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[ESTABLISHING A BUSINESS ENTITY IN UGANDA]
incorporation. It should be noted that applicants under this category can only enter Uganda after grant and payment of their work permits.
Accountable persons are required to report to the Financial Intelligence authority if they suspect or if they have reasonable grounds to suspect that a transaction or attempted transaction involves proceeds of crime or funds related or linked to or to be used for money laundering or terrorism financing, regardless of the value of the transaction. A suspicious transaction is defined as a transaction which is inconsistent with a customer’s known legitimate business or personal activities or with the normal business for that type of account or business relationship, or a complex and unusual transaction or complex or unusual pattern of transactions. 9. CONCLUSION; Investments in Uganda are guaranteed under the Constitution and other commercial laws as already discussed above. The country is also a signatory to major international investment treaties and related institutions. This informs the need for any potential investor in Uganda to have a flair for the legal compliance requirements and also understand the key consideration for having a business presence in the country.
• ANY RESTRICTIONS ON REMITTING FUNDS OUT OF THE JURISDICTIONS (WITHHOLDINGS, ETC); Accountable persons are required to register with the Financial Intelligence Authority. Accountable persons include, Accountants, Lawyers, real estate agents, dealers in precious metals and gems, Trusts and company service providers, financial institutions registered under the Financial Institutions Act Cap 54 as amended, non-governmental organizations, churches and other charitable organizations. A person entering or leaving the territory of Uganda and carrying cash or bearer negotiable instrument exceeding Uganda Shillings Thirty Million or arranging for the transfer of cash or bearer negotiable instrument exceeding Uganda Shillings Thirty Million, or the equivalent value in foreign currency should declare this to the Uganda Revenue Authority. It is also an offence for a person to intentionally fail to notify the customs and excise department of the Uganda Revenue Authority or to intentionally file false notification regarding cross- border transportation or sending of currency or negotiable bearer instruments which exceed the prescribed value, in accordance with section 10 of the Anti-Money Laundering Act 2013.
ILN Corporate Group – Establishing a Business Entity Series
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