Investors can now get licenses in two days
KAMPALA, UGANDA: The Uganda Investment Authority (UIA) is now capable of issuing licenses to investors in two days.
This follows the establishment of a fully-fledged One Stop Center (OSC) that is comprised of twelve government departments related to investment.
These include the National Environment Management Authority (NEMA), Uganda Revenue Authority (URA), Kampala City Council Authority (KCCA) and Uganda Registration Services Bureau (URSB).
Others are Directorate of Citizenship and Immigration Control, The Giants Club, Ministry of Lands, Uganda National Bureau of Standards (UNBS), Diamond Trust Bank, National Water and Sewerage Corporation (NWSC).
Also included is Uganda Investment Authority (UIA), Uganda Free Zones Authority (UFZA)
“A combination of the government agencies and the online business registration on (ebiz) has resulted into faster registration and licensing of investors in Uganda,” she told the investors at a forum held at Piato restaurant in Kampala.
“The first quarter of financial year 2019/20, from July to September, has seen UIA license 83 investors with a planned investment value of $262.1m projected to create 7,490 jobs,” she said.
Ms Mugyenzi also revealed that government have raised the threshold for minimum capital investment for foreign investors to $250,000 up from $100,000.
“However the threshold for Ugandan investors including those from the member states of the East African Community (EAC), is still maintained at $50, 000,”.
She pointed out that one of the policy reforms the authority has had this year is the amendment of the Investment Code.
“You are all operating under the Investment Code 2019, which President Museveni assented to in February this year,” she said adding that more regulations are still being developed.
The criteria for investment incentives, lists the priority sectors that are about 26 and mandates the authority to in charge of industrial parks.