All Briefings

30 Percent Local Shareholding Requirement

With effect from 15 June 2016, when the second and last part of the Companies Act, 2015, (the Act) came into force, foreign companies seeking registration in Kenya are required under section 975 (2) (b) of the Act, to ensure that at the time they are making the application for registration, at least 30% of their shareholding is held by Kenyan citizens by birth.

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Parliament Passes Motion

On 30 August 2016, during the debate on the Finance Bill, 2016 the National Assembly unanimously passed a motion to delete the 30% shareholding requirement for foreign companies. The Finance Bill subsequently passed its third reading in the National Assembly on 31 August and is now waiting for presidential assent.

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Kepsa Legislative Update Upload

A bill that seeks to introduce amendments to the Insurance Act has been submitted to stakeholder consultation. The amendments seek to give effect to proposals announced in the Budget for 2016/2017.

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