Young people in business for a long time operate under their names until they start trading with coporations that will require them to be registered legally.
The steps required to Incorporate and Register your business vary based on the type of business you want to register. The government office will certainly need documentation and personal information, so make sure to have that ready.This process can take a few days, thanks to the e-citizen portal that allows us to register a business in just under one week.These are generally the required steps:
Name Search
You need to make sure that no other company already bears the name you chose. This costs Ksh 100, and you will have to give at least three names.
Memorandum and Articles of Association
You need to clearly outline the company’s mission, and the roles and responsibilities of the early team members.
Statement of Authorized Share Capital
You need to issue shares of your company to the founders, and possibly investors or employees in the future. This document places an upper limit on the amount of shares that a company can issue. While it is rare in many places, the U.S. and some other countries still require this document.
List of Directors
You need to identify who will be taking leadership roles within the company from the beginning. This list will include all of the initial Board Members.
Corporate Bylaws
You need to have clear processes to guide your company. These are the rules by which you, your investors, and your employees will operate.
Certificate for Incorporation
You need to set yourself up as a legal entity. This is a document that is issued to your company national government that officially gives you permission to form.
Once you have these documents, you will be able to set up business bank accounts and perform other important basics steps in building the legal and financial foundation of your company.
