NIFC Set a Lower Joining Fee of Sh100,000 for Start-ups

Companies looking to join the Nairobi International Financial Centre (NIFC) will pay Sh1 million for certification and an annual fee of Sh500,000, regulations published by the Treasury show.

The regulations published by Treasury Cabinet Secretary Ukur Yatani, however, set a lower joining fee of Sh100,000 for start-ups and an annual fee of a similar amount. Start-ups are described as firms in the initial stages of setup, which provide an innovative or novel product or service.

"A firm will maintain its start-up status for a period of three years not including the first year of certification," read the regulations.

The centre was formed as part of efforts to transform Nairobi into a financial hub that can host businesses that will improve capital flows into Kenya, create high-quality jobs and provide skills transfers.

It is expected to launch by mid-year.

The publication of the regulations to back the agency's operations and the setting up of its board last year set the stage for its formal launch.

Source: Business Daily Africa