Banking (Victoria Falls International Financial Services Centre) (Fees and Levies) Regulations, 2026

Every entity licensed, registered or recognised under the Victoria Falls International Financial Services Centre framework now has a published fee schedule, and it is the clearest signal yet of what the centre costs to use.

Company formation is cheap: US$20 to reserve a name, US$100 to incorporate a private company, US$250 for a public company, US$100 for a recognised company. Post-incorporation filings run US$50 to US$150 — annual returns US$100, a certificate of good standing US$100, a certificate of incumbency US$150, virtual address US$50 to US$100.

Licences are where the money is. In banking, a full licence costs US$50,000 to apply for, US$100,000 on grant and US$150,000 a year in supervisory fees. Investment banking is US$30,000/US$50,000/US$75,000, merchant and commercial banking US$20,000/US$50,000/US$50,000, mortgage and neo/digital banking lower again, and a representative office US$5,000/US$10,000/US$10,000.

In capital markets, a stock exchange licence is US$5,000 to apply, US$70,000 to grant and US$70,000 a year; a crypto exchange US$5,000, US$40,000 and US$50,000; a clearing house US$5,000, US$15,000 and US$50,000; a central securities depository US$2,000, US$5,000 and US$20,000. Dealers, brokers, advisers, CIS managers, trustees, credit rating agencies and custody or wallet providers pay US$500 to apply and US$1,500 on grant, with annual supervision from US$2,000 to US$5,000. Listing costs US$500 for prospectus approval, US$500 initial and US$1,000 a year.

Insurance licences are US$5,000 to apply for general, long-term or reinsurance, with grant fees of US$7,500 (US$25,000 for reinsurance) and annual supervision of US$15,000 (US$50,000 for reinsurance). Brokers and agents pay US$500, US$1,500 and US$3,000. Legal, accounting, auditing and consulting licences follow the same US$500/US$1,500/US$3,000 pattern.

Gaming is the most expensive category proportionally: lotto, e-casino and sports betting each cost US$10,000 to apply, US$100,000 on grant and US$150,000 a year, plus US$3,000 per key person and US$15,000 for a compliance audit. Gaming also carries a 5% levy on gross gaming revenue and 10% withholding tax on winnings.

Fintech is deliberately cheap to enter and expensive to scale: a sandbox licence is US$100 to apply, US$500 to grant and US$500 a year, while a full custodial fintech licence is US$1,000, US$3,500 and US$4,000. Token issue costs US$1,000 to apply, US$5,000 to grant and US$10,000 a year; stablecoin approval is US$10,000; whitepaper approval US$1,000 and amendment US$1,500; token classification US$2,000; blockchain analytics supervision US$5,000.

Payment system designation is US$5,000, US$10,000 and US$15,000. Arbitration carries a US$500 filing fee, US$500 hearing fees, US$1,000 to register or enforce an award, US$2,000 for an arbitrator licence and US$3,000 for an emergency arbitrator.

Enforcement bites: US$50 a month for late filing, 10% a month interest on late payment, and US$2,500 to reinstate a lapsed licence. Securities trading carries broker commission of 0.6% each way, a CSD levy and exchange levy, 0.25% stamp duty on purchases, and a 0.15% centre levy on both sides of a trade.