As the Nairobi International Financial Centre (NIFC) solidifies its position as a global financial hub, the importance of a transparent and structured fee system cannot be overstated.
The Second Schedule of the NIFC Regulations, 2021, outlines a comprehensive fee structure that applies to both applicants seeking certification and certified firms operating within the Centre.
In this article, we explore the intricacies of the Second Schedule fees, covering various categories and considerations.
Categories of Applicants and Certified Firms
Table 1 categorizes applicants and certified firms into two distinct groups:
Category A
Description: A firm other than a start-up.
Category B
Description: A start-up firm in the initial stages of operations, providing an innovative or novel service or product, as further specified by the Authority.
Certification Fees
Successful applicants for certification are subject to certification fees outlined in Table 2:
Table 2
| Category | Certification Fee |
|---|---|
| A | KSh. 1,000,000 |
| B | KSh. 1,000,000 |
Processing Fee:
All certification applications are subject to a non-refundable processing fee of KES 25,000. For successful applicants, this fee is deducted from the certification fee.
Annual Fees for Certified Firms:
Certified firms, after the first year of certification, are obligated to pay annual fees as per Table 3:
Table 3
| Category | Annual Fee |
|---|---|
| A | KSh. 500,000 |
| B | KSh. 100,000 |
Start-up Status Duration
A firm categorized as a start-up will maintain its start-up status for a period of three years, excluding the first year of certification.
Immigration Support Services Fees
Table 4 outlines the fees charged for immigration support services provided by the Authority:
Table 4
| Category | Fee |
|---|---|
| A | KSh. 150,000 |
| B | KSh. 150,000 |
Waivers and Modifications Fees
For reviewing and processing waiver and modification requests, fees are specified in Table 5:
Table 5
| Category | Waivers and Modifications Fee |
|---|---|
| A | KSh. 100,000 |
| B | KSh. 5,000 |
Variations Fees
Table 6 delineates the fees for reviewing and processing variation of certification requests:
Table 6
| Category | Variation Fee |
|---|---|
| A | KES 100,000 |
| B | KES 10,000 |
Conclusion
The Second Schedule fees under the NIFC Regulations, 2021, underscore the Centre’s commitment to a fair and structured financial ecosystem.
By clearly outlining fees for certification, annual maintenance, immigration support services, waivers, modifications, and variations, the NIFC establishes a transparent and predictable financial environment, promoting sustained growth and attracting diverse financial entities to operate within its jurisdiction.
As Nairobi positions itself on the global financial stage, this fee structure stands as a testament to the Centre’s dedication to excellence and integrity in financial services.
