ADVOKS GLOBAL · KENYA
The Capital Markets (Registered Venture Capital Companies) Regulations
3. Eligibility Requirements
Edition: 2022-12-31 · In force
3. Eligibility Requirements
A venture capital company shall be entitled upon making an application to the Authority in the prescribed form and on payment of the prescribed fee to be registered under these Regulations as a registered venture company if it has—(a)been duly incorporated under the Companies Act (Cap. 486) as a company limited by shares;(b)as its principal object the provision of risk capital to small and medium size businesses in Kenya;(c)a minimum paid up share capital of one hundred million shillings;(d)a minimum fund of one hundred million shillings;(e)audited financial statements for the three years immediately preceding the date of application, the latest of which shall not be older than six months as at the date of application (where applicable);(f)have a demonstrable track record as a venture capital company of at least three years or in the alternative, one or more of its directors shall have a demonstrable track record in the management of venture capital funds for a period of at least three years;(g)engaged a fund manager duly licensed by the Authority;(h)a board of directors of which at least one third of the directors arc independent directors;(i)appointed an auditor who is a member of the Institute of Certified Public Accountants of Kenya; and(j)appointed a secretary who is a member of the Institute of Certified Public Secretaries of Kenya.