Apply for License to Transact Financial Institutions Business as Discount House In Uganda By Yourself
- Application for License to conduct or transact an institution of finance business under the name Discount House shall be made in writing to the central bank of Uganda. Visit their website at the following hyperlink Bank of Uganda
- The Act stipulates that any company intending to conduct or conduct business as a bank or financial institution as Discount House must submit a written application for a license from Central Bank for a License. Central Bank for a License.
- The Act stipulates the License to transact with financial institutions business in the name of Discount House as a Class 7 License.
- The applicants must fill out and sign the application form that is prescribed, available at the Bank of Uganda head office.
- Complete the form in full and complete with all relevant documentation to the Bank of Uganda. If you fail to submit the required documents will make the application process insufficient.
- The law stipulates that no one can operate a Discount House without a valid license which, in the event of a dispute, has been be, issued by the Authority
- After receiving the application file the central bank’s receptionist will check if all the details and information are in orderprior to filing the application to be forwarded to assess and processing at the Central Bank Licensing Board.
- Central bank licencing board must within six months from the date of receiving an application, review and write a comprehensive report on the application.
- During the process of assessing the Central Bank shall be guided by the following rules:
- It is not clear if the newly established discount House can bring any benefit to the economy of the nation as well as to the consumers of the finance sector.
- If the applicant is able to offer financial services, in the context of this license request is filed in a secure and sustainable way.
- If, following receipt of the application and after receiving the application, the Central Bank is of the conclusion that it requires additional details to evaluate the application If it is of the opinion that further information is required to evaluate the application, the Central Bank may, within 21 days after the date of receipt of the application and via written notice, ask for additional details from applicants, or third partiesas can be determined as required by the Central Bank, and the notice must:
- Provide the required information from the applicant.
- If applicable, inform your referees about the application and invite their comments.
- The time frame within the time frame within which information or remarks are to be submitted at Central Bank. Central Bank.
- Indicate the date by which you expect the Central Bank intends to make an announcement regarding the application.
- The Authority will examine an application and notify an applicant within 45 days following the application has been submitted and, in the event that additional details are needed, the 45-day period will commence from the date of the submission of the additional details.
- The Authority will notify the applicant in writing, of the Authority’s decision. within 45 days after the time frame mentioned above the Central Bank shall grant or decline to approve the application. In the event that it is decided that the Central Bank decides not to issue the license, it must provide the reasons in this notice.
- If the application is approved If the application is approved, when approved by the Central Bank, Central Bank will inform the applicant within 7 days of the day it announces its decision. It will also ask applicants to make payment of the required fees for the license and to collect the Discount House License.
- The license is subject to the terms and conditions that those of the Central Bank deem fit. The licensee will also be monitored and supervised from Central Bank. Central Bank.
Required Documents For Apply for License to Transact Financial Institutions Business as Discount House
- A completed application form is necessary to obtain the discount house license.
- Memorandum and Articles of Association are required to be included to the application.
- The certificate of incorporation must be included with the application.
- Business plans that meet the regulations of regulation 46(d)(authorized dealer in securities) in the Central Bank (Licensing Conditions) (General) Rules.
- An unaudited statement of accounts for the accounting year that ended not earlier by six months from the time of the application, and auditor-audited annual statements for the prior 2 years (in the case of an application of license) and management accounts until the 30th November , and annual audited accounts for the year preceding (in the event renewing license)
- A declaration from the directors of whether they have conducted a proper inquiry with them regarding the period of time between the date on which the accounts last were made, and a date no more than 14 days prior to that date on which the applications are made.
- The business of the company has, according to them it has been successfully maintained
- In their they believe, occurred any events which could affect the company’s trading, or the value of its assets
- there is a contingent liability due to any guarantees provided by the company or one of their affiliates
- There have been, as of the last year’s annual accounts any modifications to reserves that have been published or any other peculiar circumstances that affect the profits of the company, or any of its affiliates.
- The copy of the bank guarantee must be filed with either the exchange for securities or central depository (where appropriate).
- A statement by a person legally authorized to complete the application form
Office Locations and Contacts
-
- Bank of Uganda
- Lots 37/45 Kampala Road
- P.O Box 7120, Kampala, Uganda
- Tel: +256 414 258-441/6
- Tel: +256 414 258 060/9
- Tel: +256 417 302 000
- Tel: +256 312 392 000
- Fax: +256 41-4230878
- Email: info@bou.or.ug
- SWIFT:UGBA UGKA
- Site: Bank of Uganda
- Bank Of Uganda Branches.
- The bank has nine branches in the following cities in the country:
- Bank of Uganda.
- Arua (Branch)
- Location: Plot 27/29 Avenue Road (Inzikuru Road)
- Address: P. O. Box 152 Arua
- Tel: +256-476-420253
- Bank of Uganda
- Fort Portal (Branch)
- Place: Lot 1 Kaboyo Road
- Address: P.O. Post 562 Fort Portal
- Tel: +256-483-422532
- Bank Of Uganda
- Gulu (Branch)
- Place: Airfield Road
- Address: P.O. Box 46 Gulu
- Tel: +256-471-432330
- Bank of Uganda
- Jinja (Branch)
- Location: Plot 3 Busoga Avenue/ Busoga Square
- Address: P.O. Box 35 Jinja
- Tel: +256-43-4121247
- Bank Of Uganda
- Kabale (Branch)
- Location: Plot 137 Kabale Road
- Address: P.O. Box 966 Kabale
- Tel: +256-486-423595
- Bank of Uganda
- Masaka (Branch)
- Location Lot 41 Kampala Road
- Address: P.O. Box 1567 Masaka
- Tel: +256-481-421246/8
- Bank of Uganda
- Mbale (Branch)
- The location: Plot 34-38 Cathedral Avenue
- Address: P.O. Box 2402 Mbale
- Tel: +256-454-433632
- Bank of Uganda
- Mbarara (Branch)
- The address: Plot 2 High Street, Mbarara
- Address: P.O. Box 1421 Mbarara
- Tel: +256-485-420741
- Bank of Uganda
- Kampala (Branch)
- Place: Plot 37/43 Kampala Road, Kampala
- Address: P.O Box 7120, Kampala
- Tel: +256-41-4258441/6
- Bank of Uganda Lira
- (Currency Tech Center)
- The location: Plot 2, Obote AvenueAddress: P.O. Box 211, Lira
Eligibility
- Anyone is able to submit an application to run the financial institution as a discount home in Uganda.
- This application permits a person to manage a financial institution such as a Discount House in Uganda.
- In Uganda no one is permitted to run a bank in the form of the designation of a Discount House in Uganda unless granted permission by Central Bank.
Fees
Application fee:
- The fee for a license for discount house licenses for Banks is 1,000,000 USh.
- The fee for a license is to obtain discount house licenses for non-bank customers is 500 000 USh.
annual license fees:
- Fees are set from year to an year from year to year by Central Bank by notice. Central Bank by notice.
Validity
- The license is valid for 12 months
Processing Time
- The maximum processing time required for the license period is fourteen days.
Instructions
- Anyone who wants to apply for a financial institution to run a discount house must sign up at Central Bank , and be well-versed in the rules applicable to the practice of financial institutions in Uganda
Requirements Information
- Name of the applicant
- Head/ Main Office
- Physical address and postal address of the head officeAddress of the suggested acceptance address.
- Date of incorporation
- Form of incorporation
- Description of the activities or business
- Certificate of incorporation number
- Information about affiliates and subsidiaries (Name of Outlet County Street, City/Town Building, Date it was opened)
- Information about the shareholders (Name, Nationality, Date of acquisition, the amount of shares held, percentage of shares held)
- Specifics of Directors (Name, Nationality Date of appointment Educational level)
- The particulars of officers in rank of their seniority (Name Designation, Name, Nationality and date of appointment)
- Ownership profiles
- The shareholding of the other institutions of finance
- Name of the applicant’s external auditors
- Declaration
The Document is required
- The applicant must have this document for legal establishment of a bank that is a discount home in Uganda.
Information that could be helpful
- Each institution acting as a discount house must make sure that the Central Bank is notified of any appointment proposal for director.
- Notification must be supported by the chairperson’s statement.
- Someone who is planning to be director of a bank as a discount House should notify the Central Bank in writing of the proposed appointment by filing the personal declaration form.
- Every financial institution should complete an individual declaration form to every subsequent director.
- A director candidate cannot be able to assume any responsibility in any financial institution that is a discount houses without the approval of the selection from Central Bank. Central Bank.
- The applicant should be sure there are no reasons, like the absence or inadequacy of data, and insufficient transparency, that could hinder the conduct of investigation after submission of the application, or hamper the effective supervision following the issue of the license.
- The applicant must provide detailed financial projections that demonstrate the viability of the institution in the medium term and provide sufficient details regarding the financial resources of the founders in order to help the institution;
- The applicant must explain how the institution will be managed and organized internally. This should contain a description of comprehensive risk management strategies for liquidity, credit, international exchanges, rate of return operational, and other risks and
- The Applicant must provide the current and anticipated future policy regarding dividends.