"1 January is a month to come and we are putting in place measures for enforcement in the event that they do not comply," state-owned Herald newspaper quoted Economic Empowerment Secretary George Magosvongwe as saying.
Mr Magosvongwe's ultimatum was aimed at foreign owners of business in sectors now reserved for "indigenous" Zimbabweans.
To avoid prosecution, foreign owners will have to present an indigenisation compliance certificate, proving that they have transferred a majority holding in their company to a Zimbabwean.
According to the Herald the "reserved sectors of the economy" include: Retail and wholesale business, hairdressers, beauty salons, bakers, employment agencies, agriculture, transport, estate agencies and advertising agencies.
Indigenisation was one of President Robert Mugabe's main campaign themes in the March election.
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