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This week could be considered a turning point in Kenya’s business history when it comes to ease of doing business. If the Companies Bill 2014 becomes law, local residents and foreigners will soon be able to register a limited company as a single director in Kenya.
At the moment, if you want to register a limited company, you will need to look for a business partner in order to meet the minimum threshold of 2 company directors. This is all about to change once the current Companies Bill 2014 which is being debated by the parliament is passed.
According to Hon. Samuel Chepkong’a, Chairman – Justice & Legal Affairs Committee, you can now register a company as an individual as single director. You do not need to look for a partner to register the company. The current law inhibit one person to register a limited company.
During the debate that took place on the 9th July 2015 in Parliament;
Hon. Tom Kajwang’ – MP, Ruaraka suggested that the new law should also help businesses that have an annual turnover of Ksh. 5 million or less to be not compeled to have a company secretary to perform company returns. You should be able to simply fill the returns as a director rather than hiring a company secretary. However, if your company is generates more than Ksh. 5 Million annually, you will be required by law to acquire the services of a company secretary in order to make your company returns.
I believe this will attract more people both locally and internationally in registering a limited company as it will be much more easy once this Bill sails through in the third reading before it becomes law.
It is commendable that the Kenyan Government is working hard to improve the environment for doing business.
It is my hope that Kenya Revenue Authority makes it easier for the registeration of KRA PIN for both local residents and foreigners in order to make Companies Bill 2014 a success.
Are you looking to register your limited company?
[Formstack id=1652858 viewkey=IoHsfu8Yx4]Image Courtesy of nativevml.com
Hello kiprono.This is a good news for kenya, following up this law as was signed by the presidentin sept 2015.it was to be gazzeted am not sure whether it did.this the information am looking for.would yu let me kno whether this law is effective? Am looking forward to registering a company n will be very delighted yo apply this law.
Second, am looking for a serious bussiness partner to establish a serious bussiness together on solar water heater systems.I don mind whether is on a 50*50 share. Would yu pliz check me on my email if yu have any information …kind regards.
want t start a real estate company in kenyan rural areas what are the requirements plz
wana start a business but luck capital to start business kiprono wea can I possibily get funds cz financial institutions charge interest n am avoidin contact mi at ma email
Hello Yasir, thanks for your comment. We have sent you an email. Please check and respond so we can understand how we can be of assistance.
wana start a business but luck capital to start business kiprono wea can I possibily get funds cz hv interest n am avoidin
Hi Kiprono. This will be very good news for business in Kenya.
I Just want to ask you one question. I registered a business as a sole proprietor through ecitizen; which I must admit is one of the most innovative product Jubilee has come up with. I paid both Ksh. 150 and KES 850 through M-Pesa. How do I now get my certificate? or do I have to physically visit Sheria House? I thought ecitizen was ment to totally do away with going to NRB.
hi there. I want to open real estate compmay in Kenya just for one person. What is the retirement Papers and amount
Thanks
this is great news indeed. govt should keep up the good works