496
[ESTABLISHING A BUSINESS ENTITY IN UGANDA]
medical surveyors, Architects, and other professionals. practitioners,
Security Fund for social security purposes. 4) Any foreigners that may wish to work in Uganda should obtain a work permit through the Ministry of Internal Affairs. 5) An entity that may wish to obtain an Investment License can do so through the Uganda Investment Authority. Several requirements including a capital investment of USD 250,000 should be held. 4. STEPS AND TIMING TO ESTABLISH BUSINESS ENTITIES • Brief overview of steps to incorporate/constitute each business vehicle. i) Steps for incorporating a sole proprietorship. 1. Reserving and registering of business name and a statement of particulars with the Uganda Registration Services Bureau. 2. Applying for a Tax Identification Number with the Uganda Revenue Authority. 3. Applying for a trade license with the respective issuing agency. 4. Preparation and registration of
3.3. Companies
There are certain conditions pegged on companies especially foreign companies in Uganda in terms of owning land. The Land Act, Cap 227, prohibits any foreign ownership for mailo or freehold land. However, they can own a lease of up to 99 years, and this can be renewed.
3.4. Non-Government
Organizations
(NGOs) There are different types of NGO’s that are registrable under Ugandan law. These include foreign and indigenous NGO’s. These are charitable Institutions that operate to create impact within the communities for different reasons. Where one intends to incorporate a foreign entity in Uganda, these are directly registered with the NGO Bureau by filing the incorporation documents. An indigenous NGO would require obtaining a certificate of incorporation from the Uganda Registration Services Bureau and then filing the incorporation documents with the NGO Bureau to obtain a permit of operation in Uganda.
3.5. Other considerations
a Board Resolution to open a bank account(s) filed with the Registrar of Companies. 5. Registering with the Personal Data Protection Office if the business collects, processes or controls people’s data. This process is undertaken with the National Information Technology Authority. a sole proprietorship normally takes 6. Incorporating
1) All entities are required to register for tax purposes under the Income Tax Act. 2) All entities save for some Partnerships that may have licenses obtained from regulatory bodies are required to apply for a Trade License. 3) All entities are now required to apply and obtain a registration certificate with the National Social
ILN Corporate Group – Establishing a Business Entity Series
Made with FlippingBook Ebook Creator