Investments process in Tanzania

Transcription

1 CORPORATE SOCIAL RESPONSIBILITY (CSR) FOR RESPONSIBLE AGRO INVESTMENTS (RAI) Investments process in Tanzania John Matthew Mnali, Director of Investment Promotion Tanzania Investment Centre (TIC) Consultation Meeting Dar es Salaam, Tanzania 9 10 October 2012

2 Outline Functions of Tanzania Investment Centre Services offered under one stop Investment Facilitation Services Incentives granted to the agricultural sector Other investment incentives Conclusions

3 Tanzania Investment Centre (TIC) functions To attract investors to invest in Tanzania To assist investors to obtain relevant permits and approvals To advise the government on all matters related on investment policy in Tanzania TIC is a government agency, working with/on behalf of the Prime Minister Office (PMO) and in collaboration with a variety of ministries and institutions

4 Investments facilitation services Senior Government officials from the following Ministries/Government Departments have been stationed at TIC to assist investors to obtain various licenses and permits they need in order to start business Registration of companies Land Immigration Business licensing Labour issues Tanzania Revenue Authority

5 TIC commitments to investors Application Maximum number of days to obtain Meeting with TIC staff for consult Arranging appointments Preparation and confirmation of itinerary for potential investors Company registration Industrial license Business licensing Certificate of incentives Resident permit class A Resident permit class B Special pass Immediately 24 hours 24 hours 3 days 1 day 3 days 7 days 14 days 14 days 1 day

6 Incentives under the TIA (1997) A) Tax incentives Exemption of import duty on projects capital/deemed capital goods by 90% Reduced Value Added Tax (VAT) on projects capital goods including deemed capital goods to 10% B) Non Tax incentives Automatic immigration quota of up to 5 expatriates at the initial stage of the projects Unconditional transferability through any authorized dealer bank in freely convertible currency of ; net profit, loan payment (servicing a foreign loan) royalties, fees and charges in respect of any technology transfer agreement, payment of emoluments and other benefits to foreign personnel. C) Strategic investor status In addition to existing investment incentives a potential investor may apply for a strategic investor status to seek additional investment incentives

7 National investments steering committee (NISC) In an effort to improve the business environment and foster economic growth through increased investment the Government formed a National Investment Steering Committee chaired by the Hon. Prime Minister. Other members of the committee are Minister of Finance, Minister of Industries and Trade, Minister of Agriculture, Minister of Lands, Attorney General, Governor of the Bank of Tanzania and the Executive Director TIC (Secretary). This committee is entrusted with the role of investment policy formulation and solving problems of investors on a fast track basis.

8 National business council The Government has established the National Business Council to enhance Govt./Private sector smart partnership. The Business Council is chaired by the President and the Executive Director of Tanzania Private Sector Foundation is the secretary. The business council through Investors round table discussion advise the Government areas that need improvement

9 Conclusions Welcome to invest in Tanzania The Tanzania Investment Centre will take you step by step to conform with the legal and regulatory requirement, until your investment project is fully established as per your plans

10 ASANTE SANA THANK YOU Contacts Executive Director Tanzania Investment Centre P.O.Box 938 Dar es Salaam Tel: Fax: Please visit our website: