Be it enacted by parliament in the sixtysixthyear of the republic of india as follows. It is a 759 paged document with 1026 sections with 6. See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement. Sep 11, 2015 new rules for intellectual property business as companies bill 2015 signed into law september 11, 2015 september, 2015 victor nzomo this week president kenyatta pictured above signed into law the companies bill 2015 that does away with the companies act chapter 486 of the laws of kenya which is an archaic piece of legislation dating back. Introduction many people will now be aware that kenya has embarked on its long overdue. Th ese ru l sm ay b c itdm p rtio ns and d ng, assessment and registration rules, 2014.
The employment act 2007 also known as the chapter 226 of the laws of kenya repealed the former employment act and the regulation of wages and conditions of employment act chapter 229 of the laws of kenya. Winding up under insolvency act, 2015 the lex jotter. 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. Pdf the companies act no17of2015 revised compressed. The date of the presidential assent for both of the two acts namely the companies act, 2015 and the insolvency act, 2015 is 11 th september 2015. An act of parliament to promote the standardisation of the specification of commodities, and to provide for the standardisation of commodities and codes of practice. Reforming and restructuring the planning and building laws. The aims of the emca while harmonisation or convergence of european company law can be achieved by a. Companies act cap 486 now repealed that was enacted after independence.
On september 11, 2015, the president assented to the companies act, 2015, which. European model companies act introduction july 2015 4 european model ompany a t ema introdu tion 1. In order to provide directions for the effective governance and oversight of state corporations, h. It also introduces legal and commercial concepts that were previously not permitted or governed by. On september 11th, 2015 president uhuru kenyatta assented to the companies act 2015, and set the kenyan. Summary of the companies act 2015 commencement capita. The companies act audit requirement and other matters. Penalties and offences under the new companies act, 2015.
The companies act, 2015 was assented by the president on 11 th september 2015 with only section 2 of the act coming into operation on the date of gazettement on 15 th september 2015. The name of the association is african securities exchanges association. Annual return to be made by company not having a share capital. Section i on 15th september, 2015 all other provisions. In addition, customers may not be clear on the information they. We are now part of one of the worlds most recognised international law firms, with 19 practice areas and sectors, operating in more than 40 countries and with over 4,800 lawyers. The current companies act, cap 486, allows the incorporation of both public and private unlimited companies by virtue definition and also reregistration of an unlimited company as a limited company. In kenya, this is being done to overhaul its administrative system to better serve the needs. It has 1,026 sections grouped into 42 parts each of. On september 11, 2015, the president assented to the companies act, 2015, which repeals the 1948 companies act cap 486. 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. Regulations in kenya for sustainable urban development, 46 th isocarp congress 2010 1 reforming and restructuring the planning and building laws and regulations in kenya for sustainable development mary kimani titus musungu 1. 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.
Incorporated in kenya under the companies act, 2015. The purpose of this article is to highlight some of the main changes and challenges that will come with the new. The registered office of association for the time being and from time to time. The companies act, 2015 an act of parliament to consolidate and reform the. 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. Establishment of state corporations by the president. The new companies act 2015 has come into operation in kenya. In my opinion, this section eliminates the effect of the rule in turquands. Expected outcome repealing section 975 2 b of the companies act, 2015 will. The companies act, 2015 has introduced and codified the general common law duties and equitable principles of a director in the act. Companies act, 2012, 2012 uganda legal information institute. President uhuru kenyatta on friday assented to several business bills geared to make the economy more business friendly.
The act is, in my opinion, the most comprehensive and extensive legislation kenya has ever enacted. 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. Formed by registration under the companies act 1985 as amended or one of the preceding companies acts. A statement from kenyattas office said the new acts include the companies act, the insolvency act and the special economic zones act, the business registration service, the companies and insolvency legislation consequential amendments act 2015 and finance act amendments 2015. Company law notes kenya pursuant to the 2015 act this course is primarily concerned with companies as defined in the companies act, cap. Type of companies under the kenyan companies act 2015. The companies act, 2015 will only become operational on a date to be set by the cabinet secretary by notice in the kenya gazette. The companies act, 2015 of the laws of kenya and every other act for the time being in force concerning companies and affecting the association. 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.
Published by the national council for law reporting with the authority of. A further provision is made that will now enable a company to have an official seal for use outside kenya. It heavily borrowed from englands companies act 1948 and with time, it was unable to curb the agency problem due to emerging trends in corporate governance and current market practices in kenya. Financial reporting centre and the kenya revenue authority control means the ability to. Get employment act 2007 pdf corporate staffing kenya. Deleted and moved under the articles by virtue of section 26 of the companies act 2015 2. E the president, uhuru kenyatta issued executive order no. New laws to improve kenyas business environment ministry. Public sector reform remains a necessary and ongoing policy objective for many developing countries. This seminar provided an interactive forum to discuss the new laws covering the most significant changes in the law, their enforcement and their likely effect on businesses in kenya.
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. It should denote that the kenya companies act is not a self contained act of legal rules of company law because it was borrowed from the english companies act of 1948 which was itself not a codifying act but rather a consolidating act. State corporations act s17 3 issue 1 chapter 446 state corporations act arrangement of sections part i preliminary section 1. New changes will have implications on audit, reporting and striking off measures for singaporeincorporate companies. The salient features of the kenya insolvency act, 2015. Finance act 2015 2015 chapter 11 an act to grant certain du ties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection wi th finance. Chase bank kenya limited incorporated in kenya under the companies act chapter 486, laws of kenya registration number c. Kenya finance act 2016 update anchinga and associates. Chase bank kenya limited incorporated in kenya under the. There are companies incorporated otherwise than under the companies act.
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, 2015 memorandum and articles of association of. In exercise of the powers conferred by section 1022 of the companies act, 2015, the attorneygeneral makes the following regulations the companies beneficial ownership information regulations, 2019. Provisions as to branch registers of commonwealth companies kept in kenya. Key highlights on the amendments to the companies act, 2015. 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 201415 2 basic rate limit for 2015 16 and personal allowances from 2015 3 the starting rate for savings and the savings rate limit. Section 342iii of the companies act 2015 provides presumptions that apply to persons dealing with a company in good faith and explains that a person is not deemed to be acting in bad faith merely due to the knowledge that an act is beyond the directors powers. The companies act, 2015 further provides that should the cabinet secretary fail to set a. This is a summary of the penalties and offences that officers of the companies will be liable under the new kenyan companies act 2015. Duties of directors under the new kenyan companies act 2015. Republic of kenya kenya gazette supplement acts, 2015 nairobi, 15th september, 2015 content act. The government of kenya gazette both pieces of legislation on 11 th and 18 th september, 2015 respectively. 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. See section 1 arrangement of sections section part ipreliminary provisions.
Deleted and moved under the articles by virtue of section 26 of the companies act 2015. Ulii is a member of the global free access to law movement and of the african lii community. Business registrations service act is also to establish a new brs service across the country for new business setups. Laws of kenya limited liability partnership act chapter 30a revised edition 2012 2011 published by the national council for law reporting with the authority of the attorneygeneral.
New rules for intellectual property business as companies. It has 1,026 sections grouped into 42 parts each of which has several divisions and supplemented by 6 schedules. These are companies which are formed and registered under that act. Incorporated in kenya under the companies act, 2015 registration number c 988 2 this circular is important and requires your immediate attention if you require assistance with this circular, please consult your stockbroker, investment banker, or any other professional adviser.
The public procurement act, 2015 parliament of jamaica. The act provides the minister of trade and industry with. The new companies act and insolvency act seminar, 2015. The registered office of the company will be situate in kenya. The objects for which the association is established are. Act means the companies act, 2015 addressee means the. Kigongo v mosa courts apartment ltd company cause no. The new laws include the companies act, the special economic zones act, the business registration service act, the insolvency act and the finance act 2015. The statutory rules are to be found in the companies act which is the current cap 486 laws of kenya. Annual return to be made by company having a share capital. The difference between bank products, services and channels is often misunderstood. It is an exciting time for the business community in kenya. The new companies act inter alia takes cognizance of the role that technology plays in the society.
All other parts and sections were to come into operation upon a gazette notice by the cabinet secretary responsible for company matters, the attorney general. Kenya by 2025, creating 500,000 jobs a year in the process. Annual meeting and extraordinary meeting mean respectively an annual. Summary of the companies act 2015 commencement summary of the provisions of the companies act, 2015 that came into operation on 6 th december 2015 the companies act, 2015 was assented by the president on 11 th september 2015 with only section 2 of the act coming into operation on the date of gazettement on 15 th september 2015. Companies act, 2015, the attorney general makes the following. We are pleased to announce that daly inamdar has joined cms. Regulated by the central bank of kenya offer by kcb group plc to acquire 100% of the issued ordinary shares of national bank of kenya limited kcb group plc incorporated in kenya under the companies act, 2015 registration number c 988. Definition of a company a company is a corporation an artificial person created by law. Limited liability partnership act kenya investment.
Icpak technical release 012015 capital gains tax in kenya accounting perspective. Kenya by president uhuru kenyatta on 11 september 2015 will go a long way to improving kenya s attractiveness as an fdi destination. An act of parliament to harmonise and consolidate the procedural rules for the administration of tax laws in kenya, and for connected proposes. In kenya, the relationship between an employer and employee is governed by the employment act 2007. New companies act 2015 in improving the ease of business registration in kenya by james musee nduna a project report submitted to the chandaria school of business in partial fulfilment of the requirement for the degree of master in business administration mba united states international universityafrica spring 2017. Although quite voluminous, the act takes into consideration, developments in technology and procedure, to. 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. New kenyan companies act 2015 passed cms daly inamdar. The registered office of the association will be situate in kenya. These regulations may be cited as the companies beneficial ownership information regulations, 2019. 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.
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. This act may be cited as the state corporathns act. Production of documents and evidence on investigation. For the time being the old companies act, cap 486, will continue to operate until the corresponding or new provisions of the companies act, 2015 come into force through legal notices prepared by the cabinet secretary in the kenya gazette.