Trade ministry to start registering SMEs

BUSINESS | REGISTRATION

The Ministry of Trade and the Uganda Registration Services Bureau are partnering to register all Small and Medium Enterprises.

This, according to trade minister Amelia Kyambadde, is aimed at reducing tax losses. She noted that the process is mandatory and everyone must embrace it.

"We shall use the district commercial officers in different district to have all the owners on board. We shall also use the Kampala Capital City Authority. The future is in formal business. You cannot operate business when you are not paying tax or linked to any form of support or public sector," she stated.

Speaking to the media on the sidelines of the ground breaking of the Arena Mall in Nsambya, a Kampala suburb recently, Kyambadde explained that after registering, businesses will realise more profits.

In 2016, Uganda was ranked as the most enterprising country in the world. However, the rate of business failure is high. 

Kyambadde said it is difficult to help informal businesses to grow when they are not registered. 

She appealed to building owners to always be considerate when renting out their premises and charge reasonable fees.