How much does it cost to register a company limited by guarantee in Kenya?
The registration fee for all companies is Kshs. 10,000/=. Kshs. 11,000/= for unlimited members.
How do I register a company by guarantee?
What do you require to register a company limited by guarantee?
- Proposed names of the company.
- Objectives of the company (must be charitable in nature).
- Registered office and Postal Address of the company.
- Copy of National Identity Numbers/Passports of directors and members.
- Nationality of Directors/members.
Can you buy a company limited by guarantee?
A guarantee company can borrow money and may issue debentures or debenture (loan) stock. As there are no shareholders, it is not possible to own a company limited by guarantee in the way that a company with a share capital is owned by its shareholders.
Can a director of a company limited by guarantee be paid?
Most guarantee companies are not-for-profit companies, that is, they do not distribute their profits to their members but either retain them within the company or use them for some other purpose. … Company limited by guarantee that allows profits to be paid to its members and salaries and fees paid to its directors, and.
Do companies limited by guarantee pay tax in Kenya?
Companies Limited by Guarantee
Third, unpaid tax deductions under the pay-as-you-earn rules of the Income Tax Act, unpaid non-resident and resident withholding tax deducted under the Income Tax Act, and unpaid duty payable under the Customs and Excise Act.
Does a company limited by guarantee pay tax?
A company limited by guarantee is just a limited company, but with the obvious difference to the usual company entity of there being no share capital. … If the company is a charity, registered with the Charity Commission, it is likely that HMRC will not require a CT600 and there will be no corporation tax to pay.
What are the advantages of a company limited by guarantee?
- It’s a private limited company that has guarantors rather than shareholders, so it’s suitable for voluntary organisations. …
- The company is a clear legal entity, separate from the persons involved in it – and can hold property, enter into leases and other contracts, employ people, etc, in its own name.
What are the advantages and disadvantages of a limited company?
The advantages and disadvantages of a limited company
- Tax efficient. …
- Limited liability. …
- Separate entity. …
- Professional status. …
- Company pension. …
- Maximising tax-free income. …
- Complicated to set up. …
- Complex accounts.
Is a company limited by guarantee a not for profit?
A company limited by Guarantee is often referred to as a ‘not for profit’ or ‘Charitable company‘, this refers to the fact the parties involved do not remove the profit from the company as shareholders can in a company limited by shares. Any profit made by the company is re-used for the good of the business.
Does a company limited by guarantee have to file accounts?
What’s the financial position of a company limited by guarantee? … A company limited by guarantee must file accounts and tax returns to the same deadlines as a company limited by shares. The main differences to the accounts are that: Share capital will not appear on the balance sheet.
Does a company limited by guarantee need a company secretary?
A company limited by guarantee need not have a secretary but may do so. Slightly less information is required for the company secretary than is the case for a director: Full name. Service address.
What does it mean for a company to be limited by guarantee?
A company limited by guarantee is also known as a Guarantee Company. In such a company there are no shareholders. … The liability of the members is limited by the memorandum of association and in the event of winding up of the company, they require being liable to take care of the amount contributed in the company.
What is the difference between companies limited by guarantee and shares?
Limited by guarantee companies are set up without share capital. So instead of shares and shareholders, they are owned by one or multiple guarantors who each agree to pay a fixed sum of money (a ‘guarantee’) toward debts if the business becomes insolvent.