11 December 2012

Uganda Probes Foreign SMEs

Kampala — The Ministry of Trade, Industry and Cooperatives has announced the commencement of registration of all foreign owned petty business.

In a press release, the Ministry said that the verification exercise is as a result of the persistent complaints it had received from the business community concerning the influx of foreigners in petty trade.

Speaking to the East African Business Week, Hon. Amelia Kyambadde, the Minister of Trade, Industry and Cooperatives said that the process of verifying the businesses is ongoing at the ministry.

"This is for only the petty businesses, like those selling small stuff in downtown. It doesn't include larger investors," she said.

She added, "I am calling upon all foreigners doing trade in Greater Kampala to report to the ministry for verification and registration. The exercise will be conducted from December 5 - 19, 2012."

The owners of the businesses according to the Trade ministry will be requested to report with a copy of the current trading license, Investment License, Copy of work permit, certificate of remittance from Bank of Uganda, certificate of incorporation and particulars of Directors of the Company and a passport for proof of identity.

The ministry says failure by these businesses to register will lead to cancellation of licenses in accordance with the legislations.

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