Success tips when doing business in Zambia in 2023
- Your joint venture partner or Zambia shareholder must not merely be a nominee for the sake of meeting the rules of foreign company incorporation. You should choose a partner that brings a lot to the table, including local expertise your business would need in Zambia;
- To optimize the success of your new business venture in Zambia, Healy Consultants recommends your firm i) complete a feasibility study ii) prepare a detailed business plan iii) communicate with the Zambia Chamber of Commerce iv) speak to your local embassy in Zambia and v) communicate with Healy Consultants Clients who successfully launched their business in Zambia;
- Foreign companies should be aware i) Zambia statistics and market data are usually imprecise ii) transactions tend to take longer than expected iii) more frequent and longer market visits are required, at least initially iv) complex business procedures are common;
- An essential factor in starting a business in Zambia is to thoroughly research the business sector you are planning to invest in. Healy Consultants recommends our Client prepare a detailed business plan including an extensive market study and evaluation of competitors.