BOU Requirements

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BOU Requirements in Botswana

BOU Requirements in Botswana

Introduction

When it comes to setting up a business in Botswana, there are certain requirements that need to be met to operate legally. The Business Registration Act of Botswana governs the registration of businesses in the country and outlines the various steps that need to be followed.

Registration Process

1. Business Name Registration

Before starting a business, the first step is to register the business name with the Registrar of Companies. This can be done online through the Business Registration Authority Botswana (BRAB) website or in person at their office.

2. Business Structure

You will need to decide on the structure of your business, whether it is a sole proprietorship, partnership, or company. Each structure has its own requirements and implications for taxation and liability.

3. Company Registration

If you choose to register a company, you will need to submit a memorandum and articles of association, along with the necessary forms and supporting documents to the Registrar of Companies.

Licensing and Permits

1. Trade License

All businesses in Botswana are required to obtain a trade license from the local government authority where the business is located. This is to ensure that the business complies with local regulations and health and safety standards.

2. Work Permits

Foreign nationals looking to establish a business in Botswana will need to obtain a work permit from the Department of Immigration and Citizenship Services. The permit allows the applicant to work in Botswana legally.

Taxation

1. VAT Registration

Businesses with an annual turnover of more than P500,000 are required to register for Value Added Tax (VAT). This can be done through the Botswana Unified Revenue Service (BURS) website.

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2. Corporate Tax

All companies registered in Botswana are subject to corporate tax on their profits. The current rate of corporate tax is 22% for resident companies and 30% for non-resident companies.

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FAQ

  • Q: How long does it take to register a business in Botswana?

    • A: The business registration process typically takes 2-3 weeks to complete.

  • Q: What are the minimum capital requirements for setting up a business in Botswana?

    • A: There are no specific minimum capital requirements for most types of businesses in Botswana.

  • Q: Do I need a local partner to start a business in Botswana?

    • A: No, foreign nationals can establish a business in Botswana without a local partner.

  • Q: Can I register a business online in Botswana?

    • A: Yes, business name registration can be done online through the BRAB website.

  • Q: Are there any incentives for foreign investors in Botswana?

    • A: Yes, the Botswana government offers various incentives to attract foreign investment, such as tax holidays and duty-free importation of machinery.


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