Most people do appreciate the advantages of incorporation and especially limited liability and that the company is a complete person with an ability to own property.
So you have your certificate of incorporation, what next?
- Get a PIN and VAT certificate from KRA. They are issued free of charge. Tax returns are filed every month. Luckily you can access this services through the KRA portal https://itax.kra.go.ke/KRA-Portal/
- You are required to hold an Annual General Meeting, 18 months after incorporation and consistently every year. The purpose of an AGM is to among others receive Accounts for the previous year. A board of directors meeting is to be held immediately after that or as consistently after that. We provide these services as well.
- You are also required to file Annual Returns (14 days after the AGM). Many companies neglect to file Returns which could lead to a company being deregistered. Filing returns at the company registry is not expensive and its required to communicate to the Registrar of any changes in capital and directors.
- The Accounts of a registered company are required to be prepared in accordance with Companies Act Cap 486. The immediate benefit of incorporation is that all expenses are deducted before the taxable profit unlike a partnership.
Finally Small Business resource
www.aren.co.ke is a site that enables you to calculate P.A.Y.E for employees.
For this and more services please contact us email@example.com