About Private Business Corporations
What you should know…
A Private Business Corporation (PBC) is an alternative type of business structure which is popular with sole traders, very small businesses or professionals who normally operate as a general partnership, such as accountants, lawyers, doctors, architects etc. but whose members require limited liability. The key differences between a PBC and a Private Limited Company are:
- A PBC does not have directors, shareholders or guarantors; instead it has members. There must be at least 1 member to register a PBC, and a maximum of 20 members.
- PBCs were once governed by the PBC act but it has since changed, they are now governed by The Companies and Other Business Entities Act (Chapter 24:32) the same as a Private Limited Company.
- A PBC is governed by PBC By-Laws and a PLC an Articles of Association.
Benefits of Private Business Corporation
- PBC profits are shared between its members.
- It’s cheaper to set up.
Registering Private Business Corporation
Companies Made Easy offers a dedicated PBC Packages for registering Private Business Corporations. Below are the key points about PBCs:
- They must be registered with the Companies and Intellectual Property, the official Registrar of Companies in Zimbabwe.
- They must have a minimum of 1 member.
- They must have a physical and postal address. The physical address should be a full postal address (not a PO Box Number) in the same Zimbabwean jurisdiction (country) the PBC is registered in.
- Members must ensure that the Zimbabwe Revenue Authority (ZIMRA) is informed of the PBC’s existence and that tax returns are filed.
- PBCs must be formed with the view to making a profit. This business structure is not suitable for non-profit organisations.
Are you ready to register your company
Frequently asked questions
Who should register a PBC?
A Private Business Corporation (PBC) is a structure used by sole traders, small businesses, professionals working in industries that traditionally operate as partnerships, such as accountants, lawyers, doctors, architects, etc.
What is a PBC member?
An PBC member is the owner and is responsible for the running of the PBC. You must have a minimum of 1 member to incorporate a PBC.
Who can be a member in a PBC?
A PBC member can be any person of any nationality, but cannot be a corporate body. Any individual who wishes to be a PBC member must not be a disqualified or another company or an undischarged bankrupt.
How do I register a Private Business Corporation in Zimbabwe?
Companies Made Easy offers an easy company registration service – simply choose one of our Private Business Corporation that you need and complete our easy application form with details of your new company. We will prepare all the neccessary documantation and your company will be ready to trade in 7 – 9 working days.
What are the reporting and filing requirements for a Private Business Corporation?
Every Zimbabwean registered Private Business Corporation is required to file a Declaration of Business Continuance to Companies Registry each year.
A Declaration of Business Continuance informs the Companies Registry that a PBC is still in existence.
Are you ready to register your company?
Companies Made Easy (Private) Limited. Registered in Zimbabwe at Pockets Building, 50 Jason Moyo, 2nd Floor, Suite 208 & 209, Harare, Zimbabwe.
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Companies Made Easy (Private) Limited is a licensed business consultant with the Deeds, Companies and Intellectual Property (DCIP) Zimbabwe's official Registrar of Companies which licenses company registration agents in Zimbabwe to carry on company regstration and/or corporate secretarial services with their office on behalf of clients.
Our DCIP license gives our customers confident that they are dealing with a reputable, qualified and regulated consultant.
Companies Made Easy is a member of ZACRA, the association of company registration agents in Zimbabwe with the purpose of encouraging high standards amongst agents and acting as an open forum for professionals working in the industry.
ZACRA is a recognised association for company registration and ZACRA works closely with government departments such as the Companies Registry.
Our ZACRA membership is an endorsement of the quality of service we provide and gives our customers the confidence that they are dealing with an agent they can trust.