One of the first steps you must take if you intend to launch a business in Uganda is to secure a name for it. An application must be submitted to the Uganda Registration Services Bureau (URSB) along with a fee. For online applications, the fee to reserve a company name in Uganda is UGX 25,000 (about USD 7) while for manual applications, it is UGX 50,000 (around USD 14).
The URSB will check your proposed company name to make sure it is original and not being used by another firm after you have filed your application and paid the cost. You will receive a certificate of reservation that is good for 60 days if your name is accepted. You must finish the registration process and provide the URSB any necessary paperwork during this period.
Along with reserving a name, you must incorporate your business with the URSB. Depending on how sophisticated your firm is and how well-rounded your application is, it may take more or less time to finish this process. A company’s incorporation typically takes 2 to 5 days in Uganda. The procedure could, however, take longer if your application isn’t comprehensive or if there are problems with the planned organizational structure.
There are a number of required documents that you must submit to the URSB in order to establish your business in Uganda. A list of the first directors and the company secretary is among them, as well as a memorandum and articles of association, a statement of nominal capital, a notification of the location of the registered office, and a notice of the nominal capital. If your business is engaged in a regulated sector or you are registering a foreign corporation, you might additionally be required to submit supplementary documentation.
The “Reserve Unique Name” option, which the URSB also provides, enables you to reserve a name for your business for a longer length of time. This is important to note. For UGX 100,000 (about USD 28), you can reserve a name for up to 12 months with this service. If you’re not quite ready to incorporate your business but want to make sure that your preferred name is available when you are, this can be useful.
As a result, it is quite inexpensive to reserve a company name in Uganda, costing UGX 25,000 for online applications and UGX 50,000 for manual applications. The process of forming a company, which might take many days, consists of more steps than this one. It’s crucial to provide the required documentation and confirm that your proposed business structure complies with Ugandan law in order to guarantee a smooth and prompt registration procedure.