The Zimbabwe Youth Council (ZYC) in partnership with the Registrar of Companies has successfully registered 634 youth led companies with other applications still at different stages, BusinessMail can report.
In an interview with the BusinessMail ,ZYC head of Operations and Research Mr Sungano Chisina said that following the launch of Covid 19 Youth Relief Fund which required that applicants should have formalized operations they discovered that most youth enterprises were not registered.
“We noted that 79 percent of the youth businesses failed to benefit as they were informal. We then entered into the partnership to formalize youth business start ups with those who couldn’t get support from the fund.”
“We received 1235 applications and successful applications stand at 634 as of 12 February 2021. Some of the applications are still at various stages such as Name search and processing,” he said.
Mr Chisina said the council has been receiving overwhelming response from the youth with a zeal to formalize their business ventures.
“The response from youth wanting to formalize operations is just overwhelming to the extend of forcing us to decentralize receiving of applications to district level.”
“Young people can now submit their details for company name searches at district and provincial levels. Bulawayo department for the Registrar of Companies is processing for the Matabeleland region and Midlands while the other six provinces converge in Harare since the Registrar of Companies is yet to fully decentralize to other provinces,” said Mr Chisina.
He said the partnership is part of the efforts being made towards the attainment of an Upper Middle Income Economy termed Vision 2030 and so it will run until the vision is achieved.
“The main requirement for youth to benefit from the programme is the willingness to formalize their business operations,” he said.
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