Investors to be cleared in 2 days

President Yoweri Museveni has directed the Uganda Investment Authority (UIA) to clear investors within 2 days to attract more investments into the country.

He said many investors have be frustrated by the long procedures and delays by clearing authorities including requirements like  Environment Impact Assessment, Capital  base, estimated  number of jobs to be created, type of project being set up among others.

"I don't want to hear issue of Environment assessment, proposal assessment. All these excuses are not valid," Museveni said.

He made the directive on Tuesday while delivering State-of- the Nation Address at the Kampala Serena Hotel in Kampala.

He said all requirements for an investor have been clearly set by the authorities in charge.

Museveni added that such excuses create unnecessary delays on the part of the investor who has already made his calculations and the time frame upon which to break even or reinvest.

He cited the example of someone who gave a license to a stone quarry in Jinja that was operating in the middle of homesteads where by the blasting of stones affected communities.

"The result of the complaint was the closure of the quarry and cancellation of the operating license which is wastage of time and resources so no project should be delayed for more than two days because they already know the procedures,"Museveni said.

Foreign investors require a minimum of $100,000 in planned investment license; need to obtain an investment license from the Uganda Investment Authority.

 Obtain a postal address (PO Box number) POSTA UGANDA under which you will register your company.

 Register your company in Uganda with registrar of companies at Uganda Registration Services Bureau.

 Apply for tax identification number from Uganda Revenue Authority.

Obtain a trading license from a local authority wherever the trade will be conducted that is City Council/Authority, Municipal Council, Town Council, among others. The trading license is granted upon payment of a prescribed fee.

 Obtain work permits from Directorate of Immigration, under the Ministry of Internal Affairs among others