Uganda is ranked as one of the best investment & business destinations in Africa and as well one of the most entrepreneurial countries in the world. You may be one of the many people intending to start operating a business in Uganda. Whether a foreigner or native, there are easy steps to getting legally operational ranging from registration, licencing, taxation, etc. The first step is registration and it is what we will focus on in this article. Company Registration
The regulatory body responsible for business registration is the Uganda Registration Services Bureau (URSB) To register a local company or business in Uganda doesn’t cost much time and resource. If you use consultants like NBK-Premier Solutions on process guide, it becomes even more easier and faster.
A local company in Uganda is one that is incorporated and registered in Uganda regardless of the origin of subscribers. It was now made easy in a way that even one person(shareholder) can register a limited liability company unlike in the past when two or more shareholders were needed to form a company.
STEP BY STEP GUIDE*
The information and process required for the incorporation of a local company is as follows according to URSB;
Get a company name and make an application for reservation of name. The suggested name is subjected to a search in the business registry database. Once the name passes the similarity,defensive, offensive, desirability test, then it is reserved. Validity of a reserved business name lasts for a period of 30 days.Fill in the required documents and forms for registering a Company.
The forms required for registration include :S18 (company REGISTRATION FORM), Form 20 (Notice of Appointment of directors and secretary), Form 18 (Notice of situation of registered office and postal address).
After filling all these, then the Memorandum and Articles of Association is the next step in line. This must state the following: Name of the company,address, object clause, share capital, class, value and number of shares, subscribers, their occupation, postal address and the number of shares subscribed, in case of a company limited by shares.
Another important step is the provision of a company statement for Nominal capital Form. This form is mandatory at the initial registration of the company like the above and it should provide the following information. State the share capital, number and class of shares and the value of the shares, must be dated and endorsed by the person filling it in and must be witnessed by a person of sound character.
This sounds complex but you can get all this information at no cost from NBK-Business Solutions
About Me
Nicholas K. Quest >> a Best Selling Transformational Author, Consultant and Serial Entrepreneur. He is passionate about helping others to achieve their greatest dreams and ambitions through his Transformational education & development programs. Follow Nicholas’ work through his training/Publishing and Consulting firms respectively: Legacy Pearls Africa, NBK-Premier Solutions, DETT Community
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