Following the President's assent on 30 March 2021, the Business Laws (Amendment) (No. 2) Act, 2021 was published. The Act amends various statutes for the smooth running of businesses, with key highlights being as follows:
- it eliminates the requirement for a company seal in the execution of documents of companies registered under the Companies Act;
- it provides for the holding of virtual and hybrid meetings;
- it provides for the payment of training levy to be remitted at the end of a business' financial year but not later than the 9th day of the month following the end of the financial year;
- it exempts payment of fixed stamp duty of KES 100 on contracts;
- it provides for both National Hospital Insurance Fund and National Social Security Fund contributions to be collected on the 9th day of the month;
- it clarifies that an administrator can distribute routine payments to unsecured creditors without necessitating the court's permissions; and
- it introduces a pre-insolvency moratorium period to prevent creditors from taking an enforcement action while a company considers its options for rescue.
The Act was published in Kenya Gazette Supplement No. 52 (Acts No. 1) of 2021. The effective date is 30 March 2021.