Investment Certificate is issued to investor under Section 23 of Zanzibar Investment Promotion and Protection Act No. 14 of 2018. The minimum investment capital requirement for foreign investors are US$2,5 million for hotel and real-estate investments and US$ 300 thousand for other sectors capital required to establish hotel investment is US$ 300 thousand and US$ 100 thousand for other sectors. The issuance of investment Certificates involves two stages as follows:
Stage 1: Submission of Investment Intention Form
Investor shall submit a concept note for the proposed project to be implemented in Zanzibar through Investment Intention Form which is available free of charge at ZIPA offices or can be accessed here
Once the concept note is accepted, the investor shall be notified and provided with Application Form for a non-refundable fee of US$ 500 , to be paid at Peoples' Bank of Zanzibar at Account number 0400424000 (US$) or its equivalent in Tanzanian Shillings at Account number 0404140000 (TZS); or advised otherwise. The processing time is 3 working days.
Stage 2: Submission of Application Form
A dully filled application form should be submitted to ZIPA, accompanied with the following documents:
- Ten (10) copies of Business Plan/feasibility study
- Proof of availability of funds for investment including a bank statements for the last six months
- Passport copies, passport size photographs, CV and police clearance certificates from country of residence and country of origin of all Directors and shareholders
- Certificate of Incorporation
- Memorandum and Article of Association
- Any other document to support the Application
- Receipt of the payment of Application Form.
Once investment proposal is approved by ZIPA, investor is issued with Investment Certificate. The Certificate is renewed annually until all approved capital is invested. Thereafter Investment Service License shall apply. The fee structure for the Interim Certificate is provided here.
The Investment Certificate is issued within 7 working days or advise investor otherwise.