1) Choosing names that are too common or typical for your industry. Not only will this increase the likelihood of a rejection from the registrars office, but if you do get the name, it will make your brand more difficult to differentiate.
2) Submitting only one name for a name search. It’s almost always a waste of time. As attached to the name as you may be, and as unique as you feel it is, you’re almost certainly going to get your name rejected for the name search process.
3) Not filling out the whole form. Sounds silly, but it’s one of the top reasons company registration takes so long for some people. The make the silliest mistakes, like not filling in their address or forgetting to add a signature.
4) Limiting your-self in your memos and articles business description. You’ve got the opportunity to make your business description as broad as you could possibly ever need. Use it.
5) Choosing the wrong directors. Make sure that the directors you choose are either deeply committed to the success of your venture, or not at all interested in your business, now or in the future. Someone who is in between is dangerous to partner with or list as a director on any of your company formation documents
6) Paying too much for company registration. It’s true, using a consultant to register your business is usually a good idea given the complexities and ‘red tape’ involved. Still that doesn’t mean you should pay a fortune for it. We charge $285 for a perfect registration, too much more than that and you’re just wasting money.
7) Trying to register it all yourself. Unless you really can’t afford a consultant, get one. The red tape, poor customer service and all round frustration of the company registration process (for most people) is simply not worth the money you save.
8) Waiting till you have an opportunity emergency to get registered. Trust me, it’s Murphy’s Law. When you’re desperate to get things done yesterday, it ends up getting done next week. Be smart. Plan ahead. No real business happens until you’re at least registered
9) Not going all the way. Company registration is only the first step. Unfortunately, because of a frustrating experience many forget that. After you’ve registered get a bank account, sort out your tax and get all the additional licenses or permits required to set up your business fully. Finish what you start.
10) Ultimately biggest company formation mistake Zimbabwean businesses make is simply not getting registered in the first place!
For more info on how to get registered and what you need to know, click the link below
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6 Replies to “10 Company Formation Mistakes Zimbabwean Business People Make”
It was a helpful post. Thanks…Secretarial Software