Tanzania adopts online tool for investors

Mergers, Acquisitions and Financial Results

Tanzania has introduced an online tool to help investors and entrepreneurs gain easy access to up-to-date information on investment-related procedures, Tanzania's Daily News reported Friday (August 17th).

The Tanzania Investment Centre (TIC) is currently implementing the system, called "e-Regulations", developed by the UN Conference on Trade and Development (UNCTAD).

"When the procedures and steps involved are known to people you should expect more people to start businesses and increased compliance in paying taxes," said Kjartan Sorensen, UNCTAD business facilitation manager in charge of e-Regulations in Africa.

According to UNCTAD, e-Regulations can contribute to greater transparency and efficiency in public service, improved governance and cost reduction.

Through the system's online database, investors and entrepreneurs can obtain necessary business information, including how to register a company, to pay taxes, and to obtain a visa or certificate of incentives at the TIC.