NIEEB to give certificates

Ministry of Youth Development, Indigenisation and Empowerment and NIEEB would like to notify companies and persons who have applied for and received approvals of their indigenisation plans to immediately apply for the relevant certificate of compliance,” he said.
According to NIEEB, the certificate of compliance is prima facie proof that a company or person has fully complied with Section 3 of the Indigenisation and Economic Empowerment Act (Chapter 14:33) as read together with the General Indigenisation and Empowerment Regulations, 2010.
The board also said that any company or person, whose indigenisation plans have been approved, but has, not applied for and obtained the compliance certificate, will be deemed non-compliant.
The Indigenisation and Economic Empowerment Act of 2007 (Chapter 14:33) requires that at least 51 percent ownership in any business must be in the hands of indigenous Zimbabweans while foreign or non-indigenous ownership must be limited to a maximum of 49 percent.
Meanwhile, the NIEEB has said that wholly indigenous firms are also required to apply for indigenous status compliance certification as required by Section 2 of the Indigenisation and Economic Empowerment Act (Chapter 14:33).
“It would be a prerequisite for every company to participate in any indigenisation transaction.
“Every person or company acquiring shareholding by virtue of being indigenous will be required to produce this certificate and no indigenisation transaction shall be approved without the certificate,” said Mr Chapfika.
He added that local firms could only benefit from the 50 percent procurement quota system if they can produce this certificate.
“The production of a compliance certificate would be mandatory for all indigenous institutions to benefit from the 50 percent procurement quota.
“It would be a requirement for this certificate to be produced so that the applicant benefits from the 50 percent procurement quota.”