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July-September 2015 Issue 2 Volume 2

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July-September 2015 Issue 2 Volume 2 JULY-SEPTEMBER 2015 ISSUE 2 VOLUME 2 a The URSB editorial team posses for a photo with the URSB Board Chairman Amb. Francis Butagira, during a staff meeting where the Chairman also launched the Newsletter product. CONTENTS The Business Registration TREP: The fruits of URSB Posta Uganda branch; 2 practice in Uganda 4 strategic partnerships 5 growing by the day. URSB business registry Streamlining the Trading Why everyone should 5 transformation: “No more files 6 License in Uganda. 7 Embrace Intellectual on the floor” Property! The ‘CORRIDAR’: Hated and URSB events in PICTURES URSB attends UNAA 9 Loved in equal measure 10 12 convention in New Orleans, Louisiana You want to register your Understanding the Is that place of worship 14 Business ? 15 process of closing an 17 licensed to celebrate your Below is step by step of what Insolvent business. marriage? we expect of you Editorial Team: Bemanya Twebaze - Executive Editor | Sheila Naturinda - Editor Mercy Kainobwisho - Director Business Registration Provia Nangobi - Senior Public Relations Officer “We are easing our road to success” As a growing institution, we have taken baby steps and now matured to fast track the services we offer to our clients, to all Ugandans and beyond so that we fulfil the mandate for which we are established. In that case, simplifying and explaining to you the very basics you FOREWORD need to know in registering your business is a given, and therefore we Moving in the right direction. shall endeavor to explain at all times, so that we manage to get your understanding and buy in of the whole process. Bemanya Twebaze- Registrar General And as we do that, we remind you to make use of our staff, and our services as clearly indicated at all times and avoid falling into the hands of “middle men.” We have met some of you with immense testimonies on how effective, timely and efficient our services have become, while we know of others who have not had a similar experience. This keeps us on our toes to serve you better at all times, because we believe in improvements on a daily basis and uphold professionalism as we serve you. We want to ensure that each of our clients has a seamless and similar experience at all times Currently, we coordinate the licensing reform efforts of all the regulatory agencies, and with this we also are certain that even as businesses get formalized, they meet no hurdle in getting licenses so that the doing business environment cycle is complete and made seamless. At www.businesslicensing.go.ug portal, you find all business licenses for each sector in the country and it eases your information search. And as we grow to be the institution of choice, we continue to partner with numerous institutions. We recently partnered with NSSF, so that every information we receive during business registration is shared to enable them ascertain employer contributions and compliance. This goes to cement the already existing partnerships we have with URA, UIA, KCCA, Posta Uganda and similiar institutions In the area of Intellectual In the area of Intellectual Property we have made strides and are working on a National IP policy which will encourage novelty and Property we have made reward professionalism in the area. This is the new area to concentrate strides and are working on on as society is all surrounded by daily innovations for development. a National IP policy which We know whereas factors of production are limited, creativity and will encourage novelty and innovation which we promote under Intellectual property is limitless reward professionalism in and if harnessed well, will support the transformation of our economy. the area. In Intellectual Property, we have also composed a National Expert group which will coordinate identification of appropriate technology that is beneficial to the growth of the economy. At URSB therefore we believe we must create sustainability, embrace technology and fight hard to promote innovation because with those three, we guarantee a vital importance of our services to everyone we serve. We promise to continue serving our clients’ needs at all times. BemanyaTwebaze 1 Registration of businesses is the mandate of URSB. The Directorate The Business Registration of Business Registration (DBR) is Practice in Uganda charged with a number of activities. By Mercy K. Kainobwisho Director Business Registration These activities include Name Search & Reservations, New Company A Partnership is different from a company because while a incorporation, Business names company is separate from its owners and can hold property registration, Registration of legal and sue or be sued in its name, a partnership is not a seperate instruments and other documents, legal entity of its own; partnership property is held by the Company related documents and partners exclusively for purposes of the business. Collateral securities such as chattels, mortgages & debentures, Certifications, and Searches. Company registration: This is under business names and for related The Business Registry is responsible for governed by the Companies Act, 2012, purposes, the registration of: which Act amended and replaced the A business name is the name or style a. Single member company Companies Act, Cap 110. The purpose of under which any business is carried out b. Public companies this Act is to govern the incorporation, whether in partnership or otherwise. c. Private Companies limited by regulation and administration of This is different from a company because shares companies and to make provision for whereas a company is a separate legal d. Company limited by guarantee related matters. entity with its own identity in law, a e. Foreign Companies; A company is a legal person which has business name is only a name that you f. Business Names; capacity and powers to act on its own are allowed to use to identify yourself or g. Legal Documents (e.g. (i.e. the law sees a company in the same your services in trade. Constitutions, Agreements, light as a natural person). Deeds, Powers of Attorney, etc.); Partnerships: A Partnership is defined h. Security documents (e.g. Foreign Companies: A foreign company under Section 2 of the Partnerships Mortgages, Chattels, Debentures, is a company which is incorporated Act, 2010 as the relationship that exists etc.) in another country. If such a company among persons numbering between wishes to carry out business in Uganda, 2 and 20 who carry on a business it must be registered. The laws applicable together with the aim of making profits. A Partnership is different from a Types of companies: the Companies a. The Companies Act 2012 company because while a company is Act 2012 provides for different types b. The Business Names Registration separate from its owners and can hold of companies which include; Private Act, Chapter 109 property and sue or be sued in its name, Companies limited by shares including c. The Partnerships Act, 2010 a partnership is not a legal entity of its d. The Registration of Documents Single member company; Public own; partnership property is held by Act, Cap 81 companies ;Company limited by e. The Chattels Securities Act, 2014 guarantee with shares; Company limited the partners exclusively for purposes of f. Uganda Registration Services by guarantee without shares and the business. Also, when a partner dies, Bureau Act, Chapter 210 Foreign Companies. the partnership is dissolved (unless the g. The Stamps Act Partners agreed otherwise) which is not h. The Finance Act Business Names: Business name the case with a company. i. The Constitution of the Republic registration is governed by the business of Uganda name registration Act, Cap 109 which There are two major types of j. The Non Governmental provides for the registration of firms partnership; a general partnership (Amendment) Act 2006 and persons carrying on business and a limited liability partnership. The 2 The Registrar General and the MD NSSF Richard Byarugaba after signing an MoU where business registration information will be used by the National Social Security Fund to ascertain employer contributions and compliance. limited liability partnership is more All monies are paid through the Bank Benefits of Registration of like a Limited Liability Company. In the of your choice. Please note that documents case of a Limited Liability Partnership, the Bureau does not receive cash • Registered documents are only one of the Partners is liable for whatsoever. admissible as evidence in a court of the debts of the partnership. The rest Self-assessment is done by clients law since they have evidentiary value of the partners are only liable to the logging on to the Uganda Revenue in the eyes of the law. This means extent of their capital contribution to Authority (URA) website at www.ura. that un-registered documents are not readily acceptable and the partnership. In General Partnership, go.ug. You may also carry out self- admissible in a court of law. however, all Partners are fully liable for assessment using a link provided on the Partnership’s debts. URSB website, www.ursb.go.ug • Registered documents safeguard Registration of documents Benefits of Registering a Company: the interest of a buyer since Registration of documents is governed When a company is registered, it is said they take effect against every by the Registration of Documents, to be ‘incorporated’ and a certificate unregistered document relating to the same property. In other words, Act Cap. 81 which Act relates to the of incorporation is issued. Upon the registration of documents registration of documents. These incorporation, the company becomes preserves the title of the buyer. documents include Power of Attorney, a body corporate separate from its owners. In other words, the business Deed Poll, Constitution, Affidavit, entity will be recognized under the law • Registering your document puts it Statutory Declaration, Memorandum of as legal and eligible to transact.
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