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The How to guide

30 Mar

…Start a business in Kenya

One of the long-term goals that the Kenyan Diaspora aims to achieve is to eventually start their own businesses back home.  So I have decided to put together a list of the legal requirements that every entrepreneur must consider.  I have also taken the liberty to include some of the associated costs so you have an idea of how much you need to send back home to Kenya in order to set up and register a new firm.

  • State registration of legal entity, statistical, and tax registration with the Center for Public Registration: (cost KES 100 per name reservation)
  • Stamp the memorandum and articles and a statement of the nominal capital: (Will cost 1% of nominal capital + KES 2,020, stamp duty on Memorandum and Articles of Association
  • Pay stamp duty at bank: You will need to pay KES 100 for bank commission)
  • Declaration of compliance (Form 208) is signed before a Commissioner of Oaths /notary public: (cost KES 200)
  • File deed and details with the Registrar of Companies at the Attorney General’s Chambers in Nairobi: (cost  KES 6360)
  • Register with the Tax Department for a PIN and VAT online: (no charge)
  • Apply for a business permit: (cost KES 5000)
  • Register with the National Social Security Fund (NSSF): (no charge)
  • Register with the National Hospital Insurance Fund (NHIF): (no charge)
  • Register for PAYE: (no charge)
  • Make a company seal after a certificate of incorporation has been issued: (cost between KES 2,500 and KES 3,500)

 

This by the way is just the beginning; a brief checklist that you need to go through to ensure that you have all the required documentation to ensure that you do things in a completely legal way

 
 

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