Kenya

Elite Accounting Services Limited, Kenya

Economic Overview & Business Opportunities

A Guide to Doing Business in Kenya for Investors Looking to Start A Business

A country with a strong and resilient services sector and economy, Kenya’s economic overview and business opportunities outlook is promising.

Last year, the country’s economic growth rate was an average of 5.7%. With that percentage, it is the Sub-Sahara Africa’s fastest growing economies. An ideal place for an investor keen to set up in this region.

Like many countries around the world, it was affected by the COVID-19 pandemic. But this has not stopped the Government from working hard to overcome the challenges that it faces. The country has had to overcome a lot in the past, and it can do so again.

The country’s major exports are tea, coffee, horticulture and tourism. Agriculture is the biggest contributor to its GDP growth. Within East Africa, Kenya has the most sophisticated manufacturing and financial industry.

 

Key Challenge Areas

Although it has made great strides, Kenya still faces some key challenges. These challenges are in the following areas:

• Climate change
• Inequality
• Poverty
• Weak private sector investments
• Vulnerable economy

 

Why Do Business in Kenya?

Business opportunities are one of the focal points an investor looks at. If the business prospects are good, the investor is willing to start a business. Despite the difficulties of 2020, the World Bank believes Kenya still has promise. It is a country that is full of potential. The reasons for this include a growing and youthful population and a highly skilled workforce. Not to mention how dynamic the private sector is. A new constitution and improved infrastructure has given Kenya a boost in its image.

The Government is committed to addressing the challenges it faces to encourage even more investment. Other benefits of doing business in Kenya include:

• Plenty of business opportunities available in this multi-ethnic and multicultural country,
• English is spoken widely, and that means doing business is not a problem. English is taught in primary, secondary schools, and universities. The local language is Kiswahili.
• Personal relationships are easy to develop if you follow local culture an etiquette. For example, the people are addressed by their titles since titles are important. This includes professional, academic, and honorific titles.
• It is easy to do business because there are no restrictions when it comes to how much equity percentage a foreigner can own in incorporated companies. The registration process is overseen by the Registrar of Companies.
• There are 43 licensed commercial banks in the country for investors to choose from. 13 out of this total are foreign-owned.

 

Planning to Set Up a Business?

Are you planning to start a business in Kenya? Looking at your options and how promising this investment could be? We have the answers you seek. At 3E Accounting, our professionalism and experience have proved invaluable to all our clients. Let us help you get off to the right start from the beginning. For more information about our Kenya incorporation services, contact our team today.