Kenya employment and residence visas
Healy Consultants assists our Client obtains employment and residence visas from the Immigration Department of Kenya to allow them to live and work in Kenya following Kenya business formation. Healy Consultants fee to assist our Client obtain a work permit is US$3,950. The employment of foreign workers in Kenya is closely regulated, with a valid work permit required. If all conditions are met, the application will still likely be approved within two to six months.
Entrepreneur visa (Class G)
- Entrepreneurs interested in Kenya company formation can apply for a Class G work permit in Kenya. This work permit allows entrepreneurs to live in Kenya and manage their business. A Class G work permit can only be applied for after forming the Kenya company;
- A successful Class G work permit application requires the following from an applicant: i) proof of being a shareholder in a Kenya incorporated company ii) proof of a minimum amount of investment (at least US$100,000) iii) a list of directors of the company issued from the Companies Registry iv) A tax PIN certificate of the applicant and v) completed application form and receipt for the payment of fees.
Employment pass (Class D)
- A Class D work permit applies to investors, skilled workers, professionals, and senior management in companies. This permit allows foreigners to be employed at a Kenya business setup. This permit is more difficult to obtain, as the Ministry of Immigration looks to prevent companies from hiring foreigners where a Kenyan could fill the position;
- A successful Class D work permit requires the following from an applicant: i) a letter from the employer explaining why the applicant is most suitable for the position and why the job was offered to the applicant as opposed to a Kenyan. The letter should detail the applicant’s strengths, including their experience, training ability and qualifications ii) A signed copy of the applicant’s curriculum vitae iii) originals and copies of the applicant’s educational and professional certificates and iv) completed application form, signed by the applicant and the employer.
Kenya corporate banking options
Healy Consultants international corporate banking team assists our Clients to open a corporate bank account in Kenya. All necessary documents will be prepared and submitted to the preferred bank on behalf of the Client. Healy Consultants experienced banking team will also attend the bank account opening interview on your behalf.
Kenya business banking
- Financial and banking industry in Kenya is governed by i) Central Bank of Kenya Act, ii) The Banking Act and iii) The Companies Act Kenya among other regulations and guidelines issued by the Central Bank of Kenya (CBK);
- Kenya’s banking sector has 44 licensed commercial banks providing various products and services including i) savings and current accounts ii) multi-currency accounts iii) internet and mobile banking iv) debit and credit cards v) expatriate loans and mortgages. Some of the leading international banking institutions in Kenya include Barclays Bank, Standard Chartered Bank, and Citibank. National Bank of Kenya, KCB Group are some of the famous local banks in Kenya;
- Republic of Kenya’s currency, Kenya Shillings (KES), currently exchanges at 91.20 against the US$, a drop from 89 in December 2014. The currency has averaged 77.38 between the years 1993 to 2015, and has also reached an all-time high of 105.75 against the US$ in the year 2011;
- Although the banking sector has introduced a new rule, Kenya Banks’ Reference Rate (KBRR) to help bring down or normalize the borrowing rates across all banking institutions, businesses in Kenya still suffer from high interests rates of up to 20% on commercial loan costs. Entrepreneurs should be careful when choosing the right bank to secure an account with;
- Kenya currently has no foreign exchange controls in place restricting investments, securities, currency or import and exports. Foreign legal entities can freely repatriate dividends and profits abroad without restrictions subject only to the taxes payable;
- Foreign legal entities can open a non-resident corporate bank account in Kenya by first registering with the Kenya Companies Registry as a foreign entity and obtaining a PIN certificate.
Healy Consultants Kenya banking services
- Healy Consultants assists Clients to access full range of tailored corporate banking facilities entailing i) Savings and checking accounts ii) Multi-currency accounts iii) Internet and telephone banking iv) Corporate debit and credit cards v) Cheque book vi) Expatriate loans and mortgages vii) wealth management services;
- Healy Consultants International Banking Team recommends the services of the major international banking institutions in Kenya mentioned in the above section to receive the best internet banking and customer service to facilitate Kenya company formation;
- Healy Consultants Banking Team assists international entrepreneurs open corporate bank accounts in Kenya with top tier banks without travelling to or setting up business in Kenya. Healy Consultants fee for this service is US$3,950;
- If required, Healy Consultants can also assist our Client to open an additional international corporate bank account with a top tier bank, outside of Ireland. Examples include London, New York, Germany, Bulgaria, South Africa, Australia, or Dubai. It is a time consuming task and our fee for this service is US$3,950 without travel or US$2,550 with travel. All banks will be top tier banks in these countries with excellent internet banking services.
Opening a corporate bank account in Kenya
- Healy Consultants International Banking Team can open a corporate bank account with the Client’s preferred bank in Kenya within 4 – 5 weeks;
- Following the successful incorporation of the Kenya company, Healy Consultants obtains the PIN certificate from the Kenya Revenue Authority (KRA) to aid the account opening process;
- The requirements for opening a corporate bank account in Kenya are somewhat uniform across all the banking institutions. The documents required include i) passport copy of the company directors and signatory ii) proof of address of the company directors and account signatory iii) proof of business operating address iv) Memorandum and Articles of Association v) certificate of incorporation and vi) KRA PIN certificate;
- There is a 10% probability that the Client will be required to travel to Kenya for a bank account opening interview in order to open the account. To minimize this probability, Healy Consultants does everything possible including attending the bank interview on behalf of the Client to ensure the Client does not travel;
- After the approval of the corporate bank account, the preferred bank will independently and promptly send by post, courier or email our Client the corporate bank account details and correspondence. Subsequently Healy Consultants will commence the internet banking setup, a process that takes 2 – 3 weeks.