How to register a cooperative society in Kenya
NON DEPOSIT TAKING SACCO REGISTRATION:
Upon receipt of the above documents, the Cooperative officer shall convene a meeting within a week with the proposed members. The quorum of this meeting (Pre Co-operative SACCO Meeting) shall be ten members. The main agenda of the meeting shall be pre co-operative education. During the meeting; the promoters shall appoint interim officials for purpose
of overseeing registration.
Apart from above documents the following will be required;
The proposed by-laws in four copies; Filled application for registration form in four copies;Supplementary information form in four copies;Economic
appraisal in four copies;
In case of salaried workers, a letter from the employer is needed agreeing check off. Minutes of the pre co-operative SACCO meeting and application and registration fees payment.
Upon approval of the name, a Sacco registration form will need to complete with details of all the board members and members including proof of identity documents, physical address of all members.
The registration process takes about two months.
After successful SACCO registration, the newly registered SACCO society is required by law to convene the first general meeting within a month after receipt of the certificate by the interim official. Failure to do so, the co-operative officer will recommend to the Commissioner for co-operative development for immediate cancellation of the certificate of registration.
DEPOSIT TAKING SACCO REGISTRATION:
If the Sacco intend on taking deposits from your members/customers, it will be required to obtain a license from SASRA. SASRA is mandated by section 24 of the Saccos Societies Act 2008 to license and regulate the operation of Deposit Taking Saccos.
Sacco Rules and Regulations. Sacco Societies Regulations 2010
Once the above steps are completed, you should receive a Certificate of Registration from the Registrar. This will enable you to acquire Sacco Bank account, other business permits, NHIF and NSSF, tax arrangements.
The newly registered SACCO society to convene the first general meeting within a month after receipt of the certificate by the interim official. Failure to
How to register a SACCO in Kenya – In recent times, the number of Sacco’s in the country has grown tremendously. A Sacco is a very effective way of saving and way to access quick and cheap means of raising capital. The Sacco as an entity has power that comes from having members and regular income from contributions. There are two types of Sacco’s
Registration Requirements for a Non Deposit Taking Sacco
Upon provision of the above the cooperative officer shall convene a meeting within a week with the proposed members, the main agenda being pre cooperative education. Other requirements for the registration shall be communicated at this point. Upon approval of the Name and Registration the Sacco is required to convene the first general meeting with a month after receipt of the certificate.
Registration Requirements for a Deposit Taking Sacco
The estimated time is 4 months for a Sacco that fully complies with all the licensing requirements. The license for deposit taking is renewable annually.
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