What is the registration process for companies in Kenya?
Registering a company in Kenya is not as difficult as it might be in many other parts of the world. While Kenya does have a system that makes the registration process easier for citizens of the country, since it does require their identification number, it does allow outsiders to handle the process as well. A company can have multiple Director’s, but it would be ideal for one of them to be from Kenya since there are a lot of documents and forms that have to be submitted which is easier with a person from the country.
Additionally, the VAT department now accepts most of the forms and documents through their online portal. This is one of their best moves since it encourages the younger generation to work on their registration process. These are people who generally put off the idea of handling queues and offices, hence getting this done through the website is the best move forward, allowing everyone to get this done at their convenience.
What are the steps for the registration of a company?
People have to create an online account on the website to coordinate with the Government. They have to provide the following information:
- Name and email ID
- Identification number or foreign certificate number Other relevant information needed for the registration process:
- Photographs of the applicant and other Directors
- These should follow the description and details on the website
- Details of the business
- The type of business that the applicant will be running
- Whether they are going to be working with products or services, and the type of company they are creating; Sole proprietorships, Registered companies (public or private), Partnership, limited liability partnership, branch offices of
foreign-registered companies, or business societies.
The rest of the process is quite straight forward, involving selecting the right name for the company, and making the payment once it is selected. Lastly, filling out the company registration form and dropping that in, marks the end of the registration process.
To finalise the company registration process, all the details relating to the company Directors have to be provided. Furthermore, the Memorandum of Understanding and Articles of Incorporation are to be drafted matching the terms put forth by the Government. After submitting this, the company received their Certificate of Incorporation, which is one of the most important documents for a company and should be maintained for a lot of the paperwork and legal requirements moving forward.
What are some of the requirements companies have to follow, post their registration?
Much like having the MOUs, AOA and the Certificate of Incorporation, companies have to make sure they meet all the requirements that guarantee their smooth running. Other than having their papers in place, there are additional requirements to make sure they are running properly; involving rules relating to the type of work they handle and the number of employees they have.
Dealing with the VAT registration process is another important requirement. All companies don’t have to handle VAT unless they fall within the tax bracket, then making it mandatory.