Quick snippets from our morning read on Wednesday, 31st March 2021
Many Micro and small business enterprises remain small due to the fear of business formation and taxation. Today’s morning read is an excerpt from an article published on our website addressing the aspect of business formalization. In this excerpt, we focus on the process of registering a business.
Seeing as business formalization largely hinges on registration, what does it actually take to register a business? Below is the procedure you can follow in registration of a local business. Refer to this article for broader insights and requirements for business registration.
- Agency: Uganda Registration Services Bureau
- Period: 30 minutes
- Cost: free
- Notes: Quick name check – see main link for naming guidelines
- Agency: Uganda Registration Services Bureau
- Period: 1 – 3 hrs
- Cost: UGX 24,000
- Notes: Check status of name application
Obtain Certificate of Incorporation
- Agency: Uganda Registration Services Bureau
- Period: 4 – 6 hrs
- Cost: Various options
- Notes: Subject to submission of all relevant documents
- Agency: Uganda Investment Authority
- Period: 2-5 Days
- Cost: Free of Charge
- Notes: For foreign investors
Obtain a Taxpayer Identification Number (TIN)
- Agency: Uganda Revenue Authority
- Period: 1-10 Days
- Cost: Free of charge but if third party used, agent costs apply
- Agency: Local Municipal Authority/Council Authority
- Period: 1 Day
- Cost: UGX 78,750 – UGX 498,750
- Notes: Business premises should be ready for inspection. Expire on 31st December each year
Register with National Social Security Fund (NSSF)
- Agency: National Social Security Fund (NSSF)
- Period: 1-7 Days
- Cost: Free of Charge
- Notes: Applies to all employers with 5 or more employees
- Forms: Employer registration form, Employee registration form
- Agency: Seal Maker
- Period: 1 Day
- Cost: UGX 225,000
- Notes: Different from company stamp. Put in secure place and limit access.
Read the full article published on our website here.
And as always, if you enjoyed this, check out the rest of our daily snippets, curated daily, right here on The Red Notebook.
