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Ugandan monies registration#

Establishing a legal business entity such as an LLC or corporation also protects you from being held personally liable if your moneylending company is issued. You have to register your company because later you will need to present incorporation documents when applying for a Money Lending License.

Ugandan monies registration#

Uganda Registration Services Bureau (URSB) records.

When registering a business name, we recommend researching your business name by checking: If you don’t already have a name in mind you may start writing a few keywords related to money lending like financial services, micro-lending services, etc. They typically have a few things in common: their names are short, simple, easy to write, and easy to remember.Ĭhoosing the right name is important and challenging. Think about the names of companies you admire and how those names were crafted. Keep the name short, simple, and easy to write and remember. You have now decided to start your business but, what will you name your business? You can budget for employee salaries, advertising costs, general office supplies, a nice website, and a small office space since it is a requirement to declare your intended place of business to the authorities like UMRA. You will need a few professionals in key areas like loan procession, debt collection, and bookkeeping.

One of the advantages of starting a money lending business is that it doesn’t have a lot of overhead. What are the startup and ongoing costs?.You may have to ask yourself the following questions: It can help you to map out the specifics of your business and discover some fewer known requirements to succeed as a moneylender.

Plan Your Business WellĪ simple and clear business plan is essential for the success of any business including moneylending. It is from this interest that the moneylender makes a profit. Repayment will include the payment of any interest or fees. This company makes funds available to a person or business with the expectation that the funds will be repaid. Who is A Money Lender?Īs defined in the tier 4 microfinance and money lenders act (money lenders) regulations, 2017, a “Moneylender” means a company engaging or intending to engage in money lending business. if you have capital and you’re ready to begin, you need to ensure that your new business is well planned out, registered properly with the relevant authorities, and legally compliant. Money lending is another perfect business idea that can be successful in Uganda.