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Browsing: Digital Legal services
Only 14 percent of Small and Medium Size Companies access legal services in Kenya according to a new report by KIOI & CO Advocates.
The report which was released at the launch of the firm’s virtual legal services, indicated that over 70 percent of SMEs do not access legal services citing cost as the major factor. With over 100, 000 companies registered in Kenya every year, very few make it to their third birthday mostly due to compliance issues.
“Some of the major legal problems affecting SMEs include poorly drawn contracts or no contracts at all, little or no legal advice on agreements, bank loans as well as failure to meet compliance set by the law ,” said Angela Kioi, founder, Kioi & Co Advocates.
According to Company Registrar there are 326 new business registrations across Kenya daily, however many SMEs cite prohibitive legal fees as a barrier to engaging …