LEGAL ALERT: The Business Laws (Amendment) Act 2020
In a very much interconnected world (the current COVID19 epidemic notwithstanding), countries must be able to analyze comprehensive quantitative data to compare business regulation environments across economies and be competitive. That competition requires more efficient regulation and in turn, offers measurable benchmarks for reform. The studies carried out by the World Bank provide data on the ease of doing business, rank each location, and recommend reforms to improve performance in each of the indicator areas. The issues that businesses grapple with on a daily basis include regulations regarding starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. It also measures features of employing workers.
Obviously, for Kenya, some of the changes required to improve the economy can be implemented in the short term, while other changes of a structural nature will take long. With an eye to what can be implemented immediately, the Kenya Government has come up with the Business Law (Amendment) Act, 2020, which we look at below.