HOW A COMPANY MAY OPEN A BANK ACCOUNT IN UGANDA
LAW APPLICABLE
- The 1995 constitution of the Republic of Uganda As amended
- THE COMPANIES ACT, 2012.
- FINANCIAL INSTITUTIONS ACT(FIA) and the regulations hereunder
Among others
- FIA defines commercial bank to mean a company licensed to carry on financial institution business in Uganda and whose principal business consists mainly in the acceptance of call, demand, savings and time deposits withdrawable by cheque or otherwise, in the capacity of a bank, provision of overdrafts and short to medium term loans; provision of foreign exchange, participation in inter-bank clearing systems and the provision and assumption of guarantees, bonds and other warranties on behalf of others
- FIA defines Financial institution to mean a company licensed to carry on or conduct financial institutions business in Uganda and includes commercial bank, merchant bank, mortgage bank, post office savings bank, credit institution, a building society, an acceptance house, discount house, a finance house or any institution which by regulations is classified as a financial institution by the Central Bank;
- Company bank account may be defined as an account held by a company in a particular bank for cash or monitory transaction through which the bank effects debit or credit transactions.
BELOW is how a company may open a bank account in Uganda:
- The company should convene company meeting and resolve to open a bank account.
- During the meeting The Company should pass a ordinary resolution during appointing,
- The signatories to the company bank account
- , the type of account
- The banks in which accompany account should be opened.
NB Please a post on this site on how a company may pass a resolution.
- The ordinary resolution should be registered with URSB.
- Obtained from Registrar of companies certified copies of
- The company certificate of incorporation,
- Company form 20
- Company form s 18.
- Also obtain identities cards of the directors and intended signatories to company account.
- Most banks require a recommendation letter from a lawyer so you may need to obtain it.
- Some banks need a tax Identification number you may need to get it from URA
- Some banks need local trading license; you may get it from the local council within which you intend to trade.
- With all the above documents, approach the intended bank to peruse through your documents.
- If all is well you will be provided with account opening forms by the bank for the directors and signatories to fill in.
- After filling in account opening forms attach all the above documents and submit them to the responsible bank officer for review and account opening.
Author is A regional transactions legal consultant (ADVOCATE) at NOA REGIONAL ASSOCIATED ADVOCATES AND LEGAL CONSULTANTS
contacts. +250787311255,+256788105242,+256782105042
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Email address: onlinetransactionconsultancy@gmail.com.
NOTE: whereas the author has made necessary efforts to ensure the accuracy of this post, it is not intended to provide specific legal advice to a particular individual as individual situations may differ. For specific technical / legal transaction advice on this subject matter and related subject, you may contact the author at online consultancy fee, or contact any transaction legal consultant of your choice.
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