New Regulations and Fees for Foreign Companies Entering the Kenyan Market
The government, through the Business Registration Service (BRS), introduced new fees that will impact foreign companies looking to establish a presence in the Kenyan market.
Under the Companies (Foreign Companies) Regulations 2024, formulated by Attorney General Justin Muturi, all foreign firms must register in Kenya before starting their operations.
According to these regulations, foreign companies must provide a notarized copy of their registration certificate and their constitution. If the document is not in English, a translated version must also be submitted.
Additionally, these companies need to furnish a list of their directors and shareholders, their postal address, residential address, email, and telephone number, along with other personal documents of the shareholders.
ALSO READ:
- How not to make a mistake when choosing the best bookmaker in Kenya
- Understanding Gatwiri’s Cause of Death: Unraveling Positional Asphyxiation
- KRA Rules Out Tax Relief on SHIF Deductions
- Understanding Why Married Women Cheat: Common Reasons Behind Infidelity
- Violence Erupts in Mozambique: Three Killed, 66 Injured in Protests Over Disputed Election
Each company will have to pay the following prescribed fees:
- – Registration: Ksh7,550
- – Filing financial statements: Ksh500
- – Notice of dissolution or deregistration: Ksh500
- – Notice of cessation of business in Kenya: Ksh500
- – Notice of business place closure: Ksh500
- – Official search: Ksh600
- – Notice of appointment or cessation of local representative: Ksh500
- – Change of physical address or operating hours: Ksh500
- – Notice of change of particulars of local representative: Ksh500
- – Notice of appointment or cessation of directors: Ksh500
- – Notice of change of particulars of directors: Ksh500
For all these changes, a foreign company must file a notice with the Registrar of Companies and pay the corresponding fee.
“A foreign company must submit to the Registrar a notice of cessation of a local representative as per 980(3) using Form FC-5 from the First Schedule of the Rules and pay the specified fees,” part of the regulations states.
If a foreign company is dissolved or stops operations in Kenya, the local representative must notify the registrar and pay the fee within a month.
The BRS has invited the public to provide feedback, comments, or suggestions on the proposed regulations to address industry gaps.
“Feedback, input, and comments can be sent to the Registrar of Companies, P.O. Box 30404- 00100. Nairobi; delivered in person to the Business Registration Service, 16th floor, 316 Upper Hill Chambers, 2nd Ngong Avenue, or emailed to blrc@brs.go.ke by 5:00 pm on Monday, May 27, 2024,” the notice states
New Regulations and Fees for Foreign Companies Entering the Kenyan Market
