibanda said the registration deadline which had been set for the end of this month  may be extended to ensure that all foreign owned companies get adequate time to submit data on their investment projects around the country.
 
“ We are in talks with the relevant authorities regarding the need to extend the entire process, remember  the directive was done  in July but we feel more still needs to be done ,” said Dr Sibanda.

 

Government in July this year  ordered all foreign owned companies to register with the Zimbabwe Investment Authority (ZIA) after the realisation that  some of the foreign owned  firms  had  not complied  with projects approval procedures,  in a move feared to have prejudiced the state  of millions of dollars in potential revenue.

 

The directive has also been made at a time the government is also forging ahead with the indigenisation policy which seeks to ensure that local  Zimbabweans acquire majority stakes in  foreign owned companies with a minimum capital threshold of US$ 500 000.