Success tips when doing business in Uganda in 2023
- Your joint venture partner or Uganda shareholder must not merely be a nominee for the sake of meeting the rules of foreign company incorporation. You should choose a partner that actually brings a lot to the table, including local knowledge your business would need in Uganda;
- To optimize the success of your new Uganda company setup, Healy Consultants recommends your firm i) complete a feasibility study ii) prepare a detailed business plan iii) communicate with the Uganda Chamber of Commerce iv) speak to your local embassy in Uganda and v) communicate with Healy Consultants Clients who successfully launched their business in Uganda;
- Foreign companies interested in Uganda business incorporation should be aware i) Uganda statistics and market data are usually imprecise ii) transactions tend to take longer than expected iii) more frequent and longer market visits are required, at least initially iv) complex business procedures are common;
- An essential factor in Uganda company setup is to thoroughly research the business sector you are planning to invest in prior to Uganda business registration. Healy Consultants recommends our Client prepare a detailed business plan for Uganda business formation including an extensive market study and evaluation of competitors.