Friday 10 January 2014

Having gone M.I.A for the past months or two, it's yet another new year with loads of unfulfilled resolutions spanning some few years back. The whole process of re-living and failing to achieve my resolutions became a constant bore after a while, roughly a month into the new year. Then things get tough, you start making excuses about failing to accomplish what you set out to do as the year started. Well, enough of self chastition, we all have a weak point and I have recognized one of mine and eradicated it. So, from hence forward, no resolutions.
  2014 marks a big step in my life. First because I am graduating college second I'm setting out on a quest to start my own company, third is that I want to manage and develop this blog and fourth but not the least in my new year activities is the fall-out of a friend who I thought was one in a million. Well, true, people change so look  at life in your own perspective and not through someone elses eyes.
  Well, speaking of registering a company, I had a few difficulties in trying to get the correct information of all the requirements one needs to do so in Kenya. Courtesy of the office of the Attorney General's' website, these are some of the documents and procedures for registering a local private limited company and international company for they that wish to do so.

1
Name search: You write a letter to the registrar to reserve your desired name. The name may be accepted or rejected based on a similarly named business or offending the rules on name reservation. This part takes two days. If accepted the registrar will reserve the name for 30 days.
2
Prepare Memorandum and Article of Association and Statement of Nominal Capital: These documents describe the objectives, rules, subscribers and authorised share capital of your company. They are prepared by an advocate
3
Pay Stamp Duty: The amount of money that you pay depends on your declared nominal capital, but the minimum is KES. 2,140 based on the minimum nominal capital of KES. 2,000.
Situation of Office Form 201: Fill this form that notes the registered office address of the company, and to be signed by one director or the company secretary
List of Directors Form 203: Fill this form that lists the directors and secretary of the company. This is stamped by the company secretary
4
Declaration of Compliance Form 208: Get a commissioner of oath must sign this form on your behalf
File Documents at Registrars office: You then need to file your documents at Companies Registry and pay the registration fee. This includes your memorandum and articles of association. There is a varied fee attached to this. You should receive a certificate of incorporation after a period of about 21 days
Get your Company Seal: This is a device that embosses your company name on documents and is used as a signature of the company.It can be purchased from a stationer.
5
Statutory Requirements
Register for a Personal Identity Number, Value Added Tax & Pay-As-You-Earn with the Kenya Revenue Authority.
Register for the National Hospital Insurance Fund. This is mandatory medical contribution for your employees.
Register for the National Social Security Fund. It is mandatory to contribute to your employees retirement fund.
Register for a Business Premises Licence. This application is made to the local county office. You will need a premises prior to submitting this application.

For more information, visit the government website to get detailed data.

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