Cabinet ministers Tuesday considered and approved the establishment of the Deeds, Companies, and Intellectual Property Authority as a semi-autonomous entity.
The authority is expected to take charge of registration and administration of proprietary rights related to companies, other business entities and intellectual property in Zimbabwe.
The enactment of the legislation will amend several Acts establishing the Companies and Intellectual Property Office of Zimbabwe.
Some of the laws to be amended include the Copyright and Neighbouring Act (chapter 26:05), the Patent Act (Chapter 26:03) the Industrial Designs Act (Chapt 26:04) the Intergrated Circuit Layout Act Designs Act Chapt 26:07) and The Trade Marks Act (Chapt 26:04) among others.
Among other functions the authority is also expected to facilitate and support creativity and innovation in Zimbabwe as well as ease of doing business and service delivery in line with the National Development Strategy 1.
Presenting minutes of the Cabinet meeting held Tuesday, Acting Information Minister Jenfan Muswere said progress is being made in finalizing the Authority's establishment.
"The nation is being informed that in October 2022 Cabinet approved Principles that sought to separate the Companies and Intellectual Property sections from the Department of Deeds, Companies and Intellectual Property by creating a body corporate termed the Companies and Intellectual Property Office headed by a Chief Registrar," he said.
Muswere said the variation seeks to merge the three sections and have one Chief Registrar in charge of the Deeds, Companies and Intellectual Property sections, respectively.
"This will be cost effective to the Treasury and strategically efficient to keep the offices together and restructure the whole Department into a single Authority," he added.