Investment Laws

“There are no laws or practices that discriminate against foreign investors by prohibiting, limiting or conditioning foreign investment in any sector of the economy” (Zambia Investment Climate Statement, U.S. Department of State, 2017)

Law and regulations on investments

• Zambia’s judicial system is based on the British common law system.
• Besides the Zambian Constitution Act, the Zambia Development Agency Act (2006, as amended) is the main law governing investments.
• Other texts are: the Companies Act (Chapter 388), the Investment Act (388) and the Public-Private Partnership Act (2009).

100% foreign ownership

• Foreign investors can own 100 per cent of an enterprise registered in Zambia.
• Nevertheless, it is worth mentioning that international firms operating a domestic cellular telephone network have to offer ten percent of shares on the Lusaka Stock Exchange.
• Investors are allowed to invest in any sector open to the private sector. Only the production of arms, coins, dangerous substances and security documents require specific approvals.

Investment certificate

• In order to be able to take advantage of benefits provided by the ZDA Act, the foreign investor has to obtain an investment certificate.
• The certificate is valid for ten years from the date of issue, and may be renewed.
• Subject to an investment board approval, it is possible to transfer an investment certificate from a given company to a new owner.