TANZANIA INVESTMENT CENTRE (TIC) or (Centre)
The Tanzania Investment Centre (TIC) is a One Stop Agency of the Government of Tanzania established under the Tanzania Investment Act, No. 26 of 1997 to promote, co-ordinate and facilitate investment into Tanzania.
The Centre deals with all enterprises whose minimum capital investment is not less than US $ 300,000 if foreign owned or US $ 100,000 if locally owned. Enterprises engaged in Mining, and Petroleum, shall follow the approval process contained in their respective laws. But the Centre shall assist all investors to obtain permits, authorisation etc. required by other laws to set up and operate investment in Tanzania.
Functions Among the functions of the Centre are:
Law firms in Dar-es-Salaam do facilitate investors' application to the Tanzania Investment Centre.
Administration of the Centre
The Centre is administered by a 7-member Board of Directors representing both the private and public sectors. The Centre is headed by an Executive Director who is the Chief Executive.
Tanzania Investment Centre as a One Stop Centre
The Centre is the focal point for all investors and performs all liaison work for the investor from enquiries right up to project start up. All government departments and agencies are required by law to cooperate fully with TIC in facilitating investors.
Certificates of Incentives and Registration of investors
Investors in new, rehabilitation/expansion of existing enterprises and equity investment are required to provide the following information:
ASSISTANCE IN ESTABLISHMENT OF ENTERPRISES
The Centre shall assist investors to incorporate or register enterprises by undertaking the following:
- incorporation or registration of enterprises
- the filing of Tax Forms
- completing investment registration and Immigration Forms
- facilitating obtaining by investors of the necessary licences, approvals, facilities or services
Where the relevant papers submitted to the Centre are in order, the Centre shall complete processing the application within fourteen working days.
Investment Guarantees and Settlement of Disputes
Investments in Tanzania are guaranteed against nationalisation and expropriation. Tanzania is a member of both the International Centre for the Settlement of Investment Disputes and Multilateral Investment Guarantee Agency (MIGA). Any disputes arising between the Government and investors shall be settled amicably through negotiations or may be submitted for arbitration before the above international organs.
Transfer of Capital and Profits
Regulations permit unconditional transferability through any authorised bank in freely convertible currency of net profits, repayment of foreign loans, royalities, fees, charges in respect of foreign technology, remittance of proceeds and payment of emoluments and other benefits to foreign employees working in Tanzania.
Obtaining Credits from domestic sources by foreign investors
Any foreign business operating in Tanzania may obtain credit from domestic financial institutions up to the limits established by the Bank of Tanzania.
Transfer of Technology Agreements
There are no restrictions in enterprises entering into technology transfers. But every Agreement for transfer of technology must be registered with the Centre (TIC) as soon as concluded.