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company registration fee in kenya
Introduction
The process of registering a company in Kenya involves several steps, each with its associated costs. The fees for company registration are stipulated by various legal frameworks, including the Companies Act, 2015, and regulations from the Business Registration Service (BRS). This comprehensive guide will outline the fees involved in registering a company in Kenya, providing detailed information on each step and the associated costs.
Table of Contents
Legal Framework
Companies Act, 2015
Business Registration Service (BRS) Regulations
Types of Companies
Private Limited Company
Public Limited Company
Company Limited by Guarantee
Foreign Company
Steps and Fees for Company Registration
Name Search and Reservation
Preparation of Documents
Submission and Registration
Post-Registration Requirements
Additional Costs
Professional Fees
Miscellaneous Costs
Conclusion
1. Legal Framework
Companies Act, 2015
The Companies Act, 2015, is the primary legislation governing the registration and regulation of companies in Kenya. It outlines the procedures, requirements, and fees associated with company registration.
Business Registration Service (BRS) Regulations
The Business Registration Service (BRS) is a semi-autonomous government agency responsible for the registration of companies, partnerships, and business names. The BRS sets the fees for various registration services.
2. Types of Companies
Private Limited Company
A Private Limited Company is the most common type of company registered in Kenya. It is limited by shares and restricts the right to transfer its shares.
Public Limited Company
A Public Limited Company can offer its shares to the public and is subject to more stringent regulatory requirements.
Company Limited by Guarantee
This type of company does not have share capital and is often used for non-profit organizations.
Foreign Company
A Foreign Company is a company incorporated outside Kenya but registered to operate within Kenya.
3. Steps and Fees for Company Registration
Name Search and Reservation
Fee: Ksh 150 per name
Process: Conduct a name search to ensure the desired company name is available. If available, the name can be reserved for 30 days.
Preparation of Documents
Memorandum and Articles of Association: These documents outline the company's structure and operations.
Statement of Nominal Capital: Indicates the company's share capital.
Form CR1 (Application for Registration): The primary application form for company registration.
Form CR2 (Memorandum of Association): Details the company's objectives and structure.
Form CR8 (Notice of Residential Address of Directors): Provides the residential addresses of the company's directors.
Submission and Registration
Fee: Ksh 10,000 for registration of a private company with a nominal capital of up to Ksh 1,000,000. Additional fees apply for higher nominal capital.
Process: Submit the completed forms and documents to the BRS. Upon approval, a Certificate of Incorporation is issued.
Post-Registration Requirements
PIN Registration: Register for a Personal Identification Number (PIN) with the Kenya Revenue Authority (KRA).
NSSF and NHIF Registration: Register with the National Social Security Fund (NSSF) and the National Hospital Insurance Fund (NHIF) for employee contributions.
Business Permit: Obtain a business permit from the county government where the company will operate.
4. Additional Costs
Professional Fees
Lawyers and Consultants: Fees for legal and consultancy services can vary widely. It is advisable to consult with professionals to ensure compliance with all legal requirements.
Miscellaneous Costs
Notarization and Certification: Costs for notarizing and certifying documents.
Courier Services: Costs for sending documents to and from the BRS.
Conclusion
Registering a company in Kenya involves several steps, each with its associated costs. The primary fees include name search and reservation, document preparation, submission and registration, and post-registration requirements. Additional costs may include professional fees and miscellaneous expenses. Understanding these fees and the registration process can help ensure a smooth and efficient company registration experience.
By adhering to the guidelines set forth in the Companies Act, 2015, and the regulations from the Business Registration Service (BRS), individuals and entities can successfully register their companies in Kenya.
Answered by mwakili.com