Local incorporation is required for engaging in collective investment schemes activities.
"2. Interpretation
In this Act, unless the context otherwise requires— [...]
“collective investment scheme” includes an investment company, a unit trust, a mutual fund or other scheme whether or not established or organized in Kenya which—
(a) collects and pools funds from the public or a section of the public for the purpose of investment;
(b) is managed by or on behalf of the scheme by the promoter of the scheme;
and includes an umbrella scheme whose shares as herein defined are split into a number of different class schemes or sub-schemes, each of which is managed by or on behalf of a common promoter, but does not include—
(i)	a body corporate incorporated under any law in Kenya relating to building societies, co-operative societies, retirement benefit schemes, credit unions or friendly societies;
(ii)	an arrangement where each of the holders of the shares is a body corporate in the same group as the promoter;
(iii)	an arrangement where each of the holders of the share is a bona fide employee, former employee, wife, husband, widow, widower, child, stepchild of the employee or former employee of the directors or shareholders of a body corporate in the same group as the promoter;
(iv)	arrangements where the receipt of contributions from the holders of shares in the collective investment scheme constitutes the acceptance of deposits in the course of a business which is a deposit-taking business for the purpose of the Banking Act (Cap. 488);
(v)	contracts of insurance;
(vi)	retirement benefits scheme; [...]
“investment company” means a collective investment scheme organised as a limited liability company under the Companies Act (Cap. 486) in which the rights of the participants are represented by shares of the company; [...]
"REIT manager" means a company incorporated in Kenya and licensed by the Authority to provide real estate management services in respect of a real estate investment trust;
[...]
30. Procedure for collective investment schemes
(1) No person shall carry on any business or engage in any activity as a collective investment scheme, in or from within Kenya, unless such person is registered under this Act.
(2) The promoters of a collective investment scheme that is proposed to be formed, may apply to the Authority for consent to register a collective investment scheme upon complying with the requirements prescribed under this Act.
(3) Where the Authority grants its consent under subsection (2), the promoters of the proposed collective investment scheme shall, within three months from the date of granting such consent, deliver to the Authority—
(a) in the case of a unit trust or investment company, satisfactory proof that the proposed collective investment scheme is lawfully constituted in Kenya;
(b) in the case of a mutual fund, proposed incorporation documents and such other information or documents as may be stipulated by the Authority; and
(c) an application in the prescribed form for registration as a collective investment scheme accompanied by the prescribed fee.
(4) If the Authority is satisfied that the applicant has complied with all the requirements, it shall register the collective investment scheme and issue to the applicant a certificate of registration in the prescribed form.
(5) In the case of a collective investment scheme to be set up as a mutual fund, upon the issue of a certificate of registration under subsection (4), a body corporate shall be deemed to have been incorporated as a collective investment scheme with variable capital, notwithstanding the provisions of the Companies Act (Cap. 486). [...]" (Capital Markets Act No. 3 of 2000, as amended)
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"4. (1) A person shall not— Restriction on establishment and operation
(a) establish or operate a collective investment scheme or purport to establish or operate such a scheme, unless the scheme is approved and that person is licensed by the Authority as a fund manager or an investment bank;
(b) establish or operate an intermediary service platform without a license from the Authority;
(c) advertise or cause to be advertised in Kenya, a scheme advertisement unless that person is a licensed person, and the contents of the advertisement have been approved by the trustee of the scheme and complies with Part XIV of these Regulations; or
[...]
12. (1) A collective investment scheme shall be eligible for approval where— [...]
c) the fund manager, trustee and custodian are each—
(i) a body corporate incorporated in and with its registered office in Kenya; and 
[...]
PART V—MANAGEMENT OF COLLECTIVE INVESTMENT SCHEMES [...]
Division D—Intermediary Service Platform Providers [...]
77. (1) An application for licensing as an intermediary service platform provider shall be accompanied by the following—
(a) evidence of the entity’s incorporation or establishment; [...]" (LEGAL NOTICE NO. 173, THE CAPITAL MARKETS (COLLECTIVE INVESTMENT SCHEMES) REGULATIONS, 2023)
Capital Markets Act No. 3 of 2000, as amended
LEGAL NOTICE NO. 173, THE CAPITAL MARKETS (COLLECTIVE INVESTMENT SCHEMES) REGULATIONS, 2023
[<a href="http://www.kenyalaw.org:8181/exist/kenyalex/actview.xql?actid=CAP.%20485A">Act</a>],[<a href="https://www.cma.or.ke/download/34/regulations/5017/the-capital-markets-collective-investment-schemes-regulations-2023-formatted.pdf">Reg</a>]