STEPS OF STARTING A NEW BUSINESS.
Businesses may be in form of a company, a proprietor or a partnership.
You need to come up with a name to give the intended business, which is done through the platform of the Registrar of Companies using E-citizen Portal.
Once the name is reserved, the process of registration commences.
The Registrar of Companies is also responsible for business registrations in Kenya.
He/she issues certificates of compliance for foreign companies, certificates of incorporation for local companies and certificates of registration for sole proprietorships and partnerships.
Once the process of registration is complete, there are other registration with other bodies which should be done as follows:
- Registration with National Social Security Fund (NSSF)
- Registration with National Hospital Insurance Fund (NHIF)
- Applying for a KRA pin
- A business permit to be obtained from the County Government depending on the business type
The various county governments in Kenya are responsible for issuing single business permits to the various business types operating within the counties. The type of business permit to be issued depends on factors such as the geographical location of the business, the business type, activities of the business among others.
After complying with all the above here are some of the things to keep in mind:
- Ensure that your book keeping is very operational ie. Keeping records of all transactions of that particular business and frequently updating it.( list of assets, list of employees, list of all incomes and expenses, list of liabilities etc)
- Filing and remittance of tax returns .
- Filling of annual returns (for limited companies) with the Attorney General.
- Filing and remittance of the statutory deductions.(NSSF, NHIF, PAYE)
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