When starting a business in Zimbabwe, one of the essential early steps is opening a business bank account. This allows you to separate personal and business finances, streamline your accounting, and operate professionally. Whether you’re planning to register a Private Limited Company (PVT LTD) or a Private Business Corporation (PBC), the process of opening a bank account requires careful preparation.
In this updated guide, we walk you through the step-by-step procedure for opening a business bank account in Zimbabwe, including key requirements, legal considerations, and tips for smooth approval.
1. Register Your Company
Before you can open a business bank account, your company must be legally registered with the Registrar of Companies under the Companies and Other Business Entities Act [Chapter 24:31].
Choose a Company Structure:
- Private Limited Company (PVT LTD) – suitable for businesses with multiple shareholders.
- Private Business Corporation (PBC) – ideal for smaller businesses with up to 20 members.
Registration includes obtaining:
- Certificate of Incorporation
- Memorandum & Articles of Association (for PVT LTD)
- CR 6 (Registered Office Address)
- CR 14 (List of Directors)
- Incorporation Statement (for PBC)
These documents are crucial because Zimbabwean banks require original copies for verification. Having your company properly registered also enhances your brand credibility and ensures compliance with Zimbabwean laws.
2. Apply for a Bank Advice Note (Bank Opening Letter)
In Zimbabwe, the Zimbabwe Revenue Authority (ZIMRA) requires a Tax Clearance Certificate (ITF263) before you can formally operate. However, tax clearance itself requires you to have a bank account—creating a catch-22.
To solve this, ZIMRA provides a workaround called a Bank Advice Note or Bank Opening Letter. This document authorizes banks to open a business account prior to tax clearance for newly registered companies.
Steps:
- Visit ZIMRA with your company registration documents.
- Complete the relevant forms to request a bank advice note.
- ZIMRA will issue the advice note authorizing the bank to proceed with account opening.
Once the bank account is opened, you can then finalize your ZIMRA registration and apply for your tax clearance certificate.
3. Gather Required Documentation
Each bank may have slightly different requirements, but generally, you will need to provide the following:
For Private Limited Companies (PVT LTD):
- Certificate of Incorporation
- Memorandum & Articles of Association
- CR 6 (Company Address Confirmation)
- CR 14 (List of Directors)
For Private Business Corporations (PBC):
- Certificate of Incorporation
- Incorporation Statement
For All Entities:
- ZIMRA Bank Advice Note
- National ID cards or valid passports for all directors/members
- Proof of residential address for each director/member (e.g., utility bill not older than 3 months)
- Passport-sized photos of all signatories
- Resolution to open a bank account, signed by company directors (some banks require this even for sole directors)
- Initial deposit, as required by the bank (amounts vary by institution)
It’s advisable to call the bank in advance to confirm their checklist, as some banks may request additional KYC (Know Your Customer) documents.
4. Choose the Right Bank
Zimbabwe has several commercial banks that offer business accounts. Each bank has different:
- Minimum deposit requirements
- Monthly fees
- Online banking capabilities
- Turnaround times for account opening
Some popular banks include:
- CBZ Bank
- Stanbic Bank Zimbabwe
- Ecobank
- FBC Bank
- NMB Bank
- ZB Bank
- Steward Bank
When choosing a bank, consider:
- Accessibility of branches and ATMs
- Internet and mobile banking services
- Customer support
- Transaction charges and fees
- Ease of foreign currency account setup (if needed)
5. Pay Initial Deposit and Finalize Account Setup
Once your documents are verified and accepted, you’ll be asked to:
- Pay the initial deposit (varies by bank)
- Sign the account opening forms
- Set up authorized signatories
If everything is in order, the account is typically opened within 3 to 7 working days, though delays can occur.
Optional: Open a USD Nostro Account
If your business will be transacting in foreign currency, consider opening a USD Nostro Account alongside your local currency account. This will allow you to:
- Receive foreign payments
- Make cross-border transfers
- Access forex for imports
- You’ll need additional documentation for this, including:
- Proof of business activities
- Invoices or contracts showing the need for foreign currency
- Exchange control approval, in some cases
Conclusion
Opening a company bank account in Zimbabwe is a necessary but sometimes bureaucratic process. It requires preparation, legal documentation, and patience—especially when dealing with banks and government agencies. However, once you have your business account in place, you gain access to better financial management, credibility with clients, and eligibility for loans or grants.
Pro Tip: Work with a professional business consultant to speed up the process and ensure you meet all compliance requirements.
Do you know someone starting a business in Zimbabwe? Share this guide with them. Got questions or experiences to share? Drop them in the comments below—we’d love to hear from you.
