What are the Natural Resources in Kenya?
This is crucial knowledge to acquire before establishing a business because it will assist you in determining the type of business to start. Natural resources include minerals, gold, and quarrying. These can be employed in agricultural and industrial applications. Farms all around Kenya use water from rivers including the Kirinyaga River, Tana River, Mara River, and Nyando River.
What are the Business Opportunities in Kenya?
For entrepreneurs and investors, there are numerous business options. Kenya benefits from excellent weather and ideal farming circumstances, as well as abundant mineral resources such as gold, diamonds, oil, and natural gas. You can do business here if you own farmland or work with agricultural equipment. Kenya is your playground if you're an investor looking to acquire property and rent it out as agriculture or develop hotels on it (which are becoming increasingly popular). If you want to import products from here, the food processing, textile, and steel industries are good places to start. Foreign businessmen with a knack for fishing and fish processing could benefit from the country's numerous fishing ports. Not just that, but there's a lot more.
Is Kenya Good for Business?
You're in luck if you want to do business in Kenya. Kenya, according to a number of publications, including Forbes, is a developing market with a lot of potential. Even so, it can be difficult for an entrepreneur based outside of Africa's economic hub to open a business within the continent's borders. Without a question, real estate is one of the most lucrative and rewarding investment areas in Kenya. The Chinese in Kenya are living proof of this. Tenders, initiatives, and public procurement provide numerous investment opportunities for high-net-worth individuals. Here are some insider tips on how to start a business in Kenya.
What are Some Doing Business in Kenya?
You may be concerned about conducting business in East Africa as a corporation interested in accessing Kenya's economy. The most crucial thing to understand is that, despite its proximity to the United States, Kenya has its own set of commercial rules and regulations. It also implies that tourism has a ready market. Foreigners and foreign investments, as previously said, are critical to Kenya's economic growth. Identifying a hot tourism niche and investing at the correct time might help your company produce a lot of cash.
Business-Friendly Policies and Government Initiatives;
Several governments in East Africa have put in place policies and programmes targeted at attracting investment and enhancing productivity. The complete liberalisation of cross-border trade in East Africa is one of them (1998) indigenous enterprises receive special consideration in government contracting (2008) a new system of value-added taxes (2010) Initiatives aimed at making it easier to do business (2011) Nairobi and Mombasa have both established free economic zones (2012). Government programmes that provide incentives to expats who invest in Kenyan businesses or provide training to Kenyans. You should also look at local government initiatives and policies that support the growth of small businesses. Even though these policies may not immediately apply to your line of business, they may be valuable. Most importantly, these types of initiatives have the potential to Often, this will lead to connections with other successful entrepreneurs and provide you with significant insight into how things work here.
Kenya Industrial Infrastructure
The infrastructure sector is a hot topic in Kenya, as the government, businesses, and consumers battle with challenges such as availability, condition, supply security, environmental effect, and affordability. As defined in the Country's Vision 2030, the sector is undergoing significant change and holds the key to the country's economic success. PricewaterhouseCoopers Kenya has acknowledged these issues and has established an Infrastructure Industry Group to address the sector's specific requirements. The organisation disseminates the most up-to-date information and viewpoints on new industry trends, as well as developing industry-specific performance benchmarks based on worldwide best practises. It also discusses methodologies and ideas in areas as diverse as project financing, project structuring, financial instruments, and tax provisioning.
What are the steps for Starting a Business in Kenya?
It can be tough to know what legal processes you must do when starting a business anyplace. If you want to create a business in Kenya, there are a few things you'll need to do legally to be successful. These procedures will assist you in staying on track with both your business goals and any legal obligations.
(1) The first step is to register your business with the Secretary of State for Corporate Affairs (CAS).
(2) Obtaining your Tax Identification Number (TIN) from Kenya Revenue Authority is the second step (KRA).
(3) The third step is to open a bank account that is operational.
(4)Creating an employment contract and preparing payroll records are the fourth and final steps.
both the activities and the venue Finally, if applicable, you must obtain a Value Added Tax (VAT) number. As you start your own business, keep these five stages in mind.
Market size of Kenya
Kenya had a population of 45.6 million people in 2017. (U.S. Census Bureau). 55 percent of those surveyed were between the ages of 0 and 17, and 75% had access to a cell phone (Bakrie Telecom). In addition to these two facts, there is only one doctor for every 3,000 people and one dentist for every 5,000 persons (CIA World Factbook). So, how can you profit from these figures? According to the Global Entrepreneurship Monitor (GEM), 71 percent of Kenyan businesses are micro-enterprises with fewer than ten employees. Employees are the typical size of a company in Kenya. There's a lot of room for improvement here! In addition, according to GEM, 70% of entrepreneurs believe they will create more jobs in the next five years. These figures demonstrate that Africa's greatest economy has the ability to establish and grow a slew of new firms! Kenya has a market economy and is often regarded as East Africa's economic, commercial, financial, and logistics centre. Kenya has been successful because it has the strongest industrial foundation in East Africa.
The World Bank's 'Ease of Doing Business Index' reveals Kenya has risen to 61st place globally in the 2018 edition. This rise in the rankings followed similar gains in 2016 and 2017. The administration has implemented a wide range of business changes, including those related to founding a firm, getting electricity, registering real estate, safeguarding minority investors, and simplifying insolvency regulations. Kenya is also seeing a lot of international investment, with the majority of it going into renewable energy projects. The country has the potential to be a significant source of high-value minerals like titanium and gold. Construction and real estate is one of Kenya's fastest-growing industries, with a 7.4% growth rate in 2017. The expansion is attributable to a variety of factors. Road, rail, energy, port, and airport modernization are all examples of government investment in public infrastructure development projects as well as the real estate sector. The IT sector is also one of Kenya's fastest expanding industries.