> they will have to either prevent chains of ownership and/or beef up initial incorporation charges and/or periodic incorporation maintenance fees. Not really,

> they will have to either prevent chains of ownership and/or beef up initial incorporation charges and/or periodic incorporation maintenance fees. Not really, this sort loophole is trivial to avoid while writing the law: just calculate by local ownership percentage of total shares and/or total capitalization. In your example, A3 would have 2.7% of its shares be owned by Kenyans and so wouldn't be local.