SINGLE SHAREHOLDER COMPANY IN TANZANIA – OVERVIEW
A single shareholder company is a registered corporation with only one shareholder. That form of company has been introduced in Tanzania through the Business Laws (Miscellaneous Amendments) Act, 2012. The following are the key features of a single shareholder company:-
- It should have only one shareholder/member.
- In registering a single shareholder company the shareholder must comply with all requirements for registering a private company save for some minor changes specified for single shareholder companies.
For instance, the single shareholder company’s list of members must contain the name and address of the sole shareholder only, and an indication that the company contains only one member.
- The single shareholder can be sued personally and in his/her own name.
- It should have one director only.
- It is not mandatory to have a company secretary.
- Original jurisdiction to wind up a single shareholder company is vested upon the District Court or the Resident Magistrate’s Court.
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