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Investment & Legal Framework
INVESTMENT LAW
The Zambia Development Act No. 11 of 2006 pro-
vides for investment incentives and investment
guarantees.
Applications for an investment license should be
submitted to the Zambia Development Agency, a
statutory body mandated by the government to foster
economic development and increase investment and
trade levels across the entire country.
The major documents required to support an applica-
tion for an Investment Certificate include the following
documents:
• Copy of Certificate of Incorporation, issued by the
Registrar of Companies
• Certificate of share capital
• Official list of shareholders/directors
• Proof of finance (latest bank statement)
• Detailed business plan
• Proof of having secured a place/land of operation
Applications for an investment license in some eco-
nomic sectors must provide proof of applying for the
appropriate subsidiary permits from relevant institu-
tions or ministries.
Sector specific l
icenses/
permits
TOURISM SECTOR
Investment projects that are to be located in a Game
Management Area will require a permit issued by the
Ministry of Tourism Zambia Wildlife Authority (ZAWA).
Applications for the permit must provide the following
documents:
• Project proposal
• List of Shareholders
• Information on promoters’ business experience
• Recommendation letter from the District council
The District Council may issue a recommendation
letter to the Ministry of Tourism ZAWA, upon submis-
sion of:
• Letter of intent
• Letter of Consent from the chief (Game Manage-
ment Areas fall under traditional land which is un-
der the jurisdiction of a local chief)
• Project proposal
• Building Plans
MINING SECTOR
The Ministry of Mines and Mineral Resources is re-
sponsible for the issue of permits and licenses relat-
ing to mining sector investments. The licenses and
permits available include large scale mining, small
scale mining, and prospecting license, along with
prospecting permits, retention licenses, gemstone li-
censes, gemstone sales certificates, artisan’s mining
rights, and the reconnaissance permit.
Applications for the aforementioned permits and
licenses must be supported by the following docu-
ments:
• Topographical maps of the area
• Certificate of incorporation and articles of asso-
ciation
• Photocopies of passports of directors and share-
holders
• Bank statements and reference letters from bank
• Program of operations and estimated costs
• Statement of mineral deposit in the mining area
FINANCIAL SECTOR
The Bank of Zambia is responsible for issuing bank-
ing licenses.
The applicants for a banking license should meet the
following requirements:
• Minimum capital of K12.5 billion for banks and
K250 billion for non-bank financial institutions
• Complete questionnaire for principal managers
and directors
• Disclose any criminal record for all principal man-
agers and directors
• Provide details about principal managers’ experi-
ence in banking
The applicants will be required to submit the following
documents:
• Biographical data form
• Business plan with three-year financial projec-
tions
• Curriculum Vitae for all principal managers and
shareholders
• Copy of the company’s Certificate of Incorporation
• Copy of the company’s Articles of Association
• Approval by the home country supervisors (usu-
ally another Central Bank), if the applicant is a
foreign registered financial institution.
