Government directs investors to adhere to the laws
It is reported that the Deputy Minister for Mineral and Energy, Dr Medard Kalemani said at a sideline of the Oil and Gas Conference in Dar es Salaam: He continued:
Corporate / Commercial News
Standard Form Consumer Contracts
Fair Competition Commission (FCC) published a second notice in October 2015 that: With effect from 1 January 2016, all “standard form contracts” should be registered with the FCC and are subject for review. All standard form contracts in use, should also be submitted for registration and review by the FCC. We understand the FCC position … Read more
FCC Threshold for Notification
By Fair Competition (Threshold for Notification of a Merger) (Amendment) Order 2017 the threshold for notification of a merger has been increased from TZS 800,000,000 (about USD 360,000) to TZS 3,500,000,000 (about USD 1,500,000). “Merger” means an acquisition of shares, business or other assets, whether inside or outside Tanzania, resulting in the change of control of … Read more
FBME – court supports ruling
The High Court has supported a 2015 award for Coast Textiles Limited against FBME in the order of TZS 92 billion (about USD 41 million). See newspaper article 5 June 2017.
FBME – Notices on 12 May 2017
Notice to Depositors dated 12 May 2017 is given that: Deposit Insurance Board (DIB) has commenced the process of stocktaking and verification of assets and liabilities of the said FBME Bank (Under Liquidation) (FBME). Depositors of FBME will be notified by DIB of the Pay-out Plan of their protected deposits in accordance with the law upon … Read more
New Head of TIC
State House has announced that Geoffrey Idelphonce Mwambe has been appointed as the new Executive Director of Tanzania Investment Centre (TIC). We understand that from June 2016 Mr Mwambe was District Commissioner for Manyoni District in Singida Region and before that Director of Trade, Investment and Productive Sectors at the Ministry of Foreign Affairs and East … Read more
FBME – banking licence revoked and placed into liquidation
Public Notice 5 May 2017: Bank of Tanzania has discontinued all banking operations of FBME Bank Limited; revoked its banking business license; placed it under liquidation; and appointed the Deposit Insurance Board (DIB) as a Liquidator effective 8 May 2017. Notice to Depositors, Creditors and Debtors 5 May 2017: Depositors, creditors and debtors of FBME … Read more
Director liability for corporate debts (“lifting the corporate veil”)
A High Court case Musa Shaibu Msangi v Sumry High Class Limited and Another [2016] TLS LR 430 shows that directors can be held personally liable for the debts of their companies (even when no suggestion of a guarantee by a director exists). In brief: Applicant had been trying to enforce for 1 year a decree against the respondent company judgment … Read more
BRELA Public Notice: outstanding annual returns
In February 2017, the Business Registrations and Licensing Agency (BRELA) issued the following public notice: “It is a statutory duty for every company incorporated in Tanzania to file their Annual Returns, with the Registrar of Companies, accompanied with Audited Accounts in every year. This is in accordance with sections 128(1) and 132(1) of the Companies Act … Read more
Establishing a business in Tanzania
This Q&A has been updated as at 2 January 2017 at Establishing a business in Tanzania and gives an overview of the key issues in establishing a business in Tanzania, including an introduction to the legal system; the available business vehicles and their applicable formalities; corporate governance structures and requirements; foreign investment incentives and restrictions; currency regulations; … Read more