ANNOUNCEMENT 20 Sep 2016
On 20 September 2016, the government of Kenya adopted Act No. 38 of 2016. As a result of this Act, from 01 January 201 the current national regulations concerning the domestic ownership requirements for foreign companies are repealed.
NUMBER OF INTERVENTIONS
Kenya-eRegulations.org (2016) Act No. 38 http://kenyalaw.org/kl/fileadmin/pdfdownloads/AmendmentActs/2016/FinanceAct_No38of2016.pdf
UNCTAD (2016) Kenya repealed the 30% domestic ownership requirement for foreign companies. http://investmentpolicyhub.unctad.org/IPM/MeasureDetails?id=2978&rgn=&grp=&t=&s=&pg=&c=&dt=&df=&isSearch=false
On 20 September 2016, the government of Kenya via 'Act No. 38 of 2016', established that from 01 January 2017, it will repeal the 30% domestic ownership requirement for foreign companies. The latter requirement had been introduced earlier in 2016 via the 'Companies Act 2015' (see related measure), which stated that all foreign companies that are registered in the Kenyan jurisdiction must cede minimum 30% of their ownership to persons who are Kenyan citizens by birth.