• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Kenya to increase cash threshold for foreign investors

4 years ago
in Business, highlights, Home, home-news, latest News
2 min read
0 0
0
98
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Kenya to increase cash threshold for foreign investors

Kenya has lined up drastic changes to its investment promotion law in a bid to seal loopholes exploited by foreigners to compete with local small traders and commit crimes such as money laundering.

Interior Cabinet Secretary Fred Matiang’i says the ministry will be seeking parliamentary approval of amendments to the law, including raising the minimum investment threshold for foreigners.

The Kenya Investment Promotion Act requires foreigners to have a minimum of $100,000 (Sh10.92 million) to obtain an investment certificate that qualifies them for incentives such as investment deductions and tax rebates.

Dr Matiang’i told the National Assembly’s Committee on Administration and National Security that the current minimum investment threshold was too low given the size of the Kenyan economy.

The committee is investigating the deportation of Turkish national Harun Aydin, an ally of Deputy President William Ruto, for suspected involvement in money laundering despite coming in on a work permit as an investor in solar energy.

“For a country our size and the economy of our size, we now need to be a bit more careful when we look at these kinds of things (rules for foreign investors) in future because we have learned the bitter way from some of these things,” the minister said on Friday.

RelatedPosts

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash

Defence Minister and Environment Minister Among 8 Confirmed Dead in Military Helicopter Crash

Serie A Players Face 25% Pay Cut if Relegated Under New Agreement

“That’s how some people can come in [including] money launderers and engage in ‘wash-wash’ (informal language for black money)… and then masquerade around as business dealers.”

The Kenya Investment Authority (KenIvest) has proposed a flexible minimum foreign investment threshold, depending on the capital requirement of different sectors based on feedback from stakeholders during engagements that led to the development of the country’s first investment policy, launched in November 2019.

Moses Ikiara, the investment promotion agency’s director-general, said the stakeholders wanted the minimum capital for foreigners to be tripled to $300,000 (Sh32.76 million) for capital-intensive sectors such as construction, energy, manufacturing, oil and gas.

Must Read: Global InfoAnalytics launches Q3 2021 Banking Sector Brand Health Check survey for banks

Others, he added, felt that the threshold should be lowered for sectors such as ICT whose ventures may not require as much capital.

“There are many people who were thinking $100,000 is high and were saying when people were innovating something like M-Pesa, they wouldn’t have needed that minimum capital. There are some types of businesses where you require human resources or knowledge more than capital,” Dr ikiara told Business Daily in April.

“The thinking is to allow innovative investments that are not capital-intensive not to be locked out.”

The proposed legal amendments, the KenInvest chief had added, will also seek to ring-fence local investors.

Lawmaker Mishra Swarup (the Kesses MP), a member of the National Security Committee, said the investment threshold for foreigners needed to be raised as much as ten-fold to protect small traders.

“What’s Sh10 million for investment. It should be a minimum of Sh100 million or Sh200 million. These [foreign] investors are blocking …progress of our citizens,” Dr Mishra said.

Kenya in June 2019 deported seven Chinese nationals found trading illegally in Gikomba, the country’s largest informal market for second-hand clothes and footwear.

At the time, the Interior Ministry said three of the Chinese had no valid work permits while the other four were found to be in employment and other “income-generating activities” at Gikomba contrary to the terms under their respective work permit classes.

“As soon as we amend the law and they give us a higher threshold, we will implement the threshold they give us. So, maybe as Parliament, it is now an opportunity that you have to implement what Hon Mishra says,” Dr Matiang’i told the parliamentary committee sitting in Mombasa.

Source: businessdailyafrica
Via: norvanreports
Tags: COVID-19 pandemicEnergyinvestment promotion lawKenya to increase cash threshold for foreign investorsManufacturingmoney launderingMoses Ikiaraoil and gas.
No Result
View All Result

Highlights

Osaka and Keys Advance to Quarter-Finals at Canadian Open

Ghana Armed Forces Helicopter Crashes in Adansi Akrofuom, 8 Feared Dead 

Cedi Appreciation Triggers 50% Drop in Remittance Inflows

Inflation Drops 160 basis points to 12.1% in July, Lowest Rate Since October 2021

Kwaku Azar Writes: Is Another SML Brewing at GACL?

GRA Refutes NIA’s Debt Claims, Cites Lack of Regulatory Approval and Service Agreement

Trending

Features

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash

August 6, 2025

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash Ghana...

Defence Minister and Environment Minister Among 8 Confirmed Dead in Military Helicopter Crash

August 6, 2025

Serie A Players Face 25% Pay Cut if Relegated Under New Agreement

August 6, 2025

Osaka and Keys Advance to Quarter-Finals at Canadian Open

August 6, 2025

Ghana Armed Forces Helicopter Crashes in Adansi Akrofuom, 8 Feared Dead 

August 6, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.