In the past, I have received e-mails from foreign prospects wanting to setup their businesses in Kenya after reading a past blogpost I wrote and or watching the video on How to Start a Business in Kenya. In the blogpost, I only outlined the steps one needs to follow in order to setup a business in Kenya.
As a result of their enquiries, I came up with a post on Top requirements one needs to have in order to register a foreign company in Kenya.
While this answered some of the questions, I still get requests for consultations from interested parties to demystify some of the things that are related to starting a business in Kenya as a foreigner.
People develop interest to setup a business in Kenya for various reasons. The big question most of them have is; how do I get started with the process? What are the some of the things I needs to know before registering the business?
In this blogpost, I will share top tips to foreigners wanting to establish their business in Kenya.
Tip No. 1: Mandatory Requirements You Need To Have
Business registration in Kenya is carried out by Business Registration Services (BRS). They have outlined some mandatory requirements that one needs to have in order to register a foreign business or company in Kenya. Here are key ones you need to have.
- Valid Visa – You need to have a valid visa to stay in Kenya. If your have plans of setting up a business in Kenya and your Visa is about to expire, make sure your renew it to avoid penalties. Visit Evisa portal to learn more.
- Investment Capital – If you are registering/setting up your business in Kenya as an investor, you will need to provide a proof of investment capital of $100,000. You are required to provide this in form of a bank statement. visit Kenya Invest Authority to learn more.
- Local representative – If you have links to a Kenyan citizen who you intend to partner with in the business you want to register; then you will not need to provide proof of investment capital as mentioned above. This option works best for someone who does not have the required investment capital but still wants to setup their business in Kenya.
Once you have these 3 items with you, you are now ready to setup your business in Kenya as a foreigner.
Tip No. 2 : Registration of Business in Kenya is Done Online
Most government services are now digitized in Kenya. You can start the process of registering your business online on the BRS portal. You will be required to sign in with your Ecitizen credentials. Click on sign up to create an account with Ecitizen before you login. This is where you will use your Visa to register.
If you are registering an already existing company registered in your own country of residence, please make sure you have in handy a copy of the certificate and its registered office address.
Tip No. 3 Think Twice Before Nominating a Lover You Met in Kenya To Be Your Local Representative😎
Its no doubt that Kenyan people are warm and welcoming. One can quickly fall in love and forget everything. But when it comes to business, think twice before you consider nominating a lover you met in Kenya to be your local representative. Business rules do not recognize emotions when things go south.
I have had cases of foreigners resolving to close their companies after they broke up with their intimate local representative. I do not advise anyone to set up a business in Kenya based on intimacy unless you have taken a step further and got married.
And those are my 3 tips for foreigners wanting to setup their business in Kenya.
I hope you found this article helpful. Let me know your thoughts in the comments section below.
Until next time bye bye and take care.