Clients from a foreign country appear before you for advice on the Establishment of a Bank. How would you advice them?

I would advice may foreign client who wants to establish a bank in Tanzania as follows: 

1). To apply in writing to Bank of Tanzania for a license to carry on the banking business. See section 4 of the Banking and Financial Institution Act, No.5/2006. 

To include to the application for a license with the following; 

a). Five authenticated copies of the law or other statutory law by or under which the applicant(s) is/are established; 

b). A statement of the address of its head office and the address of every director or of its principle officer; 

c). Such financial data as BoT may require; 

d). Full particulars of the business it proposes to do; 

e). Location of the principal and other places of business where it proposes to do business, and in the case Agency, the area to served; and 

f). Such other information as the Bank may require from time to time need. 

2). That the application and every document accompanying it be signed by the director(s) of the applicant or by any principal officer legally authorized to do so. See section 7(1) and (2) of Act No. 12/1991; 

3). In additional since they are foreigners, I would advice them to apply for living and working permits tor themselves and or their foreign  staff; 

Note: Extra advice is should they obtain a banking license must comply with the Banking and Financial Institution Act, No.5/2006.