Opening a corporate account in Zimbabwe requires adherence to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations set by the Reserve Bank of Zimbabwe (RBZ).
Banks require a comprehensive set of legal, tax, and personal documents to verify the legitimacy of the business and its directors.
The general requirements are categorized into company legal documents, tax compliance, and director information.
1. Company Legal Documents
These documents prove the registration and governance structure of your entity.
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Certificate of Incorporation (Form CR1): The official “birth certificate” of the company.
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Memorandum and Articles of Association: Outlining the company’s internal rules and business objectives.
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Form CR5 (Address of Registered Office): Confirms the physical location of the business.
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Form CR6 (Particulars of Directors and Secretaries): Lists current directors and is heavily scrutinized to ensure signatories have the legal authority to act.
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Board Resolution: A formal document on the company letterhead, signed by directors (as listed on the CR6), authorizing the opening of the account and designating specific signatories.
2. Tax and Regulatory Compliance
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Tax Clearance Certificate (ITF 263): Proof that the company is registered with ZIMRA and its tax affairs are in order.
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Proof of Business Premises: Often required in the form of a utility bill (ZESA, TelOne, or Municipality) or a valid lease agreement in the company’s name.
3. Director and Signatory Requirements
For every director and authorized signatory, the following personal documents are mandatory:
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National Identity Documents: High-resolution certified copies of Metal/Plastic IDs, a valid Passport, or a Driver’s License.
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Passport-Sized Photos: Usually two recent color photos per signatory.
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Personal Proof of Residence: A utility bill (no older than three months) in the individual’s name. If the bill is in a landlord’s name, an accompanying affidavit from the owner is typically required.
4. Financial Requirements
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Initial Deposit: Minimum opening balances vary by institution but typically range from ZiG 5,000 for local currency accounts to USD 100–250 for Nostro (foreign currency) accounts.
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Bank Statements: If the company is already trading and moving from another bank, the last three months of bank statements are usually requested.
Checklist
| Category | Requirement | Note |
| Legal | CR5 & CR6 | Must be the latest versions from the Registrar. |
| Identity | National ID / Passport | Must be valid and certified. |
| Tax | ITF 263 | Required for “Active” status on the account. |
| Authority | Board Resolution | Must specify the “Maker” and “Checker” roles. |
Note for Foreign Investors: If your company is incorporated outside Zimbabwe, you will need equivalent documents from your country of origin, which may require notarization or authentication by the Zimbabwean Embassy in that country. You will also likely need to provide your ZIDA (Zimbabwe Investment and Development Agency) license.
You may also need to check with your bank the full requirements.
