Kenya’s business landscape has just gotten more exciting with the introduction of TRIFIC, a dynamic Special Economic Zone (SEZ) designed to attract global, African, regional, and Kenyan service-oriented enterprises. Whether you’re a startup looking to make a mark, an established business seeking expansion, or a foreign company eyeing the African market, TRIFIC offers a strategic gateway to regional and international markets.
This comprehensive guide walks you through every step you need to take to successfully set up your business in TRIFIC, from the initial expression of interest to obtaining your SEZ Enterprise License. Follow along to ensure a smooth and efficient setup process, leveraging the unique advantages offered by this promising economic zone.
1. Understanding TRIFIC and Its Target Market
TRIFIC is a state-of-the-art SEZ that focuses on service sectors including:
- Banking and Financial Services
- Fintech and Digital Technology
- Business Process Outsourcing (BPO) and Information Technology Outsourcing (ITO)
- Professional Services (Consulting, Legal, and Tax Advisors)
- Corporate Headquarters and Centers of Excellence
- Media, Entertainment, and PR
- Healthcare and Hospitality Facilities
This SEZ is an attractive destination for companies seeking to operate in a business-friendly environment with access to regional and international markets.
2. Eligibility Criteria for Operating in TRIFIC
To qualify for setting up a business in TRIFIC, your company must meet the following criteria:
- Operate within a service-oriented business scope.
- Engage in activities involving the movement of capital across international markets.
- Own or lease land or premises within the TRIFIC SEZ.
- Be licensed as a SEZ Enterprise by the Kenyan SEZ Authority.
3. The Step-by-Step Process of Setting Up Your Business in TRIFIC
Step 1: Submit an Expression of Interest (EOI) Begin by filling out and submitting the TRIFIC Expression of Interest Form, available on the TRIFIC website. This form will require basic details about your business and the nature of your operations.
Step 2: Schedule a Discovery Session Once your EOI is received, schedule a Discovery Session with the TRIFIC team. This session is designed to discuss your business needs, understand your objectives, and explore how TRIFIC can meet your requirements.
Step 3: Select Your Business Location and Agree on Terms Choose the space within TRIFIC SEZ where your business will operate. You’ll need to agree on and sign TRIFIC’s Heads of Terms (HOT), which outlines the preliminary terms of your engagement.
Step 4: Complete SEZ Enterprise License Application Work closely with TRIFIC’s SEZ One-Stop-Shop to prepare and submit all necessary documentation for your SEZ Enterprise License application. The One-Stop-Shop is a dedicated service that streamlines the process, handling permits, approvals, and licenses on your behalf.
Step 5: Finalize Agreements and Payments After receiving an Approval in Principle Letter from the SEZ Authority, you will need to:
- Sign a Leasing Agreement with TRIFIC.
- Incorporate your SEZ entity.
- Pay the SEZ License fee, which is USD 1,000 annually.
Step 6: SEZ Enterprise License Issuance and Setup With your SEZ Enterprise License issued, the Enterprise Migration Process begins. This includes the fit-out and development of your premises, procurement of incentives, obtaining work permits, and more. TRIFIC guarantees the completion of this licensing process within 30 calendar days, ensuring a swift setup.
4. Leveraging TRIFIC’s SEZ One-Stop-Shop Services
TRIFIC’s SEZ One-Stop-Shop is a crucial resource that simplifies your business setup. By acting as an intermediary between your business and government authorities, it helps navigate the complexities of permits, approvals, and licenses. This service is essential for businesses that aim to establish themselves quickly and efficiently within the SEZ.
5. Getting Started: Next Steps
To start your journey in TRIFIC, visit their website and submit a Business Set Up Enquiry. You can also schedule a Discovery Session by emailing TRIFIC or calling their office. During this session, you’ll receive guidance on the entire process, ensuring a seamless and successful business setup in one of Africa’s most promising economic zones.
Conclusion
Setting up a business in TRIFIC not only offers access to a thriving market but also provides a streamlined process backed by extensive support services. By following the steps outlined in this guide, your business will be well-positioned to thrive in Kenya’s newest economic hub. Don’t miss the opportunity to be part of Africa’s gateway to the world—start your journey in TRIFIC today!
