The Kenyan Companies Act 2015 provides that a company is a company Limited by Guarantee if,
A company limited by guarantee means that the liability of the company's members is limited to the amount the members guarantee or undertake to contribute towards meeting the obligations of the company in the event of its winding up or liquidation
A company limited by guarantee does not have any share capital or shareholders but is owned by members who act as guarantors and directors to manage the affairs of the company.Registration of a company limited by Guarantees in Kenya are commonly used for the many purposes including,
Biz Brokers Kenya assists you with the seamless application and processing of Companies Limited by Guarantee in kenya,
In Kenya, companies limited by Guarantee have become very popular as opposed to registration of NGO's. And provide alternative platforms for Non profit entities to carry on their objectives as a type of corporation used primarily for non-profit organizations that require legal personality.
It is important to note the before registration of a company limited by guarantee in Kenya, it is required that all the directors and members undergo a vetting process which has effect on the duration of registration.
The following are the requirements for registration of a company limited by guarantee in Kenya,
After submission of documents for registration and the prescribed fees paid, the application documents and the director and member details are forwarded to the National Intelligence Services for vetting. The directors and members of the company may at times be summoned for an interview to provide more insights into the activities of the organization.
The documents are the sent back to the Registrar of Companies. If approved, the registrar shall proceed with the registration of the Company limited by guarantee.
Upon registration of the Company limited by guarantee, A Personal Identification Number (PIN) Certificate from the Kenya Revenue Authority (KRA)vis issued, either auto generated or upon application. The company may apply for income tax exemptions allowed to charitable organizations under the Income Tax Act. If the application is accepted a Tax Exemption Certificate is issued by the KRA. This is issued for a renewable term of five years.
Due to the vetting and approval process, the application process of a Company limited Guarantee cant take an average four to eight months depending on the bulk of applications, the logistics, availability etc.
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