A sole proprietorship is a business owned and managed by a single individual. The business owner takes all the profits and losses.
The following are steps to follow in registering sole proprietorship business in Uganda
- Conduct a name search. This process takes between two days to two weeks. You are required to fill a form at Uganda Registration Services Bureau (URSB).Charges for this service is Ush 2,000.
- Once the Uganda Registration Services Bureau (URSB) confirms that your name is unique and non-existence in their system, they reserve it until you fully register your business. Name reservation is done once an individual fills a form and submits it to the Uganda Registration Services Bureau. The fully filled form is returned to the same institution together with a fee which should not exceed Ush 23,000.The amount should be paid at the bank.
The form obtained from the URSB should have the following details:
- business name
- Nature of the business
- Name, surname, nationality and place of residence
- Name reservation takes 30 days. If the period elapses, an individual must do reservation again; this must include the name reservation fees.
- Log in to Uganda Revenue Authority website and obtain form which will enable you fill the details, submit and wait for your URA pin. This pin is very important, especially when applying for a tender.
- Once you have submitter the required details to the Uganda Registration Services Bureau (URSB), wait for one month to confirm whether you are fully registered.