PwC Private
Overview
We understand that as a private company, a family business enterprise or high-net-worth individual your needs and requirements are as unique as you are. Growing a business can be demanding, challenging, and intensely personal — driven by purpose. That’s why we’re here to help you manage your ownership and growth at every stage, in a way that fits the needs of your business and the owner.
At PwC, we’re built around you. Our people are dedicated to working with private businesses like yours. Our focus is on your agenda, your goals, your network, your legacy. We’re here to listen, today and tomorrow.
The Owner’s Agenda for your business
It is our bespoke approach and unique to PwC
For a private business or family business owner, business is personal. At PwC, we’re dedicated to understanding what matters most to you and your business. We call our approach “The Owner’s Agenda”. This framework is designed to assist you in developing both your ownership and business strategies in a consistent and integrated way.
We understand that an owner's decisions aren’t always just about business. We use our digital owner’s agenda tool to assist family business identify and address priority areas and gaps that often comprise:
Leadership and the board
Business model review
Asset and wealth management
Management and control structure
Succession planning ownership and leadership
Testament and emergency plan
Philanthropy and impact investing
Capital and financing structure
Generational transition and knowledge transfer.
No matter where you are on your business journey, your PwC team is at your side translating our unique vantage point and perspective into real insights that can help you succeed. Together, we can find new opportunities, and shape the future of your business. We’re built around you.
How we can help you
- Succession planning
- Business registration
- Segregation of personal and corporate assets
- Disclosure of beneficial ownership information
- Drafting individual or family business governance code
- Determination of residence and domicile
- Family office planning
Succession planning
Creating wealth starts with taking stock of your assets and liabilities, knowing what your priorities are and designating your beneficiaries. Thereafter, putting in place the right structures helps to ensure continuity and growth in wealth for future generations. Whether this takes the form of a trust, life assurance, will, letter of intent or even a lifetime annuity, having the right professional guidance goes a long way to make this journey less draining, compliant, and tax efficient.
Business registration
There are numerous ways one could register a business in Kenya including:
Public limited company
Company limited by guarantee
Private limited company
Limited liability partnership
Foreign company
Unlimited company.
Deciding on the right form of incorporation for your business is key since each bears different reporting and compliance obligations and may attract different tax treatments.
Segregation of personal and corporate assets
It is fairly usual for personal assets to be used or held by the business without charge in the early phases of developing business empires. Carving out such assets early on may reduce large transfer taxes on greater future values such as capital gains tax and stamp duty, if a listing is planned. Incorrect valuation of such assets could further erode the family’s wealth in the event the business is sold or restructured.
Disclosure of beneficial ownership information
Family businesses are characterised by various legal forms and ownership structures. The Companies (Beneficial Ownership Information) (Amendment) Regulations, 2022 requires businesses to make certain disclosures on their beneficial ownership and maintain a registry of their beneficial owners.
The onus to make these disclosures lies with the company’s directors and, where applicable, the company secretary.
Drafting individual or family business governance code
The sustainability and growth of a business is anchored on its governance. Having a governance code enables business owners to adopt a holistic approach to the management of their business that balances shareholder interests and those of future generations. This governance provides guidance on matters such as owner rights and obligations, measurement and disposition of earnings, transfer of ownership, company/partnership management, family governance and handling of assets.
Determination of residence and domicile
Income accrued in or derived from Kenya is chargeable to tax in Kenya.
A person’s residency status is key when determining whether their income is considered as having been sourced from Kenya. As such, knowing whether a person or their business is deemed resident in Kenya is paramount.
Family office planning
With the investments and assets of our potential clients held across various tax jurisdictions, managerial and administrative needs of family businesses can be extensive. We can help families with their family office functions, from set-up to providing ongoing or transactional support to a more established office. Whether the family has recently realised the need for a family office function or they wish to formalise a range of services they already receive, we are perfectly placed to assist them with establishing the right family office that suits their needs. We can help build your governance processes or review them to ensure that your structure is working in line with your expectations. Income accrued in or derived from Kenya is chargeable to tax in Kenya.
A person’s residency status is key when determining whether their income is considered as having been sourced from Kenya. As such, knowing whether a person or their business is deemed resident in Kenya is paramount.
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