The model articles contained in the first schedule to the companies general regulations, 2015 shall not. Section i on 15th september, 2015 all other provisions. 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. Form cr 2 section of the companies act, 2015 memorandum for a company with share capital. Companies act, 2015 memorandum and articles of association of. On september 11, 2015, the president assented to the companies act, 2015, which repeals the 1948 companies act cap 486. 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. It is a 759 paged document with 1026 sections with 6. The purpose of this article is to highlight some of the main changes and challenges that will come with the new. Statement of nominal capital1 guidelines to completing form cr1. The new companies act 2015 the act came into effect from 1 january 2016 the act repeals the companies act cap 247 previous act.
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. Summary of the companies act 2015 commencement capita. The salient features of the kenya insolvency act, 2015. 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. The new companies act and insolvency act seminar, 2015. Guidelines to the companies act, 2015 state law office. Incorporated outside kenya section 366 1 b and 366 2 name of company where incorporated address of place of business in kenya. 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. The companies act, 2015 further states the qualifications that must be held by a person who is. The objects for which the association is established are. Download any of the above listed business documents in kenya form in this site.
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. Division 3 similarity to names of other companies 57. Member strength 30,67,918 and growing get latest updates. This act, which amends the companies act 1981 the principal act, may be cited as the companies amendment act 2015. 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.
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. The legislation introduces some fundamental changes to company regulation that will have. The government of kenya gazette both pieces of legislation on 11 th and 18 th september, 2015 respectively. 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. It is an exciting time for the business community in kenya. A person interested in forming a company should submit the following documents to the registrar of companies. These are companies which are formed and registered under that act. The new companies act 2015 has come into operation in kenya. It will become possible for a single person to form a private and a public company. Deleted and moved under the articles by virtue of section 26 of the companies act 2015. Kenya shilling 1 each redeemable preference share will also receive a dividend of kenya shilling 1. Republic of kenya kenya gazette supplement acts, 2015 nairobi, 15th september, 2015 content act. The operationalization of the companies act is split into two major phases.
The cabinet secretary for the national treasury appointed the 19th of january 2016 as the date the. 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. The name of the association is african securities exchanges association. 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. Send the completed form of acceptance, together with the required supporting documents, including. Each form bears a reference to the companies act 2015 rather than the cap 486. These regulations may be cited as the companies beneficial ownership information regulations, 2019. Incorporated in kenya under the companies act, 2015. The registered office of the association will be situate in kenya. 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 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. In these regulations act of 2014 means the companies act 2014 no.
February 2016 1 as you may already be aware, the tax procedures act no. The forms set out in the first schedule are the forms that are prescribed for use under the. Application to register a company section of the companies act, 2015. Some companies are formed under specific acts of parliament. 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. Citation and commencement 1 these regulations may be cited as the companies general regulations, 2015. The share capital of the company is kenya shillings four billion.
Registrar to register company if requirements of act are complied with. Download online companies, societies, registration forms. Incorporated in kenya under the companies act, 2015 registration number c 988 2 this document is important and requires. 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. See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement. Duties of directors under the new kenyan companies act 2015. Subsequently, through a gazette notice dated 14th january 2016. The new companies act 2015 has come into operation in kenya by richard harney.
There are companies incorporated otherwise than under the companies act. 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. To begin with, the act makes it possible to form a singlemember company. The companies act, 2015 has introduced and codified the general common law duties and equitable principles of a director in the act. B hons, cps 6, graduate assistant, strathmore law school, postgraduate student at the kenya school of law. The companies act 2015 2nd december, 2015 key note address. 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.
The act is, in my opinion, the most comprehensive and extensive legislation kenya has ever enacted. 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. 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. This is the primary legislation that deals with companies and applies to companies directly. 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. Companies registry brs business registration service. Type of companies under the kenyan companies act 2015. 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. Form and contents requirements for summary financial statements of. 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.
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