First off, a minor is unable to enter into a contract that is enforceable. As a result, if a minor buys shares, they cannot be held liable for any debts the firm incurs. A legal guardian or parent may also be required to act on behalf of a minor in matters pertaining to the shares.
In Kenya, establishing a single proprietorship in 2021 is a pretty simple process. To make sure the selected business name is available, you should first perform a name search. The business owner can then register their company with the Business Registration Service (BRS) in person or online. It costs Ksh 1,000 to register, and it takes around two business days.
In Kenya, sole proprietors must pay taxes. The type of business and the quantity of income generated will determine the tax requirements. The Kenya Revenue Authority (KRA) requires all firms to apply for a Personal Identification Number (PIN). On the specific tax duties for the company, the KRA will offer advice.
It is advised that you register your company with the Companies and Intellectual Property Commission (CIPC) if you run a small business in South Africa. This will provide your company legal legitimacy, safeguard your company name, and make it simpler for you to get funds and contracts. A certificate of incorporation will be issued by the CIPC once the registration process is complete, which could take one to three weeks.
In conclusion, even if there is no minimum age requirement for stock ownership, minors may nevertheless be subject to some legal limitations. Entrepreneurs in Kenya should perform a name search and register with the BRS before forming a sole proprietorship. In Kenya, sole owners must file their taxes and apply for a PIN with the KRA. It is advised that South African small enterprises register with the CIPC in order to receive legal recognition and other advantages. A certificate of incorporation will be sent upon completion of the registration process, which could take one to three weeks.