The State Department for Lands and Physical Planning, an agency under the Ministry of Lands, will no longer be registering trusts under a new law.
In a statement to newsrooms, the Business Registration Service (BRS) says it has now assumed the registration and incorporation of trusts.
“Effective Wednesday 22nd May 2024 the State Department for Lands and
Physical Planning shall cease receiving applications for registration and incorporation of trusts,” the statement says. “New applications and related transactions shall be submitted to the BRS premises at 316 Chambers, 16th Floor 2nd Ngong Avenue effective Monday 3rd June 2024 to allow a smooth transition between the two Offices.”
This change has taken effect after President William Ruto assented to the Statute Laws (Miscellaneous Amendment) Act No. 3 of 2024 last month.
The new law amended the Trustees (Perpetual Succession) Act effecting the registration and incorporation of trusts at the BRS — an agency under the Attorney General’s office — under the Registrar of Companies.
A trust is a legal agreement that allows a third party (trustee) to hold assets on behalf of a beneficiary.
The main purpose of a trust is to manage and provide legal protection to the client’s property and assets.
