To begin with, the act makes it possible to form a singlemember company. The companies act, 2015 was assented by the president on 11 th september 2015 with only section 2 of the act coming into operation on the date of gazettement on 15 th september 2015. Republic of kenya kenya gazette supplement acts, 2015 nairobi, 15th september, 2015 content act. February 2016 1 as you may already be aware, the tax procedures act no. It will become possible for a single person to form a private and a public company. The name of the association is african securities exchanges association. Parts 1 to 14, part 23, part 31, part 32, part 38, part 40, part 42 and the first second and sixth schedules came into operation on 6 th november through legal notice no.
Each subscriber to this memorandum of association wishes to form a company under the companies act, 2015 and agrees to become a member of the company and to take at least. The current companies act, cap 486, allows the incorporation of both public and private unlimited companies by virtue definition and also reregistration of an unlimited company as a limited company. The cabinet secretary for the national treasury appointed the 19th of january 2016 as the date the. Download any of the above listed business documents in kenya form in this site. There are companies incorporated otherwise than under the companies act. Incorporated in kenya under the companies act, 2015 registration number c 988 2 this document is important and requires. Citation and commencement 1 these regulations may be cited as the companies general regulations, 2015. Incorporated outside kenya section 366 1 b and 366 2 name of company where incorporated address of place of business in kenya. These regulations may be cited as the companies beneficial ownership information regulations, 2019. All other parts and sections were to come into operation upon a gazette notice by the cabinet secretary responsible for company matters, the attorney general. The date of the presidential assent for both of the two acts namely the companies act, 2015 and the insolvency act, 2015 is 11 th september 2015. Each form bears a reference to the companies act 2015 rather than the cap 486. It is an exciting time for the business community in kenya.
In exercise of the powers conferred by section 1022 of the companies act, 2015, the attorneygeneral makes the following regulations the companies beneficial ownership information regulations, 2019. The forms set out in the first schedule are the forms that are prescribed for use under the provisions of the act specified in the forms. Registrar to register company if requirements of act are complied with. The purpose of this article is to highlight some of the main changes and challenges that will come with the new. The act is, in my opinion, the most comprehensive and extensive legislation kenya has ever enacted.
Deleted and moved under the articles by virtue of section 26 of the companies act 2015. Download online companies, societies, registration forms. The companies act 2015 2nd december, 2015 key note address. In these regulations act of 2014 means the companies act 2014 no. This course is primarily concerned with companies as defined in the companies act, cap. Summary of the companies act 2015 commencement capita. The share capital of the company is kenya shillings four billion. The new companies act 2015 has come into operation in kenya. It is a 759 paged document with 1026 sections with 6.
The companies act, 2015 further states the qualifications that must be held by a person who is. Type of companies under the kenyan companies act 2015. Introduction we all know or, at some point, have heard about kenya s companies act, 2015 hereinafter referred to as the act which was enacted on 11th september, 2015. Companies registry brs business registration service. Fiji institute of accountants the companies act 2015. The kenya business guide kbg is a thinktank that seeks to support the improvement and strengthening of the business environment in kenya by providing access to information on key features of both the private and public sector prerequisites in. A person interested in forming a company should submit the following documents to the registrar of companies. Incorporated in kenya under the companies act, 2015.
Statement of nominal capital1 guidelines to completing form cr1. The forms set out in the first schedule are the forms that are prescribed for use under the. The registered office of the association will be situate in kenya. The operationalization of the companies act is split into two major phases.
See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement. This seminar provided an interactive forum to discuss the new laws covering the most significant changes in the law, their enforcement and their likely effect on businesses in kenya. How to start your business in kenya changes from the old procedures after implementing of the the companies act 2015 submission of a unified application form at huduma centers one stop shop. Duties of directors under the new kenyan companies act 2015. The companies act, 2015 has introduced and codified the general common law duties and equitable principles of a director in the act. Member strength 30,67,918 and growing get latest updates. The new companies act and insolvency act seminar, 2015. The new companies act 2015 the act came into effect from 1 january 2016 the act repeals the companies act cap 247 previous act. Section i on 15th september, 2015 all other provisions. Pdf the companies act no17of2015 revised compressed.
Although quite voluminous, the act takes into consideration, developments in technology and procedure, to boost the ease of doing business. The government of kenya gazette both pieces of legislation on 11 th and 18 th september, 2015 respectively. Form cr 2 section of the companies act, 2015 memorandum for a company with share capital. Home blog type of companies under the kenyan companies act 2015 type of companies under the kenyan companies act 2015 you are probably thinking about incorporating a company in kenya but something is still not clear to you on the type of company that is best suited to meet or achieve your unique purpose. Application to register a company section of the companies act, 2015. Ninth schedulefees payable under the act in exercise of the powers conferred by section 1022 of the companies act, 2015, the attorney general makes the following regulations. The carec first capital market regulators forum, organized by secp from 29 to 30 august, provides a platform for development leaders and industry experts to discuss solutions to global challenges faced by capital market regulators for better capital markets development in the carec region, which include the use of technology. These are companies which are formed and registered under that act. Subsequently, through a gazette notice dated 14th january 2016.
Division 3 similarity to names of other companies 57. The companies act, 2015 public company limited by shares articles of association of crown paints kenya plc a public company adopted by a special resolution of the company passed on. This act, which amends the companies act 1981 the principal act, may be cited as the companies amendment act 2015. Send the completed form of acceptance, together with the required supporting documents, including. Some companies are formed under specific acts of parliament.
The legislation introduces some fundamental changes to company regulation that will have. The salient features of the kenya insolvency act, 2015. The companies act 2015 the act is amongst a suite of new laws intended to streamline business in kenya, by making it easier for entities to establish a presence and operate. Incorporated in kenya under the companies act, 2015 registration number c 988 2 this circular is important and requires your immediate attention if you require assistance with this circular, please consult your stockbroker, investment banker, or any other professional adviser. Aiyaz sayed khaiyum tba the company as a corportate entity ms tracey wong the law of corporate governance mr subash parshotma what are the rules on corporate liability. This is the primary legislation that deals with companies and applies to companies directly. On september 11, 2015, the president assented to the companies act, 2015, which repeals the 1948 companies act cap 486. The objects for which the association is established are.
The new companies act 2015 has come into operation in kenya by richard harney. Companies act, 2015 memorandum and articles of association of. Form and contents requirements for summary financial statements of. B hons, cps 6, graduate assistant, strathmore law school, postgraduate student at the kenya school of law. The model articles contained in the first schedule to the companies general regulations, 2015 shall not. Guidelines to the companies act, 2015 state law office. Amends section 127 section 127 of the principal act is amended by deleting the full stop and inserting a semicolon in paragraph iii and by inserting after that paragraph the following.