Register Company in Kenya: Economic Overview
Kenya is a country in Eastern Africa that has been performing economically good for the past decade. With its average increase in GDP of 5%, Kenya is on the right track to Economic Progress. The country has been ranked as a lower-middle-income by a World Bank threshold despite the weak governance and corruption.
Agriculture is the main economic activity in Kenya. An estimated 48.5 million people or 75% of the country’s population are working in this sector whether part-time or full-time. Common agricultural products in the country include wheat, tea, sugarcane, coffee, corn, horticulture, poultry, eggs, beef, dairy products, dairy products, etc.
Another promising economy in Kenya is the Tourism Sector. The country is rich in flora and fauna which can be experienced in different parks in the country. Be sure to book a local tour guide for your safety as there’s always danger when dealing with wild animals.
Business Sectors You Can Invest In Kenya
Aside from Agriculture, there are other business sectors in Kenya where Businesspersons can make their investments. This is not an exhaustive list but here are some of those:
- Health and Fitness – People nowadays are conscious when it comes to their health. They want to feel and look good with their body. With a little investment and qualified instructors, you can set up your own gym and fitness centre.
- Writing – The market for writers in Kenya is great. If you can make good writing content to promote the products and services of companies, you can make a good business.
- Software Development – Companies can improve the processes of their business when they use software developed by engineers. Supermarkets use cash register with software that can identify products thru its barcode and automatically compute the total price. Another example would be the accounting system software of companies. All these innovations happen with Software Development.
- Children Daycare – Aside from food, shelter, and clothing, proper care should also be given to children. If the parents are both busy with their work, a good move for the children to have some proper care is lodging them to
- Children Daycare Centers – Not only they’ll be taught with life skills, but also, they’ll be given some proper care during the time they’re here.
The Benefits You Gain in Investing in This Country
With the development getting global, many countries are starting to change their economic status. Kenya is one of them. The country believes in the role of entrepreneurs in building a nation, thus, they made laws and offer business packages for foreign investors that are competitive. Aside from that, Kenya offers the following business advantages:
- Logistics – When you’re an investor, you want to have a clear picture of all the activities involved in the movement of goods and services in a certain region. Kenya is the most favourable country to offer these logistics as it is the financial and transportation hub in the East African Region.
- Strategic Location – When you’re a businessperson, you want a fast movement of your goods and services. Kenya has accessible ports that can import and export raw materials to the Asian and European Continent.
- Skilled Workers – Kenya has a literacy rate of 88%, which is relatively high compared to other countries in the world. Education in the country transforms the people to become skilled workers and adaptable to the field of work. And do I need to say that people in Kenya speak English better? Aside from they used to be a British Colony, English is also being taught in their schools.
- Innovative Business Ideas – With the construction of Konza City, a business district south of Nairobi, the government has provided a provision that 30% of startup businesses should be allotted to Young Entrepreneurs with ages 25 and below.
The Process of Registering a Business in This Country
The agency administering the business registration in Kenya is the Registrar of Companies. If you want to start your own business in Kenya, you have to secure some papers and pay some fees before they can issue you a Certificate of Compliance and Incorporation. Some of the papers you need are the following:
- National ID or Passport
- Kenya Revenue Authority (KRA) Certificate
- National Social Security Fund (NSSF) Card
- National Hospital Insurance Fund (NHIF) Membership
- Computer with Internet Connection and Browser
- Active Email Address
- Passport-sized Photo in Soft Copy Format
- Phone Number
- Proposed Business Name
- Company Details such as the Names of the Directors
- Payment for the Registration
Register With 3E Accounting
If the process of Doing Business in Kenya is difficult for you, we at the 3E Accounting would like to make it easy by providing you with a comprehensive, all-in-one services. Your decision to chose us to help you register your company in Kenya will be the best decision ever as we always commit to give excellent services.