A business name is an identification or confirmation of a business conducted by an individual, a group of people, or a community in general.
Registering a business name has several benefits, including:
– The business name becomes legally recognized.
– The business name becomes official.
– The business name cannot be used by another person.
– The owner gains exclusive rights, including access to loan opportunities through financial institutions.
– The right to enter into partnerships or contracts with other institutions according to contract laws, helping avoid obstacles in running the business.
To register a business name, the following conditions must be met:
– The business name must be legally acceptable.
– The name must not already be owned by another person.
– The applicant must be a Tanzanian citizen.
– Must be at least 18 years old and eligible to register a business name.
– Must have a valid Tanzanian or Zanzibari resident ID.
– Must have a personally registered mobile number.
– Must have a personal email address.
– Must provide the physical address of the business location.
– Must provide the residential address of the business owner(s).
Through the BPRA online system, you can change your registered business name to another one by following the same registration procedures.
Registration of an individual business: TZS 15,000 it depend kinds of business Activities
Registration of a partnership: TZS 50000
Changing a business name: TZS 20000
Closing a business name: TZS 20000
Annual return submission: TZS 20000 for individual and 80000 for partnership
Penalty for late annual return submission: TZS