English is the official language. Uganda is a member of the East African Community and a potential member of the planned East African Federation. 3 Legal Forms of Business 1. URSBHQ Follow. 1. Several legal forms of business are available to executives. This Guide to Law Online Uganda contains a selection of Ugandan legal, juridical, and governmental sources accessible through the Internet. 3 Types of Business. Find more export advice and … Ugandan company law will be familiar to many of our Clients, as its legal system follows the English model. [citation needed] There are many types of business entities defined in the legal systems of various countries. URSB conducts Registrations and provides Information pertaining to Civil, Business and Intellectual Property matters, acts as Official Receiver and Liquidator. Food processing The Bank of Uganda, Uganda Securities Exchange, Uganda Retirement Benefits Regulatory Authority, and the Insurance Regulatory Authority additionally prescribe the use of IFRS Standards for entities under their supervision. The legal form a firm chooses to operate under is an important decision with implications for how a firm structures its resources and assets. Forms of Business Ownership Which is the right one for your business? There are at least six different types of business you could choose to start:. The following business alternatives are available in Uganda, as-Sole Trader: A sole trade is an individual who do his business by his ownership. You should expect a wait time of 32 days to put together the paperwork and file a LLC in UG. 5
Section 2: Forms of Business Ownership
2. One of the first executive decisions you’ll make for your new business is choosing the type of legal organization that’s best for you. The letters UG is for Uganda and the most common company type in Uganda is a LLC. GUIDE TO ESTABLISHING AND DOING BUSINESS IN UGANDA Introduction The total area of Uganda is about 241 000 square kilometres of which about 44 000 are covered by fresh water bodies. Representative offices do not exist in Uganda. What Are the Different Types of Business? Partnership business begins when two or more people stared a common business with their contribution or investment. Alternatively, foreign companies can also incorporate a PLC or a branch. When to Register a Business in Uganda. As to start a new partnership business you should always focus on the legal side as well. Service Business . Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics. The types of currencies you can use to capitalize your business is often legal tender. Sole trader – the oldest form of trading there is, it’s also the simplest and the most common type of business you’ll find.The clue is in the name – meaning that you are solely responsible for everything the business does and you’re often known as the proprietor. Which Legal Form Is Best for Your Business? And with more capital, you can venture into bigger businesses like real estate and property sales and management. The choice you make is important because it will determine what your business can and cannot do, … Find out how UK companies can control risks when doing business in Uganda.. Farming as a Business in Uganda Experiences, Models and Good Practices Agri-ProFocus Uganda Report Dissemination and Expert Meeting 9th – 10th March 2011 Silver Springs Hotel, Kampala Though there are several business opportunities in Uganda, here are the best 10 sectors for investors to explore: Top 10 Small Business Investment Opportunities in Uganda. Managing risk. The legal sector in Uganda comprises of various institutions concerned with the provision of legal services, the administration of Justice and the enforcement of legal instruments or orders. There are three basic forms of business. This Q&A gives an overview of the key issues in establishing a business in Uganda, including an introduction to the legal system; the available business vehicles and their applicable formalities; corporate governance structures and requirements; foreign investment incentives and restrictions; currency regulations; and tax and employment issues. Some small businesses can also be run legally without registration. Kampala. Under the Companies Act 2012, all entities are required to have their financial statements audited. Forms of Business Organisation Business Environment 24 3 FORMS OF BUSINESS ORGANISATION 3.0 INTRODUCTION After identifying the business in any field e.g., Insurance, it is necessary then to have a legal entity to be known in the society. Posta Uganda Main office, Kampala Road Booth 2 & 3. Export opportunities and advice. A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. When you start a business, you must decide on a legal structure for it. This diaspora has contributed enormously to Uganda's economic growth through remittances and other investments (especially property). Most often, business entities are formed to sell a product or a service. There are several ways of doing business in Uganda, the most common being to set up an LLC. 1. He is the 100% owner of his profits or losses. The minimum share cap is 0, This means you don't have any minimum share capital.