A list of the types of companies, as well as details regarding their incorporation in mauritius, can be obtained. The objects for which the company is established are. This publication provides an in depth discussion of kenyas petroleum fiscal and tax regime including the most recent changes ushered in by the finance act 2014 most of which come into effect on 1st january 2015. In these regulations act of 2014 means the companies act 2014 no. An act of parliament to consolidate and reform the law relating to the incorporation, registration, operation, management and regulation of companies. Clause 35 of the bill proposes to amend section 549 of the act, by deleting subsection 2 which refers to section 5487 or8.
Conversion guide the companies act 2014 the act, which consolidates the companies acts 1963 to 20 into a single statute, has applied since 1 june 2015. The companies act 2014 became operative on 1 june 2015. A significant change from the previous act of 1973 arises in section 45 relating to financial assistance. The form set out in part 1 of the schedule form a1 is prescribed for the purposes of section 222 of the act of 2014. There are companies incorporated otherwise than under the companies act. Definitions of holding company, wholly owned subsidiary and group of companies 9. The new act has drawn heavily on the companies act, 2006 of the united kingdom. 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 companies act 2015 the insolvency act 2015 the societies act, chapter 108 of the laws of kenya 1998 the trustees perpetual succession act, chapter 164 of the laws of kenya 1981 the trustee act, chapter 167 of the laws of kenya 1929 the value added tax act act no. Construction of references in other acts to companies registered under companies consolidation act 1908 and act.
This alert summarizes the key changes introduced via the finance act. The role of smes in employment creation and economic growth. Despite widespread opposition from a large section of the kenyan public, amendments therein are now the law of the land. They are regulated by the insurance regulatory authority.
We have also given the answers for the multiple choice questions mcq on companies act 1956. Trevor manuel the then minister of finance raised concern regarding intragroup company loans without. Some details with respect to companies in particular are set out below. This article gives an overview of the role of the company secretary under the act, highlighting the key changes in the law.
The role of the company secretary the companies act 2014 the act entered into force on 1 june 2015. It is an exciting time for the business community in kenya. The electronic irish statute book eisb comprises the acts of the oireachtas parliament, statutory instruments, legislation directory, constitution and a limited number of pre1922 acts. Construction of references in other acts to companies registered under companies consolidation act 1908 and act of 1963. Number 38 of 2014 companies act 2014 contents part 1 preliminary and general section 1. The new companies act inter alia takes cognizance of the role that technology plays in the society. The act provides the minister of trade and industry with. By comparison, the old companies act cap 486 had 406 sections covering 270 pages. Evaluating the legal framework governing mergers and. There are some good parts that are meant to streamline the criminal justice system. The act of 2017 also incorporates some other miscellaneous amendments to amend and clarify provisions in the act of 2014. Total kenya limited 5 annual report and financial statements 14 statement of directors responsibilities the kenyan companies act requires the directors to prepare financial statements for each financial year, which give a true and. Although quite voluminous, the act takes into consideration, developments in technology and procedure, to boost the ease of doing business. 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.
Before starting operations, businesses must register with the registrar of companies. The companies act in the uk of 1985 states that a company is small if it satisfies at least two of the following criteria. Regulations governing incorporation are contained in the companies act of 2001, which provides for the setting up of various types of companies. Ltd v karema hct05cvma1162014 2014 ughccd 82 18 june 2014. 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. The cgt had been suspended in kenya since 1985 to encourage investment. Companies act, 2015, the attorney general makes the following. The act consolidates and modernises irish company law and is expected to make it easier for companies to do business in and through ireland. Republic of kenya kenya gazette supplement acts, 2015 nairobi, 15th september, 2015 content act page the companies act, 2015267 printed and published by the government printer, nairobi. Companies act arrangement of sections part i preliminary section 1. Pdf the companies act no17of2015 revised compressed. To provide for the incorporation, registration, organisation and management of companies, the capitalisation of. The registered office of the company will be situated in the republic of kenya. Statute the companies act, chapter 486 of the laws of kenya types of companies private and public limited liability.
It also introduces legal and commercial concepts that were previously not permitted or governed by. The objects for which the association is established are. The income tax act hereinafter referred to as the principal act is amended in section 2 cap. Kenya subsidiary legislation, 2014 14 the banking act cap. Legal notice banking and micro finance central bank of kenya. Ppda act the public procurement and disposal of public. While the act is essentially a consolidation of irish companies legislation, it does introduce a number of innovations and. 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. Companies act 2014, section 653 irish statute book. At 1,026 sections running to over 1,600 pages without schedules the new act is by far the most extensive piece of legislation on the statute books in kenya. Clause 34 of the bill proposes to amend section 539 2 of the act, by deleting paragraph a since central bank of kenya is not a regulator under the act. The water act, 2016 8 the water act, 2016 an act of parliament to provide for the regulation, management and development of water resources, water and sewerage services.
Incorporated in kenya under the companies act, 2015. President uhuru kenyatta assented to the security laws amendment act, 2014 archived pdf here. 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 new companies act 2015 has come into operation in kenya.
Production of documents and evidence on investigation. The companies act audit requirement and other matters. Companies act, 2015 memorandum and articles of association of nic group plc adopted by special resolution dated the date of egm originally drawn and prepared by to be confirmed amended by. Audit of council and branch executive committees 56. Laws of kenya the state corporations,4ct chapter 446 revised edition 1987 printed and published by the government printer. Nonprofit companies, which are the successors to the current. One of the salient features of kenya s companies act 2015 is the codification of derivative action the rule in. The form set out in part 2 of the schedule form b74 is prescribed for the purposes of section 232 and 1502b of the act of 2014. Section 15 of the act of 2017 has introduced a simpler financial reporting regime for small. This act may be cited as the companies amendment act, 2017. Power of inspectors to carry an investigation into the affairs of related companies.
Sep 18, 2016 the new companies act, 2015 and the insolvency act, 2015 represent a transition to modern company and insolvency laws, which has been long overdue. Kenya national agoa strategy 2012 new version below the preferential market access granted to kenya and other african countries through the africa growth and opportunity act agoa has played a critical role in spurring kenyas exports with the us. Kenya shilling 1 each redeemable preference share will also receive a dividend of kenya shilling 1. Laws of kenya companies act chapter 486 revised edition 2012 2010 published by the national council for law reporting with the authority of the. Nairobi securities exchange limited formerly the nairobi stock exchange limited incorporated in kenya under the companies act, registration number cpu2014144920 the nse prospectus in respect of admission to listing of the nses up to 194,625,000 issued and fully paid up ordinary shares to. Section i on 15th september, 2015 all other provisions. On september 11, 2015, the president assented to the companies act, 2015, which repeals the 1948 companies act cap 486.
Tenure of auditor part viimembership, functions and governance of branches 57. Section 3 of the companies act, 2015, hereinafter referred to as the principal act is amended in subsection 1. The share capital of the company as at the date of the amendment of these articles is kenya shillings 10,008,150,008 divided into 179,578,600 ordinary shares of kenya shillings 5 each and 2,051,400 ordinary class a shares of kenya shillings 5 each and 123,478,388 redeemable. Finance act 2014 chapter 26 contents p art 1 income tax, corporation tax and capital gains tax c hapter 1 c harge, rates etc income tax 1 charge, rates, basic rate limit and personal allowance for 2014 15 2 basic rate. The name of the association is african securities exchanges association. Summary of the companies act 2015 commencement capita. This act may be cited as the income tax amendment act 2014, and commences on the pt day of july 2014. Kenya enacts finance bill 20 on 24 october 20, kenyas finance bill 20 was enacted into an act of parliament finance act 20 following the assent by the president. The companies amendment bill, 2017 a bill for an act of parliament to amend the companies act, 2015 enacted by the parliament of kenya, as follows 1. Value added tax act, 2014 c value added tax act, 2014 an act to provide for the imposition assessment and collection of value added tax on the supply and importation of goods and services in the bahamas and for connected matters enacted by the parliament of the bahamas part i preliminary 1. Short title and this act may be cited as the water act, 2016. Companies act, 2012, 2012 uganda legal information institute.
The kenya gazette published by authority of the republic of kenya. See section 1 3 and 4 arrangement of sections section. Some companies are formed under specific acts of parliament. See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement. In this article you can find multiple choice questions on companies act with answers. Income tax all the amendments relating to income tax take effect on 1 january 2014. Finance act 2014 chapter 26 contents p art 1 income tax, corporation tax and capital gains tax c hapter 1 c harge, rates etc income tax 1 charge, rates, basic rate limit and personal allowance for 2014 15 2 basic rate limit for 201516 and personal allowances from 2015 3 the starting rate for savings and the savings rate limit. Kenya security laws amendment act, 2014 an africanist. Companies act, partnerships, proprietorships, societies and in rare circumstances, unincorporated associations. Business registrations service act is also to establish a new brs service across the country for new business setups. The companies act financial assistance background the companies act 71 of 2008 the act came into effect on 1 may 2011.
The public procurement and disposal of public assets act 1 of 2003 set up the public procurement and disposal of public assets authority ppda as the principal regulatory body for public procurement and disposal of public assets in uganda. Published by the national council for law reporting with the authority of. Whilst many of the provisions relating to company secretaries remain. Companies act cap 486 of the laws of kenya pdf laws of kenya companies act chapter revised edition published by the national council for law reporting with the authority of the. Incorporated in kenya under the companies act, 2015 registration number c 988 2 this circular is important and requires your immediate attention.
Now that this new law is in force, we are advising clients to consider the act s impact on their future business and transactions. 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. Division 1 types of companies part ii companies and company formation 5. Being an act to a establish the department of higher education, research, science and technology to foster i the rational development of higher and technical education with regard to the needs and resources of papua new guinea.
State corporations act s17 3 issue 1 chapter 446 state corporations act arrangement of sections part i preliminary section 1. Being an act to amend the companies act 1997 to reform the law relating to companies, and to facilitate online filing, made by the national parliament to come into operation in accordance with a notice in the. Companies act, 2011 lesotho legal information institute. Ethiopia ghana kenya lesotho liberia malawi namibia nigeria sierra leone. Provisions supplementing definition of holding company in section 3. Establishment of state corporations by the president. This act may be cited as the companies act, 2011, and shall come into operation on such a date as the minister may, by notice published in the gazette, appoint.
These are companies which are formed and registered under that act. 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. This course is primarily concerned with companies as defined in the companies act, cap. Cessation of application of married women property act the married women property act shall cease to extend to or apply in kenya. 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.
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