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 bank account
Healy Consultants Group PLC and our dedicated project management team supports our resident and non-resident Clients interested to secure corporate banking solutions in Kenya. Our team will help you to effortlessly secure quality corporate and financing solutions for your project in Kenya.
Without personal travel required, Healy Consultants Group PLC will lead negotiations with both local and international banks in Kenya on our Client’s behalf.
Press the link headings below to find out more about business banking in Kenya.
The financial sector in Kenya
- The country’s financial sector follows goals and policies outlined in “Kenya Vision 2030”, targeting increase in consumer protection and affordability of banking products;
- Kenya scored 80 out of 100 in the financial secrecy index, placing it at low 27th rank;
- Private sector credit as part of GDP has steadily increased since 2009 to reach 35.2% in 2015, however since then the trend has reversed due to economy slowdown, attributed to increased credit risks;
- The public debt is fluctuating over the past years, reaching 48% of GDP in Q1 2017;
- Both return on assets and return on equity ratios enjoy increase over the past year, with 0.7% increase of ROA and 5.6% increase for ROI;
- The country is moderately ranked in the soundness of banks rating by WEF for 2017, lagging behind other African countries, such as Swaziland and Botswana.
Kenya corporate banking
- In 2018, the banking system in Kenya comprised of a total of 43 institutions: i) 39 private commercial banks, ii) 3 banks with publicly controlled stakes; and iii) 1 mortgage financing institution;
- From the commercial banks, 24 are locally owned while 15 are predominantly foreign-owned;
- Our Clients can choose one of these important international banks present in Kenya: i) Banks of Baroda ii) Barclays and iii) Chase bank;
- Top local banks in terms of assets and reputation, include: i) KCB group ii) Equity Bank and iii) Cooperative Bank;
- A complete list of local and international banks licensed in Kenya can be found in this webpage;
- The non-performing loans ratio in Kenya was at an all-time high in 2001 at 33.4% and all-time low in 2012 at 3.5%. In late 2017, the ratio stood at 8.9%
- The largest East African economy plans to lead the Islamic banking introduction trend in the region, prohibiting payment of interest on services.
Steps required to open a Kenyan resident corporate bank account
In order to secure a quality Kenyan corporate (or Islamic) bank account for a new resident company with a foreign owner, Healy Consultants’ expert banking team will follow these steps:
- During the incorporation of the company, our team will determine together with our Client the optimal bank solution, present at the time, comparing local and international corporate bank account options;
- Thereafter, Healy Consultants Group PLC will secure a confirmation of interest from our Client’s preferred Kenyan bank. This process includes preparation of quality KYC bank application and submission to the bank’s legal and compliance department;
- As part of the engagement, Healy Consultants will communicate directly with the bank on behalf of our Client, negating personal travel of the bank signatory;
- Once the Kenyan resident company is registered, Healy Consultants will prepare a quality and complete corporate bank account opening application, supported by corporate due diligence requested by the bank;
- Many Clients prefer to secure specific credit facilities. If requested, Healy Consultants will be happy to prepare a tailored feasibility study and negotiate terms with the bank on behalf of our Client;
- Healy Consultants’ dedicated relationship officer will collect the online banking kit and token device, and proceed to timely courier to our Client at the end of the engagement.
Exchange controls and other regulations
- The foreign exchange control system in Kenya is considered as liberal, as all residents and non-resident companies can open and hold corporate bank accounts in both local and international currency;
- All international transfers exceeding US$10,000 must be reported to the Kenyan Central Bank;
- The official country currency is the Kenyan shilling and is abbreviated as KSh.