Over 48,000 businesses registered in 2022

The Patents and Companies Registration Agency (PACRA) has registered 48,305 businesses in 2022, an increase of 45.7 percent compared to the 2021.

This indicates that PACRA in 2022 exceeded its annual registration target of 28,620, according to Business Development Manager Vaida Njobvu.

“This reflects a 45.7 percent increase as compared to 33,163 businesses registered in 2021. The 48,305 registrations in 2022 include 30,333 business names, 17,972 limited companies and 80 foreign companies,” Njobvu said in a statement issued on Friday in Lusaka.

During the period under review, she explained, PACRA recorded an increased number of business registrations in the agriculture, forestry and fishing sector.

Njobvu however pointed out that the wholesale and retail trade as well as the construction sectors continued to top the trends.

“In relation to compliance, the Agency recorded a 32.5% increase in compliance levels for annual return submissions during the year 2022 compared to the preceding year.

“In the year 2022, 106,193 businesses filed their annual returns while only 80, 168 entities filed annual returns in 2021,” she said.

Njobu also said many individuals and local businesses had continued to protect their intellectual property rights through the registration of their trademarks, industrial designs and copyright.

To this end, 1,915 Trademarks were registered while 1,493 existing Trademarks were renewed.

Njobvu further stated that 12 patents were granted, while 100 were renewed during the period under review.

PACRA further registered 21 Industrial Designs and renewed seven in the year 2022.

The Agency, however, only recorded 128 Copyright registrations and affixed 1,859 Holograms on audio-visual works.

Njobvu attributed the reduction in the sale of Holograms to changes in the means of access to audio-visual works from physical to digital formats.

“In relation to the Collateral Registry, the Agency registered 1,772 financing statements against an annual target of 1200. The bulk of these statements were registered by microfinance institutions, banks and money lenders.

“The Agency remains committed to contributing to the rising trajectory of the Zambian economy by providing quality and efficient services,” Njobvu said.