EAZ commends PACRA’s first quarter achievement

EAZ commends PACRA’s first quarter achievement

Lusaka, June 15, ZANIS —–The Economic Association of Zambia (EAZ) has commended the Patents and Companies Registration Agency (PACRA) for registering more than 7, 000 companies during the first quarter of 2013.

EAZ President Isaac Ngoma says the numbers indicate the rising spirit of entrepreneurship in the country.

Mr Ngoma however told ZANIS Business that it would be good to see how many of the registered companies actually become operational and sustain their business activities in the short to medium term.

Mr Ngoma said this was one sure way of ascertaining the trend in enterprise development.

“History has shown that most companies register with hope that the owners will mobilize resources and commence operations but only a few get to that stage, hence the high number of default on non-submission of annual returns leading to deregistration,” he said.

Mr Ngoma stated that a lot more needs to be done to assist prospective entrepreneurs succeed in their various businesses.

He cited deepening access to finance and reducing the cost of borrowing as some of the measures needed to support entrepreneurs.

He added that this should go alongside softening some of the stringent collateral demands from financial institutions.

“Micro and small businesses also need support in form of business development services,” he said.

The EAZ president added that this was to leverage their capacity to manage and transform their business ideas into viable enterprises that will grow and contribute to broad based economic development.

Last month PACRA said it had registered over 7,200 businesses countrywide during the first quarter of 2013 and that it was targeting to register about 60,000 companies by the end of the year.

PACRA Public Relations Officer Vaida Bunda said the agency registered over 30, 000 businesses last year and hoped to double that number this year.

Meanwhile, the Private Sector Development Association (PSDA) this week said PACRA will be able to meet its target of registering more than 50, 000 companies by the end of the year especially with support from key strategic institutions like the Citizen’s Economic Empowerment Commission (CEEC) and the Development Bank of Zambia (DBZ).

PSDA Chairperson Yusuf Dodia told ZANIS Business that these institutions must line up their programmes to encourage more companies to register and formalise their businesses.