Starting a business isn’t as obvious as people who have done it over and over make it seem to be. There are so many small logistics you need to know as someone who is venturing into business for the first time. Some of the things I share here will save you millions of shillings both in the short and long run.
Read to the bottom of this article. We included some fundamentals you as an entrepreneur will need in video form. Read till the bottom of this article to get the link to the video.
Come up with the Business concept:
The business concept is crucial. It is your starting point before anything is done at all. Ask yourself the relevant questions at this phase
When coming up with a concept, there are some core questions you need to ask
- What are we offering? (Which specific good or service)
- For Who?
- How are we going to get the people that need to know that we are offering this service or Good to know that we are solving a problem for them?
Once you come up with logical answers to these questions, you are well on your way towards starting your business.
Registering Your Business:
There are different types of business registrations that can be done in Uganda:
a) Sole proprietorship
- Conduct a Search(using the business Registration form) and establish if the name you register is available for use;
- Pay the Registration fees;
- You will receive a certificate of registration of a business name.
b) Limited liability company
To register a limited liability:
One needs to Reserve the name to be used and then file the following documents with the Registrar of Companies:
a) Companies Registration Form (s.18)
b) Memorandum and Articles of Association (if any)
c) Other Company forms
A1 – Statement of Nominal Capital
To register a Local company limited by guarantee, one needs to reserve the name to be used and then file the following documents with Registrar of Companies:
a. Company Registration Form (s.18)
b. Memorandum and Articles of Association;
When you have all the documents ready, pick assessments forms from our office or do self- assessment and pay registration fees and stamp duty. Upon registration, the Registrar will issue a certificate on incorporation within two working days.
After the company has been registered, the following forms must be filed (Company Returns).
- Company Form 20 – Particulars of Directors and Secretaries (Within 14 days)
- Company Form 18 – Notice of Situation of Registered Office & Postal Address (within 14 days)
- Company Form 10 – Return of allotment (within 60 days)
- Form of Annual Return for a company limited by shares (to be filed once every year).
c) Foreign companies
A foreign company is a company which is incorporated in another country. If such a company wishes to carry out business in Uganda, it must be registered.
To register a foreign company, the following documents are required:
a. Certified copies of Memorandum of Articles of Association/Charter/ Constitution and Certificate from the country of origin duly witnessed.
b. Registration forms:
- Form 24 – Particulars of Directors and Secretary
- Form 13 – Statement of all subsisting charges
- Form 25 – List of Names and Address of Persons Resident in Uganda authorized to accept service on behalf of the company.
- Form 26 – Address and Principle Office of Company.
When you have all the documents ready, do self-assessment or pick assessment forms from our office and pay the necessary fees. Upon registration,
Registrar will issue a certificate of registration within two working days.
A partnership is defined under Section 2 of the Partnerships Act, 2010 as the relationship that exists among persons numbering between 2 and 20 who carry on a business together with the aim of making profits. A Partnership is different from a company because while a company is separate from its owners and can hold property and sue or be sued in its name, a partnership is not a legal entity of its own; partnership property is held by the partners exclusively for purposes of the business. Also, when a partner dies, the partnership is dissolved (unless the Partners agreed otherwise) which is not the case with a company.
There are two major types of partnership; a general partnership and a limited liability partnership. The limited liability partnership is more like a Limited Liability Company.
In the case of a Limited Liability Partnership, only one of the Partners is liable for the debts of the partnership. The rest of the partners are only liable to the extent of their capital contribution to the partnership. In General Partnership, however, all Partners are fully liable for the partnership’s debts.
To register a partnership you need to:
a. Prepare a Partnership Deed;
b. Present your Partnership Deed to our office together with payment receipts;
c. Pick the processed documents within one working day.
Getting the relevant documentation:
When registering a business, some documentation is required. Memorandum and Articles of the association are needed. For the best services, we recommend leveraging Ntende, Owor and company Advocates. They are located in Ntinda around stretcher. If you are a local or an international company, you can contact them through
Depending on the business, the location could be a necessary component or not. We have seen more and more startups opting to start out online and then get a location after the business has picked.
Going online First?
Here is what you need to do:
What is a domain: This is an online location for your brand. These have gotten quite expensive lately. They range from $15 to $50,000,000 and are renewable at around $15 annually depending on the domain provider you are using. The most popular domain name provider is Godaddy
You can buy a domain for your brand through Godaddy.
Buy Web hosting:
Hosting is the location where your website is stored. We recommend using cloud storage so that as your website grows in traffic, you can easily scale. The best web host you can use at an affordable cost is Digital Ocean. It’s hosting starts at just $5 a month which is much cheaper than most hosts and still leaves the possibility to scale which many other host providers may not have.
Securing Bank accounts and TIN numbers
Opening a bank account and TIN Number is crucial for running your business. By default, you would need a bank account to receive any payments. When it comes to banking, there are many alternatives to cater to your needs.
For recommendations sake, as a new business especially if you are starting a new business in Uganda
Day to Day Business operations:
More businesses are running away from the traditional ways of managing your business operations. They are transitioning to using technology and software as a conduit to manage several aspects of their businesses. Right from the beginning of your startup, you need a reliable company, to provide software that you can use for this purpose. Luckily at MonkeyPesa, we provide this for Thousands of businesses worldwide. We provide the core infrastructure for businesses of all sizes to manage several aspects of their enterprises.
Sales and CRM: crm.monkeypesa.com
We provide several enterprise software and are building more over the years including point of sales, Human Resource, Marketing and more
You can contact us on firstname.lastname@example.org, email@example.com or our Uganda office on+256757537658
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