Analysts said the move would also encourage foreign investors. Economic observers say only a sustainable and viable operating climate for companies will lead to the achievement of the targeted 4% real economic growth rate by end of this year.
The reduction in the company registration fees comes after consultations between the business community and the government to facilitate a viable operating climate for local firms.
The Chairperson for the Harare Chamber of Commerce Tendai Mavhima said the slashing of the registration fees will boost economic activities.
Local entrepreneurs have expressed optimism that the slashing of the charges will also enable them to venture into the mainstream business activities and expand.
Most countries in the SADC region peg their company registration charges at an average of US$100.