To be a unique, natural and competitive world class tourism destination
VICTORIA FALLS INVESTMENT AND TOURISM HUB OF ZIMBABWE AND AFRICA
VICTORIA FALLS INVESTMENT AND TOURISM HUB OF ZIMBABWE AND AFRICA
Zimbabwe, strategically located in the heart of Southern Africa is home to the Victoria Falls, one of the natural wonders of the world. Owing to its geographical landscape, the country has significant agriculture, forestry and tourism potential. The population is relatively distributed across the country. More densely populated urban areas. Key Country Facts
|Official Languages:||English, Ndebele and Shona|
|Currency:||Multi Currency System|
|Population (2012est.):||12 973 308|
|World Population Rank:||72|
|Population Growth Rate (2012):||4.38%|
|Rank Population growth in Africa:||23|
DISTINGUISHING FEATURES OF THE TOWN
|Local languages:||Ndebele, Tonga, Nambia, Dombolo, Shona and Nyanja|
|Currency:||US$ Dollar [multi-currency economy].|
|Climate:||Generally warm to hot throughout the year.|
|Night life:||Casinos [fruit and slot machines] and night clubs and pubs.|
- Road: The town is linked to other towns and cities nationally through a good all weather road network.
- Through Zim-Zam boarder post [Zambia]
- Through Kasane border post [Botswana]
- Air: 24 international flights every week, 21 from Johannesburg and three from Namibia. These are complimented by daily flights from Harare by Air Zimbabwe.
- Rail: Access through overnight passenger train from Bulawayo and Safari train, Shongololo
- Sea : only through Namibia and South Africa
Communications: Accessible through broadband internet, fax, telex and cell phone. Environmental control:
- 1. A signatory to a number of environmental treaties
- Green destination certified
- UNESCO certified
Safety ratings: Certified as one of the safest and friendliest centres on the planet.
|MUNICIPAL STATUS GRANTED IN:||1999|
|POPULATION ESTIMATE:||±35 000 people|
|AREA (total surface area):||70 square kilometres|
|ROAD NETWORK:||94.07 km|
|EARTH AND GRAVEL:||6|
|NUMBER OF SCHOOLS: [PUBLIC AND PRIVATE]:||9|
|NUMBER OF HOSPITALS:||1|
|NUMBER OF CLINICS:||2|
|NUMBER OF PRIVATE MEDICAL FACILITIES:||5|
|HOTELS AND LODGES:|
|Project Name||Description||Location And Land Aspects|
|Mixed Commercial Use development||Development of: 1. Up market Civic Centre 2. Shopping Mall 3. City Hotel 4. Convention Centre 5. Theme Park||Victoria Falls, CBD|
|Commercial complex||Multipurpose shops||BB5|
|Master Plan||Development of a Master Plan||The Greater Victoria Falls, 25 Km radius|
|Chinotimba Multi-purpose Stadium||Upgrading of facilities including: 1. 10000 seats 2. Soccer pitch 3. Tri-athlone track 4. Discus, netball, Volley ball, long and triple jump 5. Change rooms 6. Entrance (ticketing) and exit facilities 7. Commercial facilities 8. Branding 9. Lighting 10. Scoreboards 11. Security fencing and walling 12. Caretaker’s house||Chinotimba, Fully Serviced, Surveyed|
|Land Fill||1. Construction of: • Compacting Cells • Entrance and exit facilities • Electronic weighing system • On-site Recycling centre • Electric security fence • Lighting 2. Supply of onsite equipment: • Landfill compactor • Excavator • Refuse trucks||Badlands along Victoria Falls Bulawayo Road|
|Chinotimba Library||Construction a community library with the following capacity: 1. 200 inside and outside seats 2. Computer and media room 3. Toilets 4. Store room 5. Kiosk 6. Soft furniture 7. Parking area||Reserved community stands: – Fully Serviced, Surveyed|
|Mukhosana Community Hall||Construction a community hall: 1. 5000 seating capacity, 2. Toilets, 3. Parking area, 4. Perimeter wall or fence||Reserved community stands: – Fully Serviced, Surveyed|
|Green Energy Solutions||Solar lighting solutions: 1. Solar street lights, 2. Midget towers, 3. Traffic lights, 4. Solar farm||Road network lighting: 1. CBD, 2. Industrial, 3. All densities|
|IT Solutions||Infrastructure development: Infrastructure development: 1. Hard ware structures 2. Software development: • Online reporting • Online payment solutions • File tracking system • Online applications and processing • CCTV; electronic security||Entire organisation|
|Pre-paid water solutions||Water distribution and management: 1. Installation of prepaid water meters 2. Software system 3. Management systems||1.CBD 2.Industrial 3. All densities|
- Victoria Falls is zoned as one of the Special Economic Zones in the World
- Access to major regional markets (SADC and COMESA).
- Highly- skilled and literate workers.
- Comfortably and strategically located in the Zambezi valley just a few hundred metres from the bank of one of the Southern Africa’s great rivers, the Zambezi River.
- Regional gateway (North-West corner of Zimbabwe).
- Regional logistics hub supported by infrastructure such as railways, roads, power, telecoms.
- Natural resources endowment.
- Diversified economy: Manufacturing, services, agriculture, mining and tourism.
- Rejuvenated economy and domestic market.
- Use of multiple currencies thus minimizing exchange risks.
- Political stability.
SELLING PRICE Payment of full purchase price or one quarter deposit +15% VAT (on the full purchase price), the balance to be paid together with interest thereon @ 6% pa within 24 months, or lease with option to purchase DEVELOPMENTS In terms of the Model Building By-law 1977, building plans should be submitted for approval for any proposed building construction. A maximum of 75 % coverage shall be permitted Adequate parking space to accommodate all traffic likely to be generated by the proposed activities is to be provided within the confines of the stand. Any developments should be in terms of Council approved building plans and should comply with the relevant by-laws. The stand is not to be occupied until such time that a potable water supply and approved sanitary facilities have be provided and an occupation certificate issued. Developments should be commenced with 6 months and completed within 30 months of the date of sale. The stand is to be suitably walled and gated SERVICES Sewer and water connection costs will be indicated and these are payable by the developer. Survey fees are also the responsibility of the purchaser The Zimbabwe Electricity Supply Authority’s (ZESA) general servitude covering the property will be required. So too shall Council access to water and sewerage services. ZESA should be contacted with regards to load requirements. TITLE DEEDS Transfer shall be passed in favour of the purchaser upon full compliance with the minimum building requirements. Alternatively, transfer may be passed subject to a simultaneous registration of a mortgage bond in favour of a financial institutions such bond should be sufficient to cover the required buildings. The costs thereof shall be borne by the purchaser. ENVIRONMENTAL PROTECTION No plant, requirement or machinery is to be installed or utilized that will, in the opinion of Council, give rise to excessive pollution. Appropriate measures shall be undertaken to ensure that any emissions or pollution are minimized and maintained at acceptable levels. APPLICATS ARE ADVISED TO SUBMIT THE FOLLOWING INFORMATION FOR CONSIDERATION
- Company profile including ownership details (CR 14)
- Approximate size and land required
- Preferred area(s)-
- Proposed use of stand (type of investment)
- Level of intended investment- both capital and operational.
- Full description of products and services to be offered
- Proof of funding
- Project development program- implementation of program
- Sketch plans
- Servicing arrangements (where applicable)
- Employment creation – number of employees to be engaged
- Community responsibility initiatives
Applications should be addressed to: The Town Clerk or Public Relations and Economic Development Officer Victoria Falls Municipality Cnr. Livingstone Way/Park Way Dr, P.O. Box 41 Victoria Falls Zimbabwe Phone: +263 213 2844597 Fax: +263 213 2844308 or 213 2840253 Email: email@example.com or firstname.lastname@example.org Website: www.vfm.co.zw
In Zimbabwe, tourism plays a very significant role in the development of the national economy. The sector has significant potential to become the largest industry in terms of foreign currency generation in the country. The United Nations World Tourism Organization 2013 General Assembly hosted by Zimbabwe and Zambia at Victoria Falls and Livingstone cities provided the much needed boost to the tourism sector. There exist opportunities in the following subsectors:
- Conference Convention centers
- Resorts and Casinos
- Hotels and Lodges
- Shopping Malls
DOING BUSINESS IN ZIMBABWE: INVESTMENTS
- Investment Options: Depending on the purpose of business, foreign investors have many options to establish their companies in the country. The key forms of business in the country include Limited Liability Company, sole proprietorship, partnership and joint values.
- Investment Laws and Regulations: Zimbabwe Investment Authority Act is the primary law that administers investment in the country. It provides various kinds of incentives depending on the amount of investment, location, national importance and contribution to the economy.
- Investment Funding Options: The financial sector of Zimbabwe consists of variety of options that include commercial banks, pensions funds, micro – finance institutions etc. The Government is taking steps to strengthen the financial sector and attract financial investment in the in the country.
- Taxation: The taxation system in Zimbabwe has started its move towards simplification of tax structures. The Government has reduced the basic level of tax and is in the process to widen the tax revenues. There are also moves towards harmonization of customers and tax practice on a regional basis.
PROCEDURES FOR INVESTING IN ZIMBABWE The investor has a variety of options set up operations in the country. The most common form of limited Liability Company is private company limited by shares. The Companies A ct (chapter 24:03) administers various companies and cooperative societies act (chapter24:05) governs co-operatives in Zimbabwe.
Zimbabwe introduced several reforms over the years that have resulted in making the business start up process simpler and faster. The government reduced the registration fees and increased the speed for the name search process and also for company and tax registration process.
|1. Registrar of Companies|
|File MOU and Articles of Association with the Registrar of companies, CR6 and C14 form||14days|
|2. Zimbabwe Investment Authority|
|3. Zimbabwe Revenue Authority||5days|
|Registration for PAYE, income tax, customs duty|
|4. Immigration Control Department||14days|
|Investor Residence Permit|
|Temporary Employment permits||4-6weeks|
|(NB: time frame can be longer in some instances)|
|5. Environmental Management Authority|
|Prospectus submission EIA Report||60days|
AGREEMENTS AND ASSOCIATIONS Regional Trade Association and Blocs Zimbabwe is a member of the following:
- Southern African Development Community(SADC)
- Common Market for Eastern and Southern Africa (COMESA)
International Investment Treaties (BITs) Double Taxation Treaties (DTTs) Zimbabwe has signed a total of 31 BITs. These include BITs with Netherlands, Denmark, Germany, South Africa, Zambia, Mauritius and Swaziland. TAXATION Zimbabwe’s taxation system has undergone significant reforms since 2009. The government has introduced measures to rationalize the level and administration of taxes and removed unofficial tax on exports with the introduction of multi-currency regime. The doing business rank improved, with improvement in tax income as a percentage of the GDP.
|Type of tax||Rate||Comments|
|Income Tax Rate||25%||Reduced from 30% from 1st of January 2010|
|Capital Gains Tax Rate||20%||Capital gains tax from sale or disposal of a marketable security and immovable property acquired before 1st February 2009 are charged at a rate of 5% on gross proceeds.|
|Dividends||10%/15%||Listed companies on stock exchange are charged at 10%|
|Interest/Royalties||10%/20%||Royalties paid to non-resident are charged at 20%|
|Value- added tax||15%||0% for education, food stuff, public transport and medical services|
|Branch Remittance Tax||NIL||Head Office remittance expenditure is charged at 20%|
|Carry forward||6years||Losses can be carried forward|
SPECIFIC TAX INCENTIVES
- 20% corporate income tax for manufacturing companies exporting at least 50% of their output.
- 15% corporate tax is applied for the first five years of operation in road, bridge and sanitation or water facility construction.
- 15% corporate tax for special mining lease operations. Losses are carried forward indefinitely for mining operations.
- Duty exemptions on imported capital equipment
- Exemption from duties on the import of raw materials used in the manufacture of goods for export and also for register operator.
- Five year tax holiday for designated Tourism Development Zones.
- Exemption from VAT for a variety of products that includes agricultural produce, raw materials for further processing goods used in the production of agricultural, mining, industrial or manufactured products etc.
- Build Operate Transfer (BOT) and build Own Operate Transfer (BOOT) projects are taxed at a variable rate depending on the years of operation. It is 0% for the initial five years and increases to 30% after 16 years.