Uganda has steadily improved in how it compares to other African countries with regard to its business climate stability. The same has consequently attracted foreign investment and trade partnerships and hence gradually increasing its viability for business. The latest World Bank ratings continue to prove this indicating a rise in the Ease of doing business using metrics such as the regulatory environment and property rights protection among others.
Should you do Business in Uganda?
Notable growth has been marked in construction, telecommunication, agricultural and oil and gas industries with contributing factors to the aforementioned including;
- Digitalization of tax processes by the Uganda Tax Authority
- Centralization of company registration services
- Enforcement of anti-money laundering regulations
- Formation of strategic regional trade partnerships
Additionally, Uganda has predominantly favorable policies towards foreign investments in comparison to other countries; and extends attractive incentives for the same. These, however, do not negate key challenges faced by businesses in Uganda which include poor infrastructure in comparison to other countries, high finance costs that are partly driven by government borrowing, poor ICT and technical skills adoption among others.
What is the Fundamental Compliance for Businesses in Uganda?
With this advancing business environment, the business regulatory authorities in Uganda progressively require that all businesses prepare accounts for the determination of taxes payable as well as file and pay their dues as outlined in the Company’s as well as the Income Tax Acts of Uganda. It is important to note that non-compliance in Uganda could have reputational and/or financial repercussions to businesses and criminal charges in some cases. As such, compliance should be prioritized by businesses.
How can we help?
Ronalds Uganda supports both local and foreign businesses in Uganda by offering stellar services in the aforementioned areas with first-rate professionals in the areas of Audit, Tax, Human Resource, Accounting and Information Technology.