Investment Promotion Act, 2004.

This Act provides that investors, whether local or foreign need to obtain an investment certificate from the Authority prior to investing in the country. The condition to getting the certificate include: (a) the application is complete and satisfies the applicable requirements under the law; (b) the amount to be invested by a foreign investor is at least one hundred thousand United States of America dollars or the equivalent in any currency; (c) the amount to be invested by a local investor is at least one million shillings or the equivalent in another currency; and (d) the investment and the activity related to the investment are lawful and beneficial to Kenya. The Authority makes a decision to issue the certificate on the following principles: (a) creation of employment for Kenyans; (b) acquisition of new skills or technology for Kenyans; (c) contribution to tax revenues or other Government revenues; (d) a transfer of technology to Kenya; (e) an increase in foreign exchange , either through exports or import substitution; (f) utilization of domestic raw materials, supplies and services; (g) adoption of value addition in the processing of local, natural and agricultural resources; (h) utilization, promotion, development and implementation of information and communication technology; among others. The Act continues the existence of the already established Investment Promotion Centre which it renames to the Kenya Investment Authority. The Authority performs the following functions: (a) assist foreign and local investors and potential investors;(b) promote, both locally and internationally, the opportunities for investment in Kenya; (c) review the investment environment and make recommendations to the Government and others, with respect to changes that would promote and facilitate investment, including changes to licensing requirements; (d) facilitate and manage investment sites, estates or land together with associated facilities on the sites, estates and land; (e) appoint agents within the country and in any other country to carry out certain functions on its behalf, as it may consider necessary; among others. The Act provides for the administration and constitution of the Authority, to wit, it provides for constitution of a Board to manage its daily activities, terms of office, remuneration of board members, etc. The National Investment Council is also established to: (a) advise the Government and government agencies on ways to increase investment and economic growth in Kenya; and (b) promote co-operation between the public and private sectors in the formulation and implementation of government policies relating to the economy and investment.