Company Registration and bank account

I am changing jobs and would like to register a company to which I receive my monthly payments. I understand that nowadays a company can have only one shareholder i.e. http://capitaregistrars.co.ke/you-can-now-register-a-sole-shareholder-and-director-company-in-kenya/

I can then pay myself a small fixed salary every month based on my income taxable under PAYE.

So let’s say my name is Kamau Onyango and I register a limited liability private company called Kango Limited. When I go to open the bank account can I have any SWIFT transfers to the bank account being shown as transferred to Kamau Onyango and not Kango Limited?

Also when I am receiving payments I enter my name, Kamau Onyango and the Kango Limited account number. Doesn’t make any sense but just needed to know in case it does

Following (this late) for educational purposes…
https://media.tenor.co/images/aea9f49d65cf69eea4d0a92e25234b63/raw

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Yes

Will the bank agree to open an account with your name instead of the company name?

the company and the individual are treated as two separate people. So there is no way this can happen. It would be like opening the account with the name Bingwa Scrotum, and then trying to do all you are saying. It cant happen. Onyango may be a signatory to Bingwa’s account, all payments will be made to Bingwa Scrotum.

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Yes I have done it severally in all major banks. Company accounts humulikwa sana na hawa jamaa wa nyumba mrefu pale Railways…eg I only deposit cheques that read company name to the company account but any cash collected I do deposit in my personal account in the same bank. Kukaa chini ya maji.

Not possible.Limited liability is treated as an independent entity.

@incognitus @nairobilay Thanks for your reply guys. I knew I was pushing it but clarification is good.

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I am currently pondering on accepting this new job offer, most likely I will accept it but it was just something that was on the back of my mind and I thought I would bounce off the idea here before starting the processes.

Just figure paying PAYE that is over my current income is ridiculous … I’m Kenyan after all…hata kama si shiny eyes as people like to call them here :D:D:D

Ambiguous. Please expound

pqy yourself high it as a company expense so that you get tax relief. invest it back in the company

pqy yourself high it as a company expense so that you get tax relief. invest it back in the company

Maswali zingine lakini …Wacha tu nisiongee leo.:frowning:

A company is a separate legal entity as distinct from its members, therefore it is separate at law from its shareholders , directors , promoters etc and as such is conferred with rights and is subject to certain duties and obligations.

I have always doubted your intelligence and for a reason.
Did you in this particular post understand the question or you just rushed to reply as always

:D:D:D:D:D

Maswali zingine lakini …Wacha tu nisiongee leo.:frowning:

A company is a separate legal entity as distinct from its members, therefore it is separate at law from its shareholders , directors , promoters etc and as such is conferred with rights and is subject to certain duties and obligations.

I have always doubted your intelligence and for a reason.
Did you in this particular post understand the question or you just rushed to reply as always

:D:D:D:D:D

From what you have just explained,it seems your predicament is that you you need a greater potion of your companies income as salary without incurring huge amount on PAYE which is usually very prohibitive.
Do this,apportion a huge a mount of your income as a directors loan each and every month and have it that way in your books.

From what you have just explained,it seems your predicament is that you you need a greater potion of your companies income as salary without incurring huge amount on PAYE which is usually very prohibitive.
Do this,apportion a huge a mount of your income as a directors loan each and every month and have it that way in your books.