This is the version of this Act as it was from 1 January 2006 to 21 December 2014. Read the latest available version.
Investment Promotion Act
Related documents
- Is amended by 24th Annual Supplement
LAWS OF KENYA
INVESTMENT PROMOTION ACT
CAP. 485
- Published in Kenya Gazette Vol. CVII—No. 1 on 7 January 2005
- Assented to on 31 December 2004
- Commenced on 3 October 2005 by Investment Promotion Act Commencement
- [Amended by Finance Act, 2005 (Act No. 6 of 2005) on 1 January 2006]
Part I – PRELIMINARY
1. Short title
This Act may be cited as the Investment Promotion Act, 2004.2. Definitions
In this Act, unless the context otherwise requires—"Authority" means the Kenya Investment Authority continued under section 14;"foreign investor" means—(a)a natural person who is not a citizen of Kenya;(b)a partnership in which the controlling interest is owned by a person or persons who are not citizens of Kenya; or(c)a company or other body corporate incorporated under the laws of a country other than Kenya."investment" means the contribution of local or foreign capital by an investor, including the creation or acquisition of business assets by or for a business enterprise and includes the expansion, restructuring, improvement or rehabilitation of a business enterprise;"investment certificate" means an investment certificate issued under this Act;"licence" includes a registration, permit, approval or authorization required by law regardless of how it is described;"local investor" means—(a)a natural person who is a citizen of Kenya;(b)a partnership in which the partnership controlling interest in owned by a person who is a citizen of Kenya;(c)a company incorporated under the laws of Kenya, in which the majority of shares are held by a person who is a citizen of Kenya; or(d)a trust or trust corporation established under the Laws of Kenya, in which the majority of trustees and beneficiaries are citizens of Kenya."Minister" means the Minister responsible for matters relating to Investment.Part II – INVESTMENT CERTIFICATES – APPLICATION AND ISSUE, ETC.
3. Applications
4. Entitlement to certificate
5. Procedures for consideration of application
The procedures set out in the First Schedule shall apply with respect to the consideration of an application for an investment certificate.6. Issue of certificate
7. Conditions of certificate
An investment certificate shall be subject to—8. Transfer
9. Amendment
At the request of the holder of the certificate, the Authority may amend an investment certificate subject to any restrictions prescribed in the regulations.10. Revocation
11. Review of Authority decision
Part III – INVESTMENT CERTIFICATES – BENEFITS
12. Entitlement to certain licences
13. Entitlement to entry permits for expatriates
Part IV – KENYA INVESTMENT AUTHORITY
14. Authority continued as body corporate
The Investment Promotion Centre established under the Investment Promotion Centre Act (Cap. 485) is hereby continued as a body corporate under this Act to be known as the Kenya Investment Authority.15. Functions
16. Board of Authority
17. Term of office of Chairman, appointed members
The Chairman or a member appointed under section 16(2)(g) shall hold office for a period of three years and shall be eligible for reappointment.18. Resignation of Chairman, appointed members
19. Removal of Chairman, appointed members
20. Allowances of board members
The Authority shall pay the members of the board of the Authority such allowances and expenses as are determined by the Minister.21. Procedures of the board
22. Secretary of board
The managing director of the Authority shall be the secretary of the board of the Authority.23. Managing director of Authority
24. Other staff
25. Immunity
No member of the staff of the Authority or member of the board of the Authority or of a committee of the board shall be personally liable for anything done or omitted in good faith under this Act.Part V – NATIONAL INVESTMENT COUNCIL
26. Council established The National Investment Council is hereby established as an unincorporated body consisting of the following members—
27. Functions
Part VI – MISCELLANEOUS
28. Offence, misleading Authority, etc.
A person who knowingly submits false or misleading information to the Authority for the purposes of obtaining an investment certificate or obtaining any assistance from the Authority is guilty of an offence and is liable, on conviction, to a fine not exceeding one million shillings or to imprisonment for a term not exceeding two years or to both.29. Offence, improperly divulging information acquired under Act
A person who, without lawful excuse, divulges information acquired in the course of acting under this Act is guilty of an offence and is liable on conviction, to a fine not exceeding one million shillings or to imprisonment for a term not exceeding two years or to both.30. Regulations
31. Repeal of Cap. 485
The Investment Promotion Centre Act (Cap. 485) is repealed.32. General authority, etc. under repealed Act continued
History of this document
31 December 2022
Revised by
24th Annual Supplement
Read this version
22 December 2014
01 January 2006 this version
Amended by
Finance Act, 2005
03 October 2005
Commenced by
Investment Promotion Act Commencement
07 January 2005
31 December 2004
Assented to
Cited documents 12
Act 12
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Gazette 17
Judgment 4
Legal Notice 3
Subsidiary legislation
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Title
|
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|---|---|
| The Investment Promotion (Investment Registration and Certificates) Regulations, 2005 | Legal Notice 1 of 2006 |