Company Act 2015 – Changes In Regulations

With the new regulations comes new compliances when incorporating companies in Kenya. There has been many changes lately in Company Registry since the enactment of the new Company Act 2015 in January 2016.

The introduction of the new Company Act has so far caused some delays in many registration process for Kenyans and foreign investors including our clients. However, those who comply with the changes have been able to get their Certificate of Incorporation. Here are some of the changes;

  • New Form CR1 must be signed by each director and will require additional information as shown below;
    • [New!] Targeted business start date.
    • [New!] Target accounting period end month.
    • [New!] Number of employees at target business start date.
    • [New!] Primary business activity – for example; Importing and selling used cars.
    • [New!] Secondary business activity – for example; Importing and selling car parts.
  • [New!] Physical Address of business must have Name of building/Plot Number, Floor/Room Number, Street/Road, Town, District, County.
  • [New!] A private company is required to have a secretary only if it has a paid up capital of KES 5,000,000 or more.
  • [New!] At least 1 Director must currently be registered on iTax.
  • Residential address must be provided for each director – for example house number, street name, town name, name of residing country
  • Foreign directors must provide their valid copy of their passport.
  • Recent coloured passport photograph of each director.
  • Each director must provide their phone number and email address
  • Director(s) need to submit their copies of national ID, KRA PIN Certificate and passport photograph

For further information, read the Kenya Gazette Supplement No. 49 that was published on 12th April 2016 by the Attorney General.

[Updated May 2016]

 

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