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Registered businesses shoot up as Kenyans seek income alternatives

THE STANDARD BUSINESS NEWS BRS Director General Kenneth Gathuma NAIROBI, KENYA: Businesses registered in 2020 rose by 40 per cent on the back of Kenyans’ search for alternative income streams owing to Covid-19 economic shocks. Data from the Business Registration Service (BRS) shows that 144,502 business entities were registered last year, an increase of 41,080 from 103,422 in 2019 as more people moved to formalise their enterprises. Over 1.7 million workers are estimated to have lost their jobs owing to the pandemic, with the economy shrinking 1.5 per cent in 2020. BRS noted that the current restriction measures by government to curb the virus have deepened the woes faced by small and micro businesses, forcing some to close.

Businesses have six more months to smoke out owners in new regulation

THE STANDARD By Fredrick Obura | January 27th 2021 at 14:00:23 GMT +0300 NAIROBI, KENYA: The Government has extended by six months deadline for submission of business ownership details to the end of July. Companies registered under the Companies Act, 2015 and the Companies Act Cap.486 Laws of Kenya (now repealed) are required under Section 93A to prepare and submit a copy of the Beneficial Ownership registers to the Registrar of Companies within 30 days of its preparation and to notify the Registrar within 14 days of any change in beneficial ownership information. “We had previously issued a deadline of January 31 2021. Having taken note of the progress made in filing these registers and in the spirit of encouraging compliance with the Companies Act, Business Registration Service (BRS) has in consultation with stakeholders granted a final grace period of six months ending July 31,” said Kenneth Gathuma Director General Business Registration Service.

State extends deadline for firms to name shadowy owners

THE STANDARD By Wainaina Wambu | January 28th 2021 at 00:00:00 GMT +0300 Business Registration Service Director-General, Kenneth Gathuma. [Standard] The deadline for companies to submit to government names of shareholders or controlling entities has been extended by six months. Business Registration Service (BRS) said it had received more applications by those keen to comply. The deadline for persons to file beneficial ownership information e-register at the Companies Registry in compliance with the Companies Act, 2015, had been set at the end of this month. The move to enforce the law aims at enhancing transparency in the shareholding of firms as the State cracks down on illicit cash flows such as money laundering and terrorism financing.

Policy changes that will likely affect your business

State moves to unmask wealthy NSE firm owners but at what cost?

THE STANDARD By Dominic Omondi | January 12th 2021 at 00:00:00 GMT +0300 Log in or Register to continue reading this article When you register with us, you help us improve our news experience for you and others. Also, ensure your Javascript is activated for this website.

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