502
[ESTABLISHING A BUSINESS ENTITY IN UGANDA]
Authority. Under section 4 of the Income Tax Act Cap 340, income tax is generally imposed on all types of persons who derive income, whether an individual, bodies of individuals, or corporate entities. Resident persons are taxed on worldwide income, while non-resident persons are taxed only on income derived from sources in Uganda. Registering renewing registration with the Personal Data Protection Office. and Filing of Tax & VAT Returns and payment of tax obligations renewing registration with the Personal Data Protection Office. Registering and
x)
The Stamps (Amendment) Act No. 2/2002.
xi)
The
Business
Names
Registration Rules S.I 109-1
xii)
The
Business
Names
Registration
(Amendment)
Rules S.I 53 OF 2005 xiii) The Contracts Act 2010 xiv) The Income Tax Act Cap 340 xv) The National Social Security Fund Act Cap 222 xvi) The Value Added Tax Act Cap 345 xvii) The Data protection and Privacy Act 2019 xviii) The Data Protection and Privacy regulations 2021 xix) The Trade Licensing Act Cap 101 Maintenance and reporting requirements ; i) Registration on the URSB portal and Beneficial Ownership ii) Filing annual returns in accordance with the Companies Act 2012. iii) Registering and renewing registration with the Personal Data Protection Office. iv) Filing Annual Tax Returns. v) Appointing of External Auditors vi) Reconfirmation of Non- Executive Directors
ii)
iii)
iv)
v)
Filing Annual Tax Returns.
vi)
The Trade Licensing Act Cap 101
c) Companies ; the following are the legislations that govern companies in Uganda. i) The National Social Security Fund Act Cap 222 ii) The Companies Act, 2010 iii) Th Companies (General) Regulations S.I No.7 of 2016 iv) The Companies (Fees) Rules S.I 57/2005 v) The Companies (Powers of the Registrar) Regulations 2016 vi) The Registration of Documents Act Cap 81 vii) The Uganda Registration Services Bureau Act Cap 210 viii) The Trade licensing Act Cap 101 ix) The Stamps Act Cap 342
6. REQUIREMENTS
FOR
LOCAL
SHAREHOLDING/DIRECTORS; i) Shareholding is likened to membership in a company. The companies Act 2012 allows every person to become a member of a company. However, the Uganda Registration services Bureau
ILN Corporate Group – Establishing a Business Entity Series
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