Technology has made it easy to do business in Kenya
According to a World ank report released in 2012 it has been indicated that technological advancement in Kenya has drastically reduced the cost of doing business in Kenya by a commendable margin. This has put Kenya in the spotlight again as an ICT giant of East Africa. Many foreign companies are seeing Kenya as an attractive investment destination.
Technology advancement will open Kenya to the world in terms of foreign investors who will invest directly in the country and companies which would like to outsource services to Kenya. This will have a direct impact to the economy of the country and will also help solve the unemployment menace that has been affecting the Kenyan government for a very long time.
If there is one aspect of the government that hinders investors from investing in a country it is tax remittances. This is a particularly sensitive issue regarding the amount of time used to manually file tax returns for a corporate institution. It could take months to manually calculate and file corporate taxes but now with the availability of online tax payment methods it takes around three days or fifty three hours in total.
The construction industry has also received a major technological boost. Architects are now able to submit construction permit applications online. This is a very positive move because investors see the transparency of the whole process and getting rid of the notion of corruption in the public sector. The time used to apply and process the application is also greatly reduced as well as solving the issue of misplaced files.
Many investors are very conscious of their time and they prefer to invest where the government process moves faster, giving them time to reach their goals faster within a stipulated amount of time. This will enhance and promote the real estate industry because many investors will have confidence in the permit application process. This is evident in the world class real estate projects that are being built in Kenya like the Konza city along the Mombasa high way at Machakos junction.