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How to Revoke, Cancel of Investment License in Kenya

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How to Revoke, Cancel of Investment License in Kenya by Kenyans247(1): Mon 16, March, 2020 01:00pm
Procedure
Based on sufficient reason, the Kenya investment Authority may suspend the investment permit until the investor takes due corrective measures. Any investor with investment permit shall submit progress reports on the implementation of his project to the appropriate investment organ at the end of every three months; and provide information concerning his investment activities whenever required by the appropriate investment organ.

The Authority shall
(a) before the thirtieth day of April each year, cause the names and addresses of all persons licensed or approved to be published in the Gazette; and
(b) within thirty days of suspension or revocation of a licence, cause the names of any persons whose licence is suspended or revoked to be published in the Gazette.
Further any investor is required to comply with the applicable Investment laws of the country. Where an investor violates the provisions of the Investment Proclamation or regulations or directives issued to implement same, the appropriate investment organ may suspend the investment permit until the investor takes due corrective measures.


The appropriate investment organ may revoke an investment permit where it is ascertained that

The investor obtained the permit fraudulently or by submitting false information or statements;
incentives granted are misused or illegally transferred to another person;
The investor has failed, without good cause, to renew the permit in accordance with Investment Promotion CAP. 485B. In other words, if the investor did not annually renew his investment license until its products or services are supplied in the market or did not renew the license within a month of the expiry of the license.
The investor fails to submit progress report of his project for two consecutive periods. In other words if the investor did not institute the project within 2 years of getting the investment license or did not present report on the execution of the project for two consecutive times.
The project began and did not finish at the time expected time or if the agency believes that the project will not be finished within the time framed this may lead to cancellation of the Investment License.
In such cases, the appropriate investment organ shall notify the concerned institutions as to the measures of revocation taken in accordance with the law. Upon revocation of an investment permit, the investor shall immediately lose entitlements to all benefits.

An investor whose investment permit is revoked shall return, within one month as of the day of revocation, all the benefits granted to him to the Kenya Revenue Authority and other appropriate organs.

An investment permit may not be suspended or revoked by any organ other than the appropriate investment organ having issued same.

An investor whose investment permit is revoked may not be issued with a new investment permit before the lapse of one year from the date of revocation.

Note
(1)No person shall carry on any business or engage in any activity as a collective investment scheme,in or from within Kenya, unless such person is registered under this Act
(2) The promoters of a collective investment scheme that is proposed to be formed, may apply to the Authority for consent to register a collective investment scheme upon complying with the requirements prescribed under this Act.
(3)A person who knowingly submits false or misleading information to the Authority for the purposes of obtaining an investment certificate or obtaining any assistance from the Authority is guilty of an offence and is liable, on conviction, to a fine not exceeding one million
shillings or to imprisonment for a term not exceeding two years or to both.

Required Documents
Articles of Association
the Regulation for investment Authority.
memorandum of association and Articles of Association;
the power of attorney;
the identity card
a photocopy of the certificate evidencing the domestic investor status and his recent two passport size photographs;
a photocopies of the memorandum of association and Articles of Association;

Office Locations & Contacts
Kenya Investment Authority (KIA)
Contacts
P.O Box 55704, Nairobi, City Square, 00200, Kenya

Tel: + (254-20) - 221401/2-4, Fax: + (254-20)336663

Email: info@investmentkenya.com

Website:http://www.investmentkenya.com

Eligibility
Foreign investors wit dormant investment permit;
Foreign nationals, excluding Ethiopians by birth, taken for domestic investors pursuant to Investment Promotion Act Cap 485B;
Domestic investors investing in areas eligible for ;
Domestic and foreign investors making investments in partnerships but with a dormant Permit.


Fees
Cancellation of commercial registration 5 working days and will cost you Ksh. 50,000


Validity
Valid until the issues that led to cancellation are resolved

Processing Time
Instant

Instructions
Any investor with investment permit should submit progress reports on the implementation of his project to the appropriate investment organ at the end of every three months;and provide information concerning his investment activities whenever required by the appropriate investment organ.
Any investor is required to comply with the applicable Investment laws of the country.
All Companies must register with Kenya investment Authority, and be familiar with the rules relating to the filing of investment returns. .


Required Information
a photocopy of its Articles of Association
a photocopy of the Regulation for investment Authority.
a photocopy of its memorandum of association and Articles of Association;
a photocopy of the power of attorney;
a photocopy of the identity card
a photocopy of the certificate evidencing the domestic investor status and his recent two passport size photographs;
a photocopies of the memorandum of association and Articles of Association.

Need for the Document
Even though Kenya provides ample investment opportunity with various incentives, it also Suspends, Revokes, Cancels investment licenses it granted for failure to comply with the requirements of the countrys investment laws.

Kenya Investment Authority can cancel a license of any investors if they fail to carry out the registered projects they have undertaken to do in different parts of the country.If any investor's licenses lies dormant for more than three years after the permits were awarded it will be cancelled by the Authority.

External Links
http://admin.theiguides.org/Media/Documents/InvestmentPromotionActCap485B.pdf

http://www.kenyabrussels.com/ckfinder/userfiles/files/investment,%20trade%20&%20agriculture/investment/KenInvest%20brochure.pdf

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