So, you want to sell into Africa? You’ve come to the right place. Here are a few ways to make a success of your exports venture into Zimbabwe.
All the answers to your unique business lifestage questions
Zimbabwe’s economy has been experiencing financial pressure for the greater part of two decades, but that hasn’t stopped big businesses from moving into the country to secure much needed revenues. Big brands like Woolworths, Checkers, The Foschini Group and Truworths are lining up for more and more retail space to soothe Zimbabwean’s growing demand for products.
As the country moves forward, you can expect more businesses to start servicing the region, so why not get your exports business going today to claim your share of the revenue pie?
Related: DTI offers support to your agri-processing business in Zimbabwe
Why export to Zimbabwe? Retail chains like Edgars and Truworths (in Zimbabwe) have been showing over 80% growth on turnover year-on-year. Zimbabwean consumers are hungry for products and if you can provide the leading retailers in the country with these products, you ‘re on your way toward creating financial wealth.
If you want to ensure your exports business to Zimbabwe gains traction and generates the type of income you’re hoping for, you need to ensure it’s set up the right way from the very start of your operations.
1. Get a business banking account
To conduct business with Zimbabwean importers, you’re going to need a business current account. Why? A business current account is your gateway to transactional products and services that make doing cross boarder business easier.
- A business current account from Standard Bank will give you access to a single point of contact through an account executive.
- You’ll be able to build a sound banking record and credit risk profile to ensure other companies are confident doing business with you.
- You can make deposits, withdrawals and payments to business partners in Zimbabwe using various channels Business Online Banking.
2. To open a business account, you’ll need
All types of legal entities and companies conducting business in or with Zimbabwe will need to fill in an original, signed application form. This application form must be accompanied by certified copies of valid passports for your company’s signatories and directors. Proof of residential address for your signatories and directors (not more than three months old, original or certified copy) must also be attached to the application.
To apply for a business current account today, contact our Africa business specialist.
3. Get your tax affairs in order
Tax tariffs, customs duties and clearance certificates can be a challenge keep in control when you’re exporting to Zimbabwe.
- Atax tariff is a duty imposed by a government on imported goods. All the tax tariff codes that are required when exporting goods to Zimbabwe can be obtained from the South African Revenue Service (SARS).
- Customs duties are levied on imported goods and is usually calculated as a percentage on the value of the goods (set in the schedules to the Customs and Excise Act). However, meat, fish, tea, certain textile products and certain firearms attract rates of duty calculated either as a percentage of the value or as cents per unit (for example, per kilogram or metre).
It’s important that you do all the homework you can when growing your reach into Zimbabwe. While it might be situated right next door to South Africa, conducting business can be challenging if you aren’t aware of the country’s challenges and the legal requirements you need to comply with. If you’d like to learn more about business challenges and opportunities in southern Africa, be sure to visit BizConnect’s Africa pages.
- To conduct business with Zimbabwean importers, you’re going to need a business current account.
- Tax tariffs, customs duties and clearance certificates can be a challenge keep in control when you’re exporting to Zimbabwe.