Kenya - Renewal of Capital Goods Finance Company License

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Procedure

A capital goods finance company shall renew its business license every year.

A capital goods finance company applying for renewal of business license shall present the following

Submit an Application letter for renewal

(i)application requesting renewal of business license and any changes in the particulars of the existing license;

(ii)original business license of the Capital goods finance company Lease; and

(iii)evidence of payment of renewal fee and/or penalty.

(iv)Resolving of any pending issues (if applicable)

(v)Present the Original License of capital goods Finance Company to Micro finance bank supervisor at the National Bank Ethiopia.

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Required Documents

• Business Plan
• macroeconomic analysis document
• Financial sector analysis Document
• strategic and operational plans,
• Evidence of registration of trade name from Ministry of Trade and/or Regional Trade Bureau.
• Signed minutes of first meeting of organizers along with attendance sheet.
• Submission of prospectus, which is a printed statement that describes and forecasts the course or nature of the company along with expected risks, to be distributed to prospective investors.
• Written application requesting to open blocked subscription account indicating the name of the bank(s)/branch (es) or microfinance institution.
• Duly completed application form, as specified under Attachments I and II of these Directives, for organizers and project manager.
• Properly completed propriety test questionnaire, as specified under Attachment III of these Directives, for organizers and project manager.
• Evidences of payment of investigation fee

Office Locations & Contacts

Central Bank of Kenya - Head Office
Haile Selassie Avenue
P.O Box 60000 – 00200,
Nairobi, Kenya
Tel / Fax: +254 20 286 0000
Phone: +254 20 286 1000, +254 20 286 3000, +254 709 081 000, +254 709 083 000
Email: [email protected]
CBK Contact Details

Eligibility

• Must be a company operating a Capital Goods Finance Company and registered under the Companies Act as a limited liability company whose main object is to conduct financial lease and hire-purchase business.
• A Capital Goods Finance Company may be established by any eligible corporate body or corporation duly licensed by the National bank of Ethiopia to conduct financial lease and hire-purchase business.
• A capital goods Financial company applicant must be of a Kenyan Nationality and have been in a Business of capital goods finance company.

Fees

A capital goods finance company applying for renewal of its business license shall pay renewal fee of 40,000.

Validity

Valid for 1 year

Documents to Use

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Sample Documents

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Processing Time

Takes 30 working days

Related Videos

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

Instructions

• No person shall carry out a Capital good finance company business unless he/she is in possession of a Capital goods Finance Company business License.
• A person who fails to contravenes or fail to comply with section of Commercial Code of Kenya shall be guilt of any offence and shall be dealt with in accordance with la

Required Information

• Full Name of Applicant
• Address of Applicant
• Location of capital goods Finance Business
• License Number
• A tax clearance certificate.
• Evidence of provisional tax payment
• Full names, addresses and designations of the employees of the CGFC.

Need for the Document

Applicant for renewal of a Licensed Capital Goods Finance Company should be supported with evidence of Tax payment and copy of Audited Accounts of the previous year's operations and should be submitted to the Central Bank of Kenya two months before the expiry date of the Company license.

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

http://www.pwc.com/en_KE/ke/assets/pdf/tax-matters-june-2014.pdf

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