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Kenya

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About

Kenya

Capital
Official languages
Population 
Currency

ISO 4217

Nairobi

Swahili and English

Approximately 53 million

Kenyan Shilling

KES

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Economy

Kenya's economy has been steadily growing over the past few years. According to the World Bank, the country's GDP grew by 5.7% in 2019, and is projected to grow by 5.8% in 2020. This growth is largely driven by the services sector, which accounts for over 60% of the country's GDP. The manufacturing sector is also growing, with a growth rate of 6.2% in 2019. The agricultural sector, which accounts for about 25% of the country's GDP, is also growing, with a growth rate of 3.2% in 2019.

In terms of foreign investment, Kenya has seen a steady increase in the past few years. According to the World Bank, foreign direct investment (FDI) in Kenya increased from $1.2 billion in 2017 to $1.7 billion in 2019. This increase is largely due to the country's improved business environment and its strategic location in East Africa.

Overall, Kenya's economy is showing signs of steady growth, with the services and manufacturing sectors leading the way. The country is also seeing an increase in foreign investment, which is helping to drive economic growth.

Taxation

Kenya has a tax system that applies to both individuals and corporations. Here is an overview of the taxation system in Kenya:


Corporate Taxation:

- The corporate tax rate in Kenya is a flat rate of 30% for resident companies.

- However, non-resident companies may be subject to a withholding tax rate of 20% on their Kenyan-sourced income.

- Companies are required to file their tax returns by the end of June each year, and tax payments are due in four installments throughout the year: April, June, September, and December.


Personal Taxation:

- The personal income tax system in Kenya is progressive, with tax rates ranging from 10% to 30%.

- The tax year in Kenya runs from January 1st to December 31st.

- Individuals are required to file their tax returns by the end of June each year, and tax payments are due in four installments throughout the year: April, June, September, and December.

- There are also several deductions and tax credits available to individuals, including deductions for medical expenses and charitable contributions.


Tax Payment Process:

- Tax payments can be made at banks or through the Kenyan tax authority's website.

- The Kenyan tax authorities provide taxpayers with a tax return form each year, which can be completed online or on paper.

- The tax return must include information about the taxpayer's income, expenses, and deductions for the previous year.

- The tax authorities will then calculate the taxpayer's tax liability and send them a tax assessment.

- Taxpayers can choose to pay their taxes in a lump sum or in installments throughout the year.


In summary, Kenya has a progressive taxation system for both individuals and corporations. Tax returns must be filed by the end of June each year, and tax payments are due in four installments throughout the year: April, June, September, and December. Taxpayers can make their payments at banks or through the Kenyan tax authority's website. There are also several deductions and tax credits available to both individuals and corporations.

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