Godknows Hofisi

The Zimbabwe Investment and Development Agency (ZIDA) was established in terms of the Zimbabwe Investment and Development Agency Act (Chapter 14:37), “ZIDA Act” or “the Act”. The Act was published in the Government Gazette in February 2020, becoming effective then on.

The purpose of the ZIDA Act is for the promotion, entry, protection and facilitation of investment, to provide for the establishment of the ZIDA Agency.

It provides for the One Stop Investment Services Centre (OSISC) under ZIDA.

The Act repeals its predecessor Zimbabwe Investment Authority Act (Chapter 14:30) and also the Special Economic Zones Act (Chapter 14:34) and the Joint Venture Act (Chapter 22:22) and provides for matters incidental to or connected thereto.

In other words, the ZIDA Act and therefore the establishment of ZIDA is aimed at addressing the Government’s ease of doing business on investments. It seeks to consolidate and streamline previous agencies and simplify the process of registering new businesses in the country.

Functions of ZIDA

The functions of ZIDA are outlined in section 4 of the ZIDA Act and include the following:

To promote, plan and implement investment promotion strategies for the purpose of encouraging investment by domestic and foreign investors,

To promote the decentralisation of investment activities,

To implement and coordinate investment programmes and investment promotion related activities,

To facilitate entry and implementation of investment projects,

To assist investors in all appropriate investment-related support that may be required,

To work with Government and interested stakeholders in using modern communications methods to promote Zimbabwe as an alternative investment destination,

To facilitate, across all sectors of the economy, dialogue and other consultations between the public and private sectors to improve the investment climate for domestic and foreign investment,

To establish and regulate special economic zones,

To appraise and recommend the approval of Public Private Partnerships with the State to the Cabinet,

To deliver investor aftercare services, including but not limited to post-establishment facilitation services that support investment retention and expansion,

Where appropriate, to monitor the operations of registered investments,

To maintain records related to investment certificates, work permits, visas any other documents   pertaining to the licensed investor,

To advise the Minister on all matters relating to investment in Zimbabwe, and

To perform such other functions as may be assigned by the Minister from time to time.

One Stop Investment

Services Centre (OSISC)

Section 5(1) of the ZIDA Act establishes, under ZIDA, a One Stop Investment Services Centre consisting of desks representing the following:

The general investment division of the Agency,

The unit in the Agency responsible for public private partnerships (PPPs),

The unit in the Agency responsible for Special Economic Zones (SEZs),

The Immigration Department,

The Zimbabwe Revenue Authority (ZIMRA),

The Environmental Management Agency (EMA),

The Reserve Bank of Zimbabwe (RBZ),

The Office for the Registration of Companies and Other Business Entities,

The National Social Security Authority (NSSA),

The Zimbabwe Energy Regulatory Authority (ZERA),

The Ministry responsible for mines and minerals,

The Ministry responsible for local authorities,

The Zimbabwe Tourism Authority (ZTA),

The Labour Ministry,

One or more desks representing any additional Ministry or Ministries as the Minister, after consultation with the Ministers concerned and the President, considers to be relevant for the success of the one stop shop.

Upon its establishment, ZIDA appointed Mr Doug Munatsi, a respected banker and entrepreneur, as its chief executive officer.

This simplified article is for general information purposes only and does not constitute the writer’s professional advice.

Godknows Hofisi, LLB (UNISA), B.Acc(UZ), CA(Z), MBA(EBS,UK) is a legal practitioner, chartered accountant, corporate rescue practitioner, and consultant in deal structuring and tax. He writes in his personal capacity. He can be contacted on +263 772 246 900 or [email protected]