Back to Index
Investment Authority Bill, 2005 [H.B. 10, 2005]
the Zimbabwe Investment Authority Act (Act 4, 2006)
97 version (97KB)
PDF version (124KB)
If you do not have the free Acrobat reader on your
computer, download it from the Adobe website by clicking
Published in the Government
Gazette on Friday 21st October, 2005 (General Notice 417 of 2005)
Investment Authority Bill, 2005 [H.B. 10, 2005]
The Zimbabwe Investment
Centre is constituted in terms of the Zimbabwe Investment Centre Act [Chapter 24:16]
whilst the Export Processing Zones Authority is constituted in terms of
the Export Processing Zones Act [Chapter 14:07]. This Bill
seeks to repeal these two Acts and establish a new organisation to be
called the Zimbabwe Investment Authority. In more detail the provisions
of the Bill are as follows:
1 sets out the Bill’s short title and provides for its date of commencement.
Clause 2 defines terms that are used throughout this Bill.
3 establishes the Zimbabwe Investment Authority. Clause 4 establishes
the Board of Zimbabwe Investment Authority. The Board will consist of
eleven members appointed by the Minister in consultation with the President.
Clause 6 provides for the establishment of an Investment Committee.
This Committee will be responsible for making recommendations to the Board
for the approval or rejection of applications for investments licences.
The procedure to be followed by the Board at its meetings and terms and
conditions of service of members of the Board will be as set out in the
First Schedule to the Bill.
of the Authority are outlined in clause 7. The Authority will be
responsible for processing applications for investments licences, planning
and implementing investment promotion strategies, promoting the decentralisation
of investment activities and supervising the implementation of approved
investment projects, among other issues. Clause 8 outlines the
powers of Authority, which are further detailed in the Second Schedule.
In terms of clause 9, the Authority is required to submit reports
to the Minister on its operations and on any other issue as the Minister
may require. Under Clause 10, the Authority will employ a Chief
Executive Officer and other members of staff to enable it to carry out
its business. Clause 11 provides for the hiring of employees of
Authority. In terms of Clause 12, the Minister will have
power to give directions in the national interest to the Authority and
the Authority is obliged to comply with such directions.
deals with applications for approval of investments. Clause 13
deals with applications for investment licences. Clause 14 provides
for the considerations for approving applications for investment licences.
Clause 15 provides for approval or refusal of applications, for
investment licences. Clause 16 provides for the period of validity
of licences. Clause 17 deals with renewal of investment licences.
Clause 18 provides for register of licences. In terms of Clause
19, an investor is required to notify the Authority of non-implementation
of an investment, whilst clause 20 prohibits the transfer of licences
except with the approval of the Authority. Clause 21 gives the
Authority the power to visit premises and inspect documents of licensed
investors. The Authority is empowered in terms of clause 22, to
suspend or cancel any investment licence if the conditions of such licence
have been violated. Clause 23 deals with appeals and clause
24 provides for incentives and guidelines for investment. Clause
25 empowers the Minister to prescribe sectors for investment.
deals with financial provisions, such as funds of the Authority (Clause
26). Clause 27 deals with investment of moneys not immediately
required by the Authority. Clause 28 provides for accounts and
audit of the Authority’s funds.
deals with general matters. Clause 29 requires the preservation
of secrecy by persons employed in carrying out the provisions of this
Bill and provides for the circumstances in which information may be lawfully
divulged. Clause 30 provides for the penalty for submitting an
application for project proposal with false information. Clause 31
exempts the Authority from liability for any loss or damage sustained
by any person as a result of the bona fide exercise of any function
of the Authority. Clause 32 provides for the protection of investments
approved or licensed under the Bill in accordance with the laws of Zimbabwe.
The Minister is empowered to make regulations in terms of clause 33.
The Zimbabwe Investment Centre Act [Chapter 24:16] and the
Export Processing Zones Act [Chapter 14:07] are repealed by
clause 34. Clauses 35 and 36 provide for transitional
matters in connection with the winding up of the affairs of the Zimbabwe
Investment Centre and the Export Processing Zones Authority. Clause
37 deals with transitional issues in connection with holders of certificates
or licences issued under the repealed Acts.
provide for the establishment of the Zimbabwe Investment Authority and
its functions; to provide for the promotion and co-ordination of investment;
to repeal the Zimbabwe Investment Centre Act [Chapter 24:16]
and the Export Processing Zones Act [Chapter 14:07]; and
to provide for matters incidental to or connected with the foregoing.
ENACTED by the President and
the Parliament of Zimbabwe.
1. Short title
and date of commencement
Act may be cited as the Zimbabwe Investment Authority Act [Chapter 14:30].
Act shall come into operation on a date to be fixed by the President by
(1) In this
activity" means any business activity which is carried on by a licensed
investor and which is authorised by his or her investment licence;
means the Zimbabwe Investment Authority established by section 3;
"Board" means the Zimbabwe Investment Authority Board referred
to in section 4;
"Chief Executive Officer" means the Chief Executive Officer
of the Authority appointed in terms of section 10;
"Commissioner-General" means the Commissioner-General referred
to in section 19 of the Revenue Authority Act [Chapter 23:11];
"fixed date" means the date fixed in terms of section 1(2) as
the date of commencement of this Act; "investment" means —
(a) an investment
in Zimbabwe or a proposal therefor which will necessitate the expenditure
of convertible foreign currency; or
(b) any other investment or proposal therefor of a class specified
by the Minister for the purposes of this definition by notice in a statutory
means the Investment Committee established in terms of section 6;
"investment licence" means an investment licence issued in terms
of section 15;
"licensed investor" means the holder of an investment licence;
"member" means the chairperson or any other member of the Board
referred to in section 5(1);
"Minister" means the Minister of Industry and International Trade
or any other Minister to whom the President may from time to time assign
the administration of this Act.
importing male or female persons include corporate bodies.
Please credit www.kubatana.net if you make use of material from this website.
This work is licensed under a Creative Commons License unless stated otherwise.