How To Start A Company In Kenya – Want to start an IT business in Kenya? this is a brilliant idea because Kenya is a leader in technology innovation in emerging markets in both East and Central Africa and is considered one of the top three innovation hubs in sub-Saharan Africa. Similar to California’s Silicon Valley, homegrown innovation occurs within small technology communities, ultimately driving the formation of strong networks in private sector ICT R&D hubs such as the University of Nairobi’s Fab Lab, Strathmore University’s i-Lab and other private sector hubs , such as i-Hub, m-Lab and Nailab among others.
The Kenyan government is committed to the growth of the ICT sector by developing the necessary policies and legal frameworks that will enable the rapid growth of the industry through projects such as the East African Maritime System (TEAMS) and Notational Optic Fiber Backbone Infrastructure (NOFBI) upgrading and strengthening broadband and communication systems.
How To Start A Company In Kenya
The answer to the question of how to ensure the success of a new company is already by drawing knowledge from the stories of founders who have already done it, such as Cellulant Corporation, which is the most funded technology company, which raised $47.5 million in funding and has services in 11 African markets with approximately 12% of African mobile consumers using their solutions, they started when the co-founders; Bolaji Akinboro and Ken Njoroge met and scribbled the business model and mission of their company on a napkin.
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If you enjoy the fast pace of the IT world, then entering the industry will be the right choice and we will guide you on how to go about it.
Do thorough market research in a specific area, you will need to find out who your consumers will be and create a buyer persona, the problems your idea is trying to solve, whether there are enough people with the same problem and how much they are willing to pay to make the problem go away, then sell idea to potential consumers and find out how well the product will sell. The idea must be the ideal solution that consumers are looking for.
The best part about this degree is that it requires no capital at all, but requires your time and/or your partner’s time as well. This is an important stage as you will be building the foundation of your business.
You may need to strip the product down to its core features, preferably the one or two features that will most effectively solve the problem. In order to prioritize features, you need to target a specific niche to penetrate, visualize how the consumer will use the product by creating a storyboard, and then eliminate low-priority features.
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Finding the right team is crucial for a business, from the tech-savvy person to the engineer, the right sales team, and finance, among others. The team you select must be able to cover all the bases so that your business can effectively service your customers.
A product doesn’t always have to be fully built before it’s released. There are different strategies that can be used depending on the objective of the test. Examples for
At this stage, you can only send a limited number of users to the app to evaluate where you are on the right track and whether the product is successful in the market. This can be done in the following ways;
The most important step is the commitment to take the first step and start an IT company with the necessary legal requirements, documents and certificates.
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Starting an IT business in Kenya, just like any other business in Kenya, comes with countless challenges, so you need to be firm and persistent.
Etiam magna arcu, ullamcorper ut pulvinar et, ornare sit amet ligula. Aliquam vitae bibendum lorem. Cras id dui lectus. Pellentesque nec felis tristique urna lacinia sollicitudin ac ac ex. Maecenas mattis faucibus condimentum. Curabitur imperdiet felis at est posuere bibendum. Sed quis nulla tellus. On a global scale, the richest individuals in any country always own shares in a construction company or in the real estate industry. The industry is considered highly profitable but high risk.
If you are an aspiring entrepreneur looking for an impressive return on your investment, then construction is the way to go. But first, you need to ensure that your company is properly registered and complies with legal regulations.
The process of setting up a construction company is the same as registering any other company, but with the additional step of registering with the National Construction Authority (NCA).
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How to start a construction company: a step-by-step guide 1. Register with the Companies Registry
The contractor or construction company must have a Certificate of Incorporation from the Registrar of Companies in Kenya. This means that the company must be registered as a legal entity in the country, either as a limited liability, a sole trader or as a partnership.
A contractor applying to operate in Kenya must demonstrate tax compliance by submitting the documents below to the National Construction Authority (NCA).
Before registering, the company must know the class of construction for which it intends to apply. The NCA has 7 classifications of contractors based on the scope of work that the company is allowed to perform. This ranges from NCA 1, which has an unlimited contract value, to NCA 7, which can enter into contracts worth no more than 20 million SSH.
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The requirements for each class vary by category. A company registering under NCA 1 must have at least one director with a degree in construction, while registration under NCA 7 requires a director with a professional examination.
The registration fee and annual license renewal fee also vary by category and range from KSh 10,000 to KSh 50,000 and KSh 5,000 to 10,000 respectively.
These are additional steps that apply only to those companies that intend to participate in state (national or district) tenders.
You must register with Access to Government Procurement Opportunities (AGPO) for a certificate that pre-qualifies you to bid on reserved tenders.
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To apply for a CR-12 letter, you must write a letter on your company’s letterhead asking the Registrar of Companies to issue a CR-12 letter containing a list of directors in your registered company. You will also need to attach a copy of your certificate of incorporation to your request.
Foreign contractors are issued with a customs clearance certificate, which remains valid only for a certain period. NCAs must demonstrate that they are in Kenya only for that specific project.
Companies must submit an affidavit to the authority that they will not undertake any other construction project in Kenya once they have completed the project for which they have been approved.
Foreign companies should also undertake to transfer technical skills not available locally to local people as the NOC may determine from time to time.
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Foreign contractors applying for temporary registration must commit to subcontracting “at least 30 percent of the value” to local contractors. Starting your own business is one of the best decisions you can make in your life. However, before starting a business, you should make sure that you have met all the legal requirements of the Kenyan government. This includes registering your company, which will enable you to obtain public contracts.
Many young people in Kenya have tried to start businesses either as groups or as individuals, but the process has been long and tedious. However, registering a company through the eCitizen portal is now easy. Here are the steps you need to follow to register your business;
You will first search for a name and reserve it for a maximum of 30 days. It has never been an expensive task as it only takes Sh100. You can do this at the Huduma center or through the eDržavljan portal. At this stage, you will also have to come up with a certain type of business, e.g. Excursions and travels.
3. The next requirement will be to obtain a registered attorney to prepare the memorandum and articles of association, which can be amended.
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4. Once your company name is reserved, you will need to provide your information which will be used to prepare your company documents.
Once you provide the above information, your company documents will be prepared and each director will be required to sign the memorandum and other documents as follows;
Once you have signed the documents, you will need to submit all the documents and forms to the Registrar of Companies and pay the incorporation fee of 2800. If the registration is approved, you will receive the certificate of incorporation within 2-3 weeks.
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