Brief about Starting a Business in Uganda

Starting a business in Uganda doesn’t only need to have capital, knowledge and skills but it also involves other criteria. Before starting/doing business, one needs to formalize his or her business so as to reap the benefits of the business growth.

Business registration is handled by different government organisations therefore they work hand in hand so make the process easier and shorter. These organisations include; Uganda Registration Services Bureau (URSB), Uganda Investment Authority (UIA), Uganda Revenue Authority (URA), Kampala Capital City Authority (KCCA), National Environmental Management Authority (NEMA), Ministry of Lands, Housing  and Urban Development (MOHLUD), National Social Security Fund (NSSF) and Uganda National Bureau of Standards (UNBS). Therefore requirements needed for one to formalize his or her business involves the following steps:

• Search and register the business name with URSB for about 2 days.
• Reserve a business name with URSB within 2-4days.
• Obtain a certificate of incorporation with URSB which takes about 1-3days.
• Obtain an investment licence with UIA for about 2-5days.
• Obtain the tax payer identification number (TIN) with URA for about 1-10 days.
• Obtain a trading licence with KCCA for about 1 day.
• Register with NSSF which takes 1-7 days
• Make a company seal with seal maker within 1 day.

After fulfilling the requirements needed, every organisation will provide a licence authorizing you to start doing business. In conclusion if one obtains legal identity they are able to compete favorably in the regional and international market, access opportunities like loans, tenders and financing, creation of more employment opportunities through business expansion, trade in its own name plus also owning and transferring property.