Legal & Regulation Compliance
We advise clients on all aspects of general corporate matters including incorporation of a company or a foreign branch, joint venture, NGo’s and shareholder arrangements, equity and debt issuance and restructuring, and winding up procedures.
We advise on key legislation governing corporate law in Tanzania such as:
- Companies Act 2002, which came into force in 2006
- Law of Contract Act CAP 345
- Business Activities Registration Act 2007
- Income Tax Act CAP 332
- Fair Competition Act 2003
Company secretarial services
Once the business entity has been set up, we provide ongoing company secretarial services, which include but are not limited to maintaining the company’s statutory registers, updating the records held by the Business Registration and Licensing Authority (BRELA), filing the required statutory returns and organizing the company’s board meetings and annual general meetings.
Compliance with the administrative, disclosure and filing requirements of the Companies Act is imperative. The directors and secretary of a company can be fined and face criminal prosecution for non-compliance. The Registrar of Companies also has the discretion to strike off the company from the register if he/she believes that it is not compliant or carrying on business.
General Corporate compliance is the way that a company ensures that it is following all the laws and regulations that apply to their business. This generally involves the design, implementation, and monitoring of policies, trainings, procedures and practices. Corporate compliance programs are grounded in creating formal policies to prevent violations of laws, training personnel on relevant regulations, implementation of compliance procedures and monitoring for violations. Without any of these elements, your company is open to serious risk and legal liability. If you do not yet have a formal corporate compliance program, it may be a good idea to speak with us a about developing a plan.
Compliance by an organization and its employees and other representatives with legal and regulatory requirements applicable to the organization’s business activities as well as detection of potential violations of these legal and regulatory requirements by an organization’s employees and other representatives. Corporate compliance also encompasses internal policies and procedures adopted by organizations to minimize risk to the organization and ensure ethical behavior and personal conduct by the organization’s employees and other representatives.
Areas in which guidelines are provided for General Corporate Compliance include
- Compliance Training
- Policy Governance and Development
- Compliance Program Audit and Assessment
- Internal Investigation Avoidance and Remediation
- New Compliance Program Creation
- Privilege-Protected Audits and Investigations
- Vetting / Integrating Compliance Programs in
Compliance Monitoring and Audit
It is impossible to enforce compliance objectives or even know if compliance policies are being adhered to at all without compliance monitoring and auditing. Monitoring programs must be in place to assess compliance in real time, quickly detect problems and correct violations. The goal of a corporate compliance monitoring program must be to identify and address gaps in compliance on a consistent basis. Auditing, on the other hand, is designed to review the overall picture of your company’s compliance programs on a quarterly or yearly basis to find anything missed by the monitoring programs.
Our experts advise on domestic and international corporate issues including corporate law, sector-specific regulations, relevant listing rules, liability and risks for board directors and senior executives
Our experience is that most companies are vulnerable in specific areas of corporate governance and operations. The global finance and business solution Corporate Compliance Service will carefully assess and advise you compliance on Tanzanian matters in NGO’s Corporate/Commercial, , Finance/ Project Finance, Mining, Oil and Gas, Agriculture, Land, Telecommunications, , Employment, Tax and Immigration law.
MATHEW MAGUBIKA (Lawyer) is a commercial lawyer with expertise in corporate matters and regulatory compliance in regulated business industries, restructuring, mergers and acquisition, employment and immigration compliance, conducting due diligence on corporate, share acquisition contract drafting, and business restructuring and handling company secretarial matters land acquisition and transfers in particular in Tanzania and in East Africa.