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: Validity: 1 Year
Contact Office: 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
- If owned by a bank, be registered as a wholly owned subsidiary of
that bank.
- A bank statement for the period of six months before the
submission of the application.
- Must be a company registered under the Companies Act as a limited
liability company whose main objective is to conduct foreign
exchange bureau business.
- A certificate of incorporation and memorandum and articles of association from Uganda Registration Services Bureau.
- A certified copy of the resolution of the board of the proposed forex bureau authorising the submission of the application.
- A minimum paid up share capital of not less than one
thousand currency points.
- Business and financial plans.
- Individual references relating to the fit and proper status of each of the applicant’s shareholders and proposed directors.
- Particulars of the applicant’s bankers.
- 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.
- Provide the name and full address, including telephone and email
address of the proposed forex bureau.
- 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.
- The applicant’s memorandum and articles of association.
- The names and curriculum vitae of all the applicant’s proposed
shareholders and management team.
- Work permits for all non-Ugandan directors and employees of the applicant.
- Any other information that the Bank of Uganda may request the
applicant to provide.
