Forex Bureau license

To increase transparency of remittance and payment flows in and outside Uganda by ensuring that anti-money laundering and the combating of the financing of terrorism measures are observed in the forex bureau business

  • Purpose: To increase transparency of remittance and payment flows in and outside Uganda by ensuring that anti-money laundering and the combating of the financing of terrorism measures are observed in the forex bureau business
  • Application Fees: 400,000 Ugx
  • License Fee: 1,000,000 Ugx
  • Maximum Processing Time: 3 Months
  • Related Websites: <a href="https://www.bou.or.ug/bou/home.html">www.bou.or.ug</a>
  • Validity: 1 Year
  • Contact Office: <a href="https://www.bou.or.ug/bou/home.html">Bank of Uganda</a>
  • Renewal Fee: 1,000,000 Ugx
  • License Type: License
  • Legal Basis: The Foreign Exchange Act, 2004. The Foreign Exchange (Forex Bureaus and Money Remittance) Regulations,2006
  • <ul><li> If owned by a bank, be registered as a wholly owned subsidiary of that bank.</li><li>A bank statement for the period of six months before the submission of the application.</li><li>A certificate of incorporation.</li><li>A certified copy of the resolution of the board of the proposed forex bureau authorising the submission of the application.</li><li>A minimum paid up share capital of not less than one thousand currency points.</li><li>Business and financial plans.</li><li>Individual references relating to the fit and proper status of each of the applicant’s shareholders and proposed directors.</li><li>Must be a company registered under the Companies Act as a limited liability company whose main obj ect is to conduct foreign exchange bureau business.</li><li>Particulars of the applicant’s bankers. <br></li><li>Proposed management, directors and owners who must be persons of good repute and integrity with the necessary qualifications and competence required to run a forex bureau.</li><li>Provide the name and full address, including telephone and email address of the proposed forex bureau. </li><li>Should have a fixed and identifiable place of business that is accessible to the public and suitable in all respects for the business of a forex bureau.</li><li>The applicant’s memorandum and articles of association.</li><li>The names and curriculum vitae of all the applicant’s proposed shareholders and management team.</li><li>Work permits for all non-Ugandan directors and employees of the applicant.</li><li>Any other information that the Bank of Uganda may request the applicant to provide.</li></ul>
  • Bank of Uganda - Head Office

    • Tel: +256 414 259090, +256 417 302000, +256 312 392000
    • Physical Address: Head Office, Plot 37/45 Kampala Road
    • Postal Address: P.O Box 7120, Kampala, Uganda
    • City: National
    • Email Address: info@bou.or.ug Email this Agency
    • Website: www.bou.or.ug
    • Operating Hours: Moday to Friday, 8:00am-5:00pm (excluding weekends and public holidays)
    • Directions: View Directions