Ghetto Stories

10 things to do to be successful in Business:

By CPA. Jobiese Richard.

  1. Read a lot

Wealthy people don’t spend their whole life watching television or checking Whats App or social media. So that they will be watched on                        television or will be discussed on social media.

  1. Believe in hard work.

You have to desist from the mentality of believing in some jackpot of a million (lottery mentality) they have action mentality; they do not give up              and work towards results.

  1. Believe that poverty is the root of all evil when others believe that money is the root of all evil! Therefore, they work hard to get out of it.
  2. Focus on investing while the rest focus on saving; investing has a multiplier effect and increases your income while saving does not add anything on your money! Some of the reasons why most people are shy from investing are the complicated nature of investing and the time factor, but one should never shy off!
  3. They continually learn while poor people believe that they know it all.
  4. Take responsibilities for their own actions because this gives them room for improvement, while others blame others for their actions; hence, they never improve.
  5. Perfect their output or results, because they are paid on results, while others are paid on time spent on work.
  6. Successful people are risk-takers; they are not afraid to invest in territories and thinking outside the box. When others are risk-averse and only playing safe with their resources, successful people are daring, and that trait pays off.
  7. Believe in God and take His word to the latter. They believe that God will provide clients with/demand/resources to sustain their ventures. They, therefore, wake up very early every day and are ever consistent in their endeavours.
  8. They know when to quit. Successful people know when to hold on and when to press the exit button, this is because everything with a beginning must have an end.
Ghetto Stories

Investing in Kenya

By Peninah Owila,

With the city that never sleeps, Nairobi, as the financial center of the country’s vibrant market, Kenya is one of the most attractive places to invest in. The country has a market-based economy with major industries such as forestry, fishing, mining, tourism, energy, financial services, and agriculture. Recording gross domestic produce of $ 99.246 billion as of 2019, the country is ranked as 62nd amongst the world’s largest economies. In East and Central Africa, it’s the leading with a per capita GDP of $ 2,010. The country also has liberalized external trade systems making it investment-friendly.

Foreign direct investments in Kenya are not so much regulated except for where state corporations have to maintain their monopoly. This includes areas such as firearms, currency printing and port infrastructure. The government has set up agencies that are mandated with the responsibility of promoting and assisting foreign investments. They include

  • The Kenya Investment Authority which assist foreign investors in settling their businesses.
  • Export Processing Zones Authority to issue licenses to companies that want to create EPZs.
  • Kenya Revenue Authority which collects revenue on behalf of the government.
  • Kenya Industrial Property Institute which is in charge of administering intellectual property
  • The ministry of mining which issues licensed to potential mining companies.

On the legal documents, one must have to invest in Kenya, the following are included.

  • Certificate of incorporation
  • Investment certificate
  • Operating agreement
  • Patent/copyright registration
  • Insurance policy
  • Non-disclosure agreement
  • Business plan and
  • Business license

The Kenya Investment Authority is only allowed to issue the investment certificate to a potential investor who is willing to stake $ 100,000. The proposed investment plan should be well defined by the investor to provide a clear outline of how the investment is set to benefit the locals. This is with regard to increasing tax generation, job creation for the country’s citizens, improving their technology, and skill development.

The organization mandated with the collection of revenue, Kenya Revenue Authority, further requires an investor residing out of the country.

  • Letter of introduction
  • Pin number of a registered tax agent
  • Kenya Revenue Authority pin application acknowledgment receipt
  • Endorsement letter from the Kenya Investment Authority
  • A valid tax compliance certificate
  • Documentary proof of investment
  • Letter of appointment of the tax agent
  • Certified and colored passport
  • Letter of appointment

There are no special laws that are directed towards any investor. Both local and foreign investors are treated equally. Further information on these legal requirements is fully available on the Immigration Kenya website.

The geographical position of at the cost of the Indian Ocean provides a reliable import and export means through the harbors. This provides the investor with a suitable means of transportation of raw materials and finished goods. Along with the proper and established infrastructure, the products necessary to be moved are easily transported using means like the new standard gauge railway. The government has also been working towards building roads and improving communication systems for conducive business operation environments for the investors. The Kenyan market is also flooded with readily available labor that comes at a reasonable price to help any investors kick-off and succeed. The well-diversified economy should be in a position to accommodate a well-structured plan for proper execution and eventual success.

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