Zimbabwe just told foreign businesses to hand over their keys. The government set a January 31 deadline for foreign companies in reserved economic sectors to submit plans for compliance. This new policy forces those firms to either regularize their operations or exit, aiming to protect local enterprises and keep profits inside the country. Sectors like retail, transport, and bakeries are now reserved for indigenous citizens.
Foreign owners in completely restricted fields, including artisanal mining and salons, must divest fully. Those in partially reserved sectors face huge investment minimums. Retail requires a twenty-million-dollar investment and two hundred local employees. Haulage needs ten million dollars and one hundred workers.
Existing foreign businesses have three years to sell at least seventy-five percent of their stake to Zimbabwean nationals. They must submit regularization plans to the Ministry of Industry and Commerce offices in major cities. Proof of paying a specific levy is required first. The ministry allows levy payment at its Harare office to ease the process.
Foreign owners in completely restricted fields, including artisanal mining and salons, must divest fully. Those in partially reserved sectors face huge investment minimums. Retail requires a twenty-million-dollar investment and two hundred local employees. Haulage needs ten million dollars and one hundred workers.
Existing foreign businesses have three years to sell at least seventy-five percent of their stake to Zimbabwean nationals. They must submit regularization plans to the Ministry of Industry and Commerce offices in major cities. Proof of paying a specific levy is required first. The ministry allows levy payment at its Harare office to ease the process.
