Company Registration in Uganda – Are you looking to register a company in Uganda? Congratulations! we provide professional advice and expertise to local and foreign Investors in various industries. Our goal is to provide valuable services that enable you to start and grow your company in Uganda.
Introduction to Company Registration in Uganda
Registration of a company in Uganda is the formal process of establishing a legal entity to conduct business activities in Uganda. It provides a company with legal recognition, protection, and access to various benefits and business opportunities in Uganda.
N/B- In this comprehensive guide, we will walk you through everything you need to know about registering a company in Uganda. We will guide you through the URSB Name Search, the process of registration of a foreign company in Uganda, the types of companies in Uganda, the cost of registration of a company in Uganda, and corporate tax in Uganda. We’ll also assist you in obtaining the necessary permits and navigating through the final stages of tax registration, bank account opening, and obtaining your certificate of incorporation in Uganda. This step-by-step guide is exactly what you need to smoothly navigate the process of company registration in Uganda. Whether you’re a local entrepreneur or a foreign investor, understanding the ins and outs of registration of a company in Uganda is crucial for your company success.
URSB Online Company Registration In Uganda | How To Register A Company In Uganda | Process Of Registering A Company In Uganda
At Afrisetup, we follow these important steps to assist you with company registration in Uganda, ensuring a smooth and successful process:
- Create a Profile on Uganda Registration Services Bureau (URSB) using your ID Number / Passport Number
URSB is the new online platform by the registrar of companies in Uganda to help with all new company registration in Uganda.
- Conduct a URSB name reservation.
Here you will be required to add at least 3 company names and then make a payment to reserve the company name. Name reservation takes a Maximum of 3 days.
- Add Particulars of the company
Here you will be required to add the company’s physical address, proposed Sharecapital and shareholders of the company.
- Enter particulars of the memorandum and articles of association
Here you will choose whether to adopt the general Memorandum and Articles of association or opt to upload a customized copy
- Enter the directors’ details
Here you will be required to add the directors details like Full name, Phone number, ID / Passport number Email and residential Address.
- Enter the Official company contacts
Here you will be required to Key in the Company email address and phone number
- Download, Sign and upload the registration forms
At this stage you will be required to append a clear signature against your name and then upload the documents back on URSB.
- Make Payment and submit he application on URSB
Here you will be required to pay the requisite statutory fees and submit the application. If there are no corrections, the company will be approved in about 7 Days
To have a fully fledged company, you will need to consider the following steps after Registering a company in Uganda:
- Company and Directors Tax Registration
- Company Bank account opening
- Business License Application
- Apply for any other industry specific License
Requirements for Registering a Company in Uganda | What are the requirements for registering a company in Uganda?
- Three preferred names of the proposed company
- A Description of the activities of the Business/ Company
- Copies of Travel Passport of all the directors and shareholders (An LLC should have at least 2 shareholders)
- Passport size photographs of all the directors and shareholders
- Postal, Physical and e-mail address, telephone number and occupation of all shareholders/directors of the proposed company
- Share apportionment percentage.
Types of Companies in Uganda
All Uganda Registered companies fall under one of these categories
- Sole Proprietorship:
A Sole Proprietorship is the simplest form of business in Uganda. It involves an individual running a business on their own, with no formal legal structure. This means that the owner is personally liable for the entire operation, including debts and liabilities.
- Partnership:
A partnership is a business structure in which two or more persons share ownership of a company. Partnership can be either general partnerships or limited partnerships. In a general partnership, all partners share equal responsibility for the business, whereas in a limited partnership, at least one general partner is in charge of day-to-day operations and one or more limited partners contribute capital but have limited role in business management.
An LLC is a business structure that combines the advantages of a corporation with the flexibility of a partnership. An LLC gives its owners limited liability protection, which means they are only liable for the amount of money they invested in the business. Furthermore, an LLC is not required to pay corporate taxes, and the business’s profits and losses can be passed directly to the owners for tax purposes.
- Public Limited Company (PLC):
A public limited company is a type of business registration for companies that desire to raise funds from the general public by issuing shares. The owners of a PLC are limited in liability, while the company’s shares are freely traded on a stock exchange. A PLC must have at least seven shareholders and a board of directors.
- Non-Profit Company:
A non-profit company is a type of business registration meant for groups that do not seek to make a profit. Non-profit organizations are frequently created for charitable or social purposes, and any profits must be reinvested into the organization
NB – At Afrisetup, we have streamlined the registration of a company in Uganda, making it smooth for any business owner seeking to register any type of company. Feel free to engage with us for a better experience.
Company Registration Fees In Uganda | URSB company registration fees | How much does it cost to register a company in Uganda?| Cost Of Registering A Company In Uganda | Fees For Registering A Foreign Company In Uganda
Statutory Fees for a Local company with a share capital of up to UGX 5 Million will cost a Minimum of 20 dollars.
A company with a share capital more than UGX 5 Million is required to pay registration fees equivalent to 1% of the share capital and a stamp duty of 0.5% of the share capital.
Corporate Tax in Uganda | Taxation for Registered Companies in Uganda
Companies in Uganda are subject to the following Taxes in Uganda
- Corporate Tax – 30%
- Value Added Tax – 18%
- Payroll Taxes – A graduated scale of Between 10 and 40%
- Withholding Taxes – Between 6 and 20%
Benefits of registering a company in Uganda | What are the benefits of registering a company in Uganda?
Company registration in Uganda offers several advantages, including:
- Legal recognition:
Registering a company gives your company legal recognition, which aids in the protection of your brand and assets.
- Access to funding:
Company formation in Uganda makes you eligible for loans and investment from financial institutions and other investors focusing on funding companies registered in Uganda.
- Reduced personal liability:
By incorporating your company as a separate legal entity, you decrease your personal liability for business debts and obligations.
- Credibility:
Once a company is registered in Uganda, you gain trust with customers, suppliers, and partners by demonstrating your dedication to your business..
- Tax benefits:
Companies registered in Uganda are eligible for certain tax incentives depending on the industry and hence lowering your tax liability and enhancing your bottom line.
- Opportunities for expansion:
Registering a company in Uganda gives you an opportunity to access both the local and regional markets.
Why Choose Us for Company Registration in Uganda
Save you time
We have been in this business for a long time and through our experience we are keen to prepare an submit the right paper work to avoid numerous back and forth with the Registrar of Companies in Uganda
Ease of Compliance:
We help you choose the best type of entity and make sure that you process the right registrations for ease of compliance both in the short and long run
Access to our network of potential clients and partners:
Once you are our client, we are always happy to recommend your company to potential clients and partners and hence making it easy for your business to hit the ground running after the company is setup.
Confidentiality:
All the info received from our clients is only used for Company Registration and we have internal systems to make sure that the info is not disclosed to any unauthorized person.
Conclusion
The process of company registration in Uganda through URSB is simple and takes a short time to complete. Registering a company in Uganda involves a few basic documents, such as the company’s articles of association and memorandum of understanding, as well as a registration fee. To prevent any delays in the registration process, it is crucial to make sure that all necessary documents are submitted and that the registration fee is paid in full. At Afrisetup, we take the lead to ensure that your company has been registered in Uganda successfully and you start your operation as soon as possible.
Contact us today.
FAQs (Frequently Asked Questions)
Foreign nationals can start a company in Uganda by either incorporating a local company alone or with Ugandan nationals. The incorporation process entails either the shareholders of the foreign entity or the entity itself subscribing to the memorandum and articles of association of the local company.
Yes, foreigners can register companies in Uganda either as sole proprietors, partnerships, or limited liability companies. However, certain sectors may have restrictions or require special permits for foreign ownership.
The process of registering a company in Uganda takes about 7 days to complete. Tax registration and Bank account opening take an additional 14 days making the total 21 working days
Yes, you’ll need to provide a physical address for your company’s registered office in Uganda. This address will be used for official correspondence and legal purposes. We are happy to provide you with a registered address for company setup purposes incase you do not have an address.
The Uganda Registration Services Bureau offers a free online name search tool on its Business Registry Services (BRS) website. Here’s how to use it:
1) Visit the URSB BRS website: [search company name Uganda on the Uganda Registration Services Bureau website at brs.ursb.go.ug]
2) In the “Name to Check” field, enter the company name you want to verify.
3) Click “Check.”
You are required to have at least two shareholders and directors for a Limited company registration in Uganda.
A Single Member company can have one shareholder and one director. However you will be required to provide a Nominee Director and an Alternate Director to act on your behalf in case you are incapacitated.
To register this type of company, you will need to first apply for the reservation of its name by clicking on the URSB link and filling out the online form before submitting it.