Local incorporation is required for carrying out venture capital activities in Kenya.
"2. Interpretation
In these Regulations, unless the context otherwise requires— [...]
"venture capital company" means a company incorporated under the Companies Act with the primary objective of providing substantial risk capital to small and medium size businesses in Kenya through equity, quasi-equity investments or other instruments whether convertible into equity or not as well as managerial or technical expertise to such business entities;
[...]
3. Eligibility Requirements
A venture capital company shall be entitled upon making an application to the Authority in the prescribed form and on payment of the prescribed fee to be registered under these Regulations as a registered venture company if it has—
(a) been duly incorporated under the Companies Act (Cap. 486) as a company limited by shares;  [...]" (THE CAPITAL MARKETS (REGISTERED VENTURE CAPITAL COMPANIES) REGULATIONS, 2007)
THE CAPITAL MARKETS (REGISTERED VENTURE CAPITAL COMPANIES) REGULATIONS, 2007
[<a href="http://kenyalaw.org:8181/exist/kenyalex/sublegview.xql?subleg=CAP.%20485A">Reg</a>]