Your Complete Guide on How to Register Company in Uganda
Uganda offers various business opportunities for local and foreign entrepreneurs. Being fertile, the country boasts of agricultural produce at a world scale. It also offers amazing natural landscapes, making tourism one of the significant business opportunities in Uganda.
The Uganda government has recently worked on economic reforms to create a pro-business environment. The country attracts foreign investors onto its shores through tax breaks and investment incentives. With a young population, Uganda has a ready and growing market for goods and services.
Registering Your Uganda Company
The governing body for all company registration in Uganda is the Uganda Registration Services Bureau (URSB). Also, Two forms of company are available for foreign investors to register company in Uganda. These are a local company or a branch office. A local company can be a private limited company, public limited company, sole proprietorship or partnership.
Company Name Search & Reserve
To begin your company registration, you must do a company name search to ensure your chosen name is uniquely yours. You can do this on the URSB e-services website. You can submit a minimum of three names to the URSB. They will conduct a complete regulatory compliance of your company name and reserve it for thirty days.
You have thirty days to complete your company registration in Uganda. Otherwise, the reservation will expire, and your chosen name will be available to the public to acquire it.
Now that the name is reserved for thirty days, you must start drafting your company’s Memorandum of Articles (MoA) and Association of Articles (AA). The documents may be similar if you already have a business elsewhere. But vital details must change since you will operate a company in Uganda.
The MoA and AA of your Uganda company must include details such as the shareholders’ names, addresses and signatories. Other details include the business objective, company name, registered office address and share capital. By law, the share capital is zero. Otherwise, we leave it up to you to set your company’s share capital. Shareholders can be corporate entities.
Appointment of directors and shareholders
If you register a private limited company, Uganda requires at least two directors and two shareholders. The directors manage the company, and the shareholders are the company’s owners. There is a requirement to have a board resolution signed by an attorney. This becomes part of the essential documentation for registering a company.
Submission for Company Registration
Once the documentation is ready, you can submit it for company registration on the URSB website or in person at the respective office. The fee to register company in Uganda is based on the company’s share capital.
Certificate of Incorporation
The URSB will take approximately three days to a week to review your application to register a company in Uganda. Once your submission satisfies their criteria, the URSB will issue the certificate of incorporation. You are now a legal business entity in Uganda.
With the certificate, you can register your company with Uganda Revenue Authority to obtain a Tax Identification Number (TIN). The banks require TIN to open a business bank account.
Ready to Register a Company in Uganda?
With a holistic guide like this, you now have a better idea of what it entails to register a company in Uganda. However, we at 3E Accounting would be all hands on deck if you need assistance registering a company in Uganda anytime.