(Last Updated On: April 19, 2014)
Kenya is working on an easy way to register companies which would take as little as just one day. This is because the registrar of companies now has a digitization programme where most of its services will be online or via mobile phone.
To be able to register a business name within just a day the applicant must ensure he/she has a personal identification number, passport size photos and also sh800 which can easily be paid via Mpesa also.
Initially registering a company name would take as long as 14 days and starting a business would take as long as 32 days. Here is the break down
1. One would have to wait three days for name reservation
2. 5 days for stamping of the memorandum and articles of association plus nominal capital.
3. One for stamp duty payment
4. One day to sign the Declaration of Compliance before a commissioner of oaths or public notary.
After all these, you will still need an extra 10 days for registration of taxes, getting business permits, registering with NSSF and NHIF and finally getting a company seal.
In the new system, all these lengthy procedures will just take as little as 3 days and you will be out running your fully registered business. In Rwanda it takes just 3 days to get all the documents needed to fully run your fully registered business.