In recent times, the number of Saccos in the country has grown tremendously. Big corporate from different sectors are investing in Sacco registration as they have been proved to be attractive in terms of regulations and financial benefits.
For individuals it is a very effective way of saving and a way to access quick and cheap means of raising capital furthermore, the Sacco as an entity has power that comes from having members and regular income from contributions.
Upon receipt of the above documents, the Cooperative officer shall convene a meeting within a week with the proposed members. The quorum of this meeting (Pre Co-operative SACCO Meeting) shall be ten members. The main agenda of the meeting shall be pre co-operative education. During the meeting; the promoters shall appoint interim officials for purpose
of overseeing registration.
Apart from above documents the following will be required;The proposed by-laws in four copies; Filled application for registration form in four copies;Supplementary information form in four copies;Economic
appraisal in four copies;
In case of salaried workers, a letter from the employer is needed agreeing check off. Minutes of the pre co-operative SACCO meeting and application and registration fees payment.
Upon approval of the name, a Sacco registration form will need to compete with details of all the board members and members including proof of identity documents, physical address of all members.
The registration process takes about two months.
If the Sacco intend on taking deposits from your members/customers, it will be required to obtain a license from SASRA. SASRA is mandated by section 24 of the Saccos Societies Act 2008 to license and regulate the operation of Deposit Taking Saccos.
Once the above steps are completed, you should receive a Certificate of Registration from the Registrar. This will enable you to acquire Sacco Bank account, other business permits, NHIF and NSSF, tax arrangements.
The newly registered SACCO society to convene the first general meeting within a month after receipt of the certificate by the interim official. Failure to do so, the co-operative officer should recommend to the Commissioner for co-operative development immediate cancellation of the certificate of registration