Business in Kenya is not as complicated as it was previously. In the previous 10years, there has been alot of changes in the business world in Kenya. The government of Kenya has consistently been improving the business environment for both residents as well as non residents.
The below are the simple steps of registering a company in Kenya:
Step one:Name search
You write a letter to the registrar to reserve your desired name. The name may be accepted or rejected based on a similarly named business or offending the rules on name reservation. This part takes two days. If accepted the registrar will reserve the name for 30 days.
Step two:Prepare Memorandum and Article of Association and Statement of Nominal Capital:
These documents describe the objectives, rules, subscribers and authorised share capital of your company. They are prepared by an advocate.
Step three:Pay Stamp Duty: ALL OF IT!
The amount of money that you pay depends on your declared nominal capital, but the minimum is KES. 2,140 based on the minimum nominal capital of KES. 2,000.
Step Four: Situation of Office Form 201
Fill this form that notes the registered office address of the company, and to be signed by one director or the company secretary
Step five:List of Directors Form 203
Fill this form that lists the directors and secretary of the company. This is stamped by the company secretary
Step six:Declaration of Compliance Form 208
Get a commissioner of oath must sign this form on your behalf.
Step seven:File Documents at Registrars office
You then need to file your documents at Companies Registry and pay the registration fee. This includes your memorandum and articles of association. There is a varied fee attached to this. You should receive a certificate of incorporation after a period of about 21 days.
Step Eight: Get your Company Seal
This is a device that embosses your company name on documents and is used as a signature of the company.It can be purchased from a stationer.
Step Nine:Statutory Requirements
- Register for a Personal Identity Number, Value Added Tax & Pay-As-You-Earn with the Kenya Revenue Authority.
- Register for the National Hospital Insurance Fund. This is mandatory medical contribution for your employees.
- Register for the National Social Security Fund. It is mandatory to contribute to your employees retirement fund.
- Register for a Business Premises License. This application is made to the local county office. You will need a premises prior to submitting this application.