This article discusses the step-by-step procedural guidelines that the government of Uganda has provided for the incorporation of any company. It also discusses in detail the legal requirements for a company to be authorized to establish its business. Uganda, a country in East Africa dominates the larger part of Lake Victoria (an immense lake in E.A) that escalates towards a neighboring country, Kenya. The latest census documentation approximates its population to be about a 45million with English being its solemn language. In the year 2018, World Bank recorded about 18862 businesses that operate within its boundaries. Company data statistics were approved by legally identified sources. Similar to many countries in Africa, the Ugandan government has established its legal requirements to regulate the development of firms within its region.
Company Registry
For a business to be incorporated as a legal private entity, the following demands are to be achieved.
Name Search
Every business investment is anticipated to have a distinctive identity that differs from other subsisting names. To achieve this, company owners are required to consult with the Register of Companies for a business name check. The R.Cs then proceed by running the name in their data site. Sever base structure will stipulate whether or not the company name exists anywhere. If the investment denomination is not used by any existing firm, the new profit organization becomes eligible to make proceedings on incorporation. Furthermore, it also becomes entitled with the name for not less than one month. After the stated duration, the business suits the legal possession of that distinct name. This is the initial incorporation process of any investment.
The process of Registration
The adoption process follows the second procedure. This is by the Companies Act that was introduced in the year 2012 by the Ugandan government. Registrar of companies then confirms all the legal documents of the firm before numbering it. The incorporation exercise normally takes roughly a week. At this point, the office of the registrar is in charge of informing the shareholders and directors about the company’s existence.
Reports
In case the creators of the firm resolve to make adjustments to a memorandum of association or company name and asset, it must notify the ministry of registrations. Other adjustments such as details of directors and dividends should be reported to the registrar. Furthermore, when the corporation makes yearly returns and decides to make adjustments to its operation, it should inform the ministry of the new up comings. Further implications apply to countries that surface in the East African region. Members who originate from the East African zone enjoy similar rights to Ugandan citizens. Non-East African members have required recognition from UIA before proceeding with application activities.
Registry requirements
For an effective petition process, the following documents and procedures should be contemplated:
- Investment owners should provide certification of their company. Such a certificate indicates that the entity has legal establishments and is acknowledged by the Ugandan government.
- A comprehensive scheme of the business. The business plan should indicate business structure, input factors, expected outputs; factors of production utilized, and anticipated profits.
- Green procurement certificates. These certificates should be secured by recognized bodies.
- The profitable organization should also indicate the expected number of labor. It should specify the targeted workers’ willingness to engage.
Authorization
After yielding all the required documents, applicants wait for authorization from the ministry. If the application process was successful the investors are offered an investment certificate that permits them to proceed with the business. Otherwise, the investors are not subject to owning a certificate once the ministry disapproves of the incorporation process. If the business did not fulfill all the legitimate requirements for application, it cannot receive authorization from the ministry. Other reasons may include counterfeit company details or villain records of directors. Moreover, if the company met all the requirements but had little startup capital, the ministry will not authorize it to continue with its operations.
