The Kenya Companies Act requires the Director to lay before the members once a year, Profit and Loss Account and Balance Sheet. Further insists that proper books of account must be prepared to cover the period, in case of first accounts, the period starting from the incorporation, and subsequent/preceding accounts made up to a date not earlier than nine months before the date of the meeting.
YourGlobalPro professionals can assist you with the entire bookkeeping and accounting services for your Kenya Business Set up as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts.
In Kenya, the listed companies are required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) while all other companies or partnerships in Kenya are subject to any other requirements have the option to prepare their financial statements in accordance with IFRS for SMEs or full IFRS.
Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. YourGlobalPro professionals provide you auditing services for your business as required by your business.
The Bank of Kenya controls inbound and outbound investments and transfers of money in Kenya. The documentation requirement differs from Bank to Bank and need to be complied for the Bank account opening. The Central Bank of Kenya located in Nairobi is the Kenya’s central bank.
The major banks in Kenya are ABC Bank (Kenya), Bank of Africa, Bank of Baroda, Bank of India, Barclays Bank of Kenya, Chase Bank Kenya (In Receivership), Citibank, Commercial Bank of Africa, Consolidated Bank of Kenya, Cooperative Bank of Kenya, Credit Bank, Development Bank of Kenya, Diamond Trust Ban. All banks are stable, reliable and offer the same level of services.
YourGlobalPro professionals can facilitate all the paper work in relation to banking need and can assist you in opening bank account for your business plan in Kenya.