Ulii is a member of the global free access to law movement and of. Winding up under insolvency act, 2015 the lex jotter. Kenya shilling 1 each redeemable preference share will also receive a dividend of kenya shilling 1. Guidelines to the companies act, 2015 state law office and. The companies act is available from the government printers, the kenya law website. Mar 22, 2016 winding up under insolvency act, 2015 members voluntary liquidation under the insolvency act, 2015 the insolvency bill was assented to by the president on 11 th september 2015 and will come into operation on such date as the cabinet secretary may direct by notice in the kenya gazette. Mar 19, 2017 download any of the above listed business documents in kenya form in this site.
A person interested in forming a company should submit the following documents to the registrar of companies. Penalties and offences under the new companies act, 2015. Legal alert new companies act alert series derivative action a derivative action is a claim brought by an individual shareholder, acting on behalf of and for the benefit of a company, against the directors of the company. A further provision is made that will now enable a company to have an official seal for use outside kenya. Summary of the companies act 2015 commencement capita. 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. Interpretation 1 in parts i to xiii of this act, unless the context requires otherwise annual return means the return required to be made, in the case of a company having a share capital, under section 108 and, in the case of a company not having a share capital, under section 109 of this act. Definition of a company a company is a corporation an artificial person created by law. The budget statement fy 2015 proposed to introduce a tax procedure bill with a view to harmonize and consolidate the procedural rules that govern tax laws in kenya. The central depositories act no 4 of 2000 amended 20. As announced on 15 april 2015, the accounting and corporate regulatory authority acra will begin implementing the legislative amendments to the companies act, with 40% of the new changes to take effect from 1 july 2015.
In any case, the justifying the restrictions under article 25 of the cmp, require that kenya notifies the eac secretariat and other partner states on the restriction and furnish proof that the restriction was appropriate, reasonable and justifiable. This course is primarily concerned with companies as defined in the companies act, cap. 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. Kigongo v mosa courts apartment ltd company cause no. We take a look at how these changes are expected to impact private limited companies in singapore.
Definition of expressions used in these articles 1 in these articles a the act means the 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 single collection of certificate of incorporation, kra pin, nssf. Business registrations service act is also to establish a new brs service across the country for new business setups. May 14, 2016 registration of companies under the new companies act, 2015 following the enactment of the new companies act, 2015, new forms have been introduced for registration of companies. Summary of the provisions of the companies act, 2015 that came into operation on 6th december 2015 the companies act, 2015 was assented by the president on 11th september 2015 with only section 2 of the act coming into operation on the date of gazettement on 15th september 2015. Application for administrative restoration of a company to the register xcviii section 912 of the companies act 2015 form 49. Where can i get a copy of the new companies act 2015. Particulars of charge created by a company registered in kenya section 878 of the companies act, 2015. The public audit act prescribes how the auditor general should operate and, among others, it provides for penalties for anyone who obstructs official audits. The cabinet, chaired by prime minister narendra modi, had approved the 14 proposed changes in various provisions of the new companies act, 20, which came into force with effect from april 1, 2014. May 27, 2015 download the companies amendment act, 2015 no.
Company law notes kenya pursuant to the 2015 act november 14, 2017 introduction this course is primarily concerned with companies as defined in the companies act, cap. Public audit act, 2015 roggkenya reporting on good. It is a 759 paged document with 1026 sections with 6. It is an exciting time for the business community in kenya. Application of the act the act applies to aall procurement of goods, works or services and disposal of assets undertaken by the board or a public entity bthe letting and hiring of anything or the acquisition or granting of any right. Here in this thread i am sharing lecture notes in ebook format pdf for the subject company law for llb and ba. The companies act 2015 requires directors of companies to pass an annual solvency resolution. Download online companies, societies, registration forms in. There are companies incorporated otherwise than under the companies act. One major change introduced is the exemption of capital gains arising from the transfer of shares traded on any securities exchange licensed by the capital markets authority. A number of the processes involved in the registration and running a company have been simplified. The objects for which the association is established are. It has 1,026 sections grouped into 42 parts each of which has several divisions and supplemented by 6 schedules. The kenya business guide kbg is a thinktank that seeks to support the improvement and strengthening of the business environment in kenya by.
Laws of kenya state corporations act chapter 446 revised edition 2015 2012. These are companies which are formed and registered under that act. Download any of the above listed business documents in kenya form in this site. Winding up, means a process of putting an end to the life of a company. February 2016 2 refund of tax in a bid to synchronize the duration within which overpaid taxes can be refunded across all relevant tax laws, the act in section 47 stipulates a refund. Type of companies under the kenyan companies act 2015. Finance act 2015 insight 3 preamble the finance act 2015 was signed by the president and gazetted on 15 september 2015. The operationalization of the companies act is split into two. Member strength 30,67,918 and growing get latest updates. Section i on 15th september, 2015 all other provisions. The new companies act 2015 has come into operation in kenya.
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 the effective functioning of business. The set of regulations required by registrar of companies for company incorporation in kenya or in other words company formation in kenya for public, private and foreign company registration in kenya and sole proprietorship be legally registered are contained in the new companies act 2015 of the laws of kenya. Subscribe for updates on vacancies, tenders and ministry updates. Download online companies, societies, registration forms. On september 11, 2015, the president assented to the companies act, 2015, which repeals the 1948 companies act cap 486. Nairobi, 17th f,ebruery, 2015 content bill for intnoduction ino tre national. Apr 05, 2016 introduction we all know or, at some point, have heard about kenyas companies act, 2015 hereinafter referred to as the act which was enacted on 11th september, 2015. The kenya business guide kbg is a thinktank that seeks to support the improvement and strengthening of the. Be it enacted by parliament in the sixtysixthyear of the republic of india as follows.
Companies act, 2015, the attorney general makes the following. The cabinet, chaired by prime minister narendra modi, had approved the 14 proposed changes in various provisions of the new companies act. Notice of change of accounting reference date section 634 of the companies act 2015. On september 11th, 2015 president uhuru kenyatta assented to the companies act 2015, and set the kenyan. Formed by registration under the companies act 1985 as amended or one of the preceding companies acts. 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. Introduction many people will now be aware that kenya has embarked on its long overdue. Generally, you do not need a secretary for private company a company secretary is only required if the company has a paid up share capital of 5 million shillings or more section 243 of companies act,2015. The companies act, 2015 introduction many people will now be aware that kenya has embarked on its long overdue transition to modern company and insolvency laws with the recent enactment of the new companies act, 2015 and the insolvency act, 2015. A solvency resolution is defined in the act as a resolution by the directors of the company as to whether or not, in their opinion, there are reasonable grounds to believe the company will be. The registered office of the association will be situate in kenya. In these regulations act of 2014 means the companies act 2014 no.
Only public companies can have their shares listed on the stock exchange but public companies are regulated much more strictly than private companies. The name of the association is african securities exchanges association. Kenya shilling 1 each redeemable preference share will also receive a dividend of kenya. This act may be cited as the public procurement act, 2015, short title, and shall come into operation on a day to be appointed by the. Reforming company law in kenya download the companies act, no. Section compliance requirement timelines penalty on failure to comply 24 filing a copy of the amended articles of association to be filed to the registrar from. 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. The companies act 2015reforms the companies act 2015.
The insolvency act 2015 ministry of industry, trade and. The public procurement act, 2015 parliament of jamaica. Company registration in kenya done faster and cheaply. Pdf the companies act no17of2015 revised compressed. An act of parliament to harmonise and consolidate the procedural rules for the administration of tax laws in kenya, and for connected proposes act no. Companies act 2015 deloitte coulson harney kam presentation 3 1 files 174.
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. Public audit act, 2015 roggkenya reporting on good governance. This writeup provides basic information on what the users of. The act is, in my opinion, the most comprehensive and extensive legislation kenya has ever enacted. 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. Expected outcome repealing section 975 2 b of the companies act, 2015 will. Although quite voluminous, the act takes into consideration, developments in technology and procedure, to. Registration the new companies act 2015 has been commenced. Mar 03, 2016 the budget statement fy 2015 proposed to introduce a tax procedure bill with a view to harmonize and consolidate the procedural rules that govern tax laws in kenya. Legal alert new companies act alert series derivative.
See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement. The purpose of this article is to highlight some of the main changes and challenges that will come with the new companies act, 2015 new act. The new companies act 2015 has come into operation in kenya by richard harney, managing partner of bowman gilfillan africa groups coulson harney office in nairobi, kenya. Companies act, 2012, 2012 uganda legal information institute. The tax procedures act tpa 2015 was assented into law on 15th december 2015 and effected through a legal notice issued on 14th january appointing 19th january. This is the primary legislation that deals with companies and applies to companies directly.
Published by the national council for law reporting with the authority of. How its mandatory for a public companies to have a company secretary. The cabinet secretary for industrialisation, adan mohamed, said that the day when president uhuru kenyatta signed 4 bills into law the companies. This is a summary of the penalties and offences that officers of the companies will be liable under the new kenyan companies act 2015. Nairobi ministry of industrialization and enterprise. Ulii is a member of the global free access to law movement and of the african lii community. It is a proceeding by means of which a company is dissolved and in the course of such dissolution its assets are collected and its debts are paid off out of the assets of the company or from contributions by its members, if necessary. Promoters promotion of a company is concerned with taking the steps necessary for incorporation. Citation and commencement 1 these regulations may be cited as the companies general regulations, 2015. The registered office of the company will be situate in kenya.
Guidelines to the companies act, 2015 state law office. Application for registration as a foreign company sections 975 of the companies act, 2015 fc2. The companies act 2015 solvency resolution reminder. Sep 18, 2016 11 th september 2015 must have been an exciting day for the corporate world as it is the day our president assented to the companies act, 2015 which repeals the 1948 companies act cap 486 the new companies act, 2015 and the insolvency act, 2015 represent a transition to modern company and insolvency laws, which has been long overdue. The objective of section 77 under the companies act, 2956 old act that corresponds to section 67 under the new act was to minimise trafficking if not to avoid such a purchase as that. Companies intending to list their shares by way of introduction, especially small and. The recently enacted excise duty act, 2015 the act which became law effective 1 december 2015, repealed the excise duty provisions of the customs and excise act, cap 472. While the repealed customs and excise act did not require providers of excisable services to be licensed by the kenya revenue authority kra, the act has. Ministry of industry, trade and cooperatives, kenya.
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