OSS reduces investment registration period

applications from 90 days to five working days, a Cabinet minister has said.
President Mugabe launched the OSS in December 2010.
The OSS houses all Government departments and agencies involved in the processing of investment applications such as the Zimbabwe Revenue Authority, the Environmental Management Agency, the Registrar of Companies and the Department of Immigration.
It was established to facilitate investment, streamline and simplify business set-up processes such as company registration immigration permits among other things within the shortest possible time.
Economic Planning and Investment Promotion Minister Tapiwa Mashakada said initial teething problems had been ironed out.
“Investors are giving us positive feedback about the registration process,” he said.
“In some instances we are now taking five working days to process investments from the 90 we used to take.”
Minister Mashakada said in most cases where investment approval took long it was the fault of the investors who usually they did not have the requisite documents.
Analysts contend that the OSS would improve the ease of doing business ratings of Zimbabwe, its global competitiveness ranking and attract more foreign direct investment.
Last year Zimbabwe was ranked 158 out of 183 in terms of ease of doing business in the World Bank Doing Business Report and 133 out of 136 in the World Economic Forum’s country competitiveness report.
Foreign Direct Investment into the country has been sluggish over the past decade largely due to negative publicity the country was receiving from Western countries that imposed sanctions as retribution for implementing agrarian reforms. – New Ziana.