How to Register Business in Kenya: Kenya has a market-based economy and is generally considered to be the economic, commercial, and transport hub of East Africa. As the strongest industrial base in East Africa, Kenya has succeeded in attracting business investment. According to the latest reports, Kenyan startups have risen by more than $ 571m by 2021. Many foreign companies and investors are growing and establishing domestic and regional operations to utilize Kenya’s ideal location, complete airports, and status as a regional financial institution. Business registration in Kenya is also straightforward. Kenya’s Business Regulatory Service (BRS) has recently revised its service charter to improve business delivery times required to register a business in Kenya.
Can a foreigner do business in Kenya?
Of course, immigrants wishing to do business in Kenya must register with the company. They are required to register on the e-citizen portal and continue to receive company registration documents.
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Business registration in Kenya
There are two business forms open to immigrants in Kenya. These either registered with the local company or registered with a foreign branch. Many individuals and groups choose to register a local company for obvious reasons. Now let’s look at the process of registering these organizations for more details.
1: Local Company / Subsidiary Company
The process of consolidating a local company by a foreigner is the same as the registration of a local company by a citizen but in terms of requirements. There are different types of companies but most outsiders or organizations prefer a limited stock company.
Branch Office
This can be open to companies with a reduced level of activity. This usually does not require inclusion in Kenya, but to register one, some financial disclosure is required by the parent company.
Business Registration Requirements in Kenya
Company Registration Requirements in Kenya include the following:
Name of the proposed company / business
The proposed business name search is done to ensure that it does not match the existing registered business. If approved, it is stored for 30 days. BRS requires at least 3 words to submit.
2: Business Objectives
This is actually the business the company is set up to do. This business must be fully legalized and not in conflict with public policy.
3: Directors’ Names, contact details and email
For transparency and accountability purposes, the KRA requires that administrator details be reflected in the application for registration.
4: Proof of Identification
Official and timely proof of identity documents must be provided to each director at the time of registration. For foreign nationals living in Kenya legally, a national registration certificate – Alien card and non-resident aliens, an international passport is required.
5: Passport photo
A clear and up-to-date passport photograph should be provided to each director and company official.
6: KRA PIN
All directors, whether resident or non-resident, are required to provide a copy of the Kenya Revenue Authority (KRA) Personal Identity Certificate (PIN) to prove registration with the tax officer.
In addition, the following forms must be signed by all directors and submitted at the time of registration
7: Form CR1 – This is the company registration form.
8: Form CR2 – This is a Memorandum of a company with share capital
9: Form CR8 – This is a notification of the registered form once
10: Financial Statement made by all directors.
The Import Certificate is obtained from the Registrar of Companies in Kenya after submitting all the required documents. If the branch was registered. A compliance certificate will be issued.
Of course, it is important to mention the need to consult with experts who have worked on installation procedures in Kenya, as well as regulators within the region. The essence of this is to have a better view of ever-changing rules.
Sidebrief:
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