To register a private company limited by shares with PACRA, you must follow a structured process under the [Companies Act No. 10 of 2017]. Here are the practical steps:
Step 1: Reserve Your Company Name First, submit PACRA Companies Form 1 (Name Clearance) to reserve your proposed company name. You can suggest up to three names. Once approved, your chosen name is reserved for 30 days, which can be extended to 90 days. File this form on the PACRA portal at portal.pacra.org.zm.
Step 2: Prepare Your Incorporation Documents Complete PACRA Companies Form 3 (Application for Incorporation of a company limited by shares). This form must be signed by your directors and shareholders and filed with PACRA. You will also need to provide the PACRA Standard Articles of Association, which is the official model articles template. You can file both documents online via the PACRA portal or submit them in hard copy in duplicate. If you wish to use non-standard articles, you may file your own instead of the standard template.
Step 3: Meet Minimum Capital Requirements Before your company transacts business, you must ensure that consideration of not less than fifty thousand kwacha has been paid for the issue of shares [Companies Act, S.18].
Your company will then become a separate legal person with limited liability and perpetual succession, able to own property and enter contracts in its own name [Companies Act, S.17].