NAIROBI, Nov. 12 (Xinhua) -- Kenya should streamline the processes involved in starting a company by setting up a one-stop shop for all services required by entrepreneurs if it wants to rank even higher in ease of doing business, analysts said on Monday.
Cytonn, a Nairobi-based investment firm, said that while Kenya has made significant reforms in the ease of doing businesses, which saw the country rise in the latest World Bank report, businesses still face several bottlenecks that stifle their start or operations.
"The government should automate the processes involved in setting up businesses and eliminate minimum capital requirements," said Cytonn in a brief on Monday.
Kenya's ranking in the World Bank ease of doing business report 2018 improved by 19 positions to 61 from 80, with the lender noting Kenya had made reforms in protection of minority investors and registering property by introducing an online system.
The firm further noted that improved sharing of credit information to facilitate lending decisions would help access loans faster.
"Kenya should adopt additional sources of customer data, which generates incentives to improve borrower discipline especially following the enactment of Banking Act Amendment 2015 that effectively placed an interest rate cap on loans by commercial banks," said Cytonn.
According to Cytonn, the tax paying process can be made easier by consolidating payments and filings of taxes, establishing taxpayer service centers, and allowing for more deductions, exemptions or lower tax rates.
The east African nation, said Cytonn, can also improve on the efficiency of contract enhancement through reducing the current case backlog in courts.
"Complaints being filed electronically through a dedicated platform and court fees being paid electronically would help in reducing the number of days taken to deliver case verdicts," said Cytonn.
