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

  • A certificate of incorporation and memorandum and articles of association from Uganda Registration Services Bureau.
  • A copy of the registered resolution of the board of directors of the proposed Forex Bureau or Money Remittance business authorizing the submission of the application for the license to Bank of Uganda.
  • Commissioned Personal Declaration Forms and Sworn Declaration of Assets and Liabilities for each of the applicant’s shareholders, proposed directors and management.
  • Proof of the source of funds being invested, including details of the assets and liabilities indicated in the Personal Declaration Forms, such as copies of land titles, vehicle log books, share certificates, etc.
  • The names, signed curriculum vitae, certified copies of academic documents for the shareholders, directors and managers (where applicable) and two individual reference letters from credible persons relating to the fit and proper status of each of the applicant’s shareholders, proposed directors and management. The proposed management must demonstrate ability to provide adequate strategic oversight over the operations of the proposed institution.
  • Personal and/or business bank statements for a period of six months preceding the submission of the application for the applicant institution and each of the applicant’s shareholders, proposed directors and management (where applicable).
  • A reference letter from the applicant’s banker(s) for each of the shareholders, directors and managers (where applicable).
  • Credit reference reports for the shareholders, directors and managers (where applicable).
  • International Police (Interpol) certificate of good conduct for directors/shareholders and the manager, obtained within the six months preceding the submission of the application.
  • Applicants’ proof of identity and nationality such as a national identity card for Ugandan citizens and a passport for foreigners. Applicants may be required to produce original documents for verification.
  • Copies of work permits for all resident non-Ugandan shareholders, resident directors and employees of the applicant (where relevant). Applicants may be required to produce original documents for verification.
  • Audited opening balance sheet of the applicant certified by an audit firm registered with the Institute of Certified Public Accountants of Uganda.
  • Proposed organizational chart for the applicant, including the group structure and the related companies where relevant.
  • An operations manual detailing the proposed procedure of operations of the business, including risk management aspects, financial reporting and general compliance.
  • At least three (3) years’ projected business and financial plans.
  • Company Form 20 which provides the particulars of the directors and secretary of the company and Company Form 10 which is the return of allotment of shares in the company.
  • Tax clearance certificates for the shareholders/directors and the applicant company.
  • A non-refundable application fee currently at Shs.1,000,000 payable electronically to Bank of Uganda, Account No. 099405006.
  • Signed comprehensive agreement between the applicant and the overseas correspondent or principal for Money Remittance business applications.
  • Name(s), address (es) and a notarized copy of the licence issued by the regulatory authority of overseas correspondent or principal for Money Remittance business applications.
  • Any other requirement as maybe deemed necessary by Bank of Uganda.
  • Phone: +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
  • Jurisdiction: National
  • Email Address: info@bou.or.ug
  • Website: www.bou.or.ug
  • Operating Hours: Moday to Friday, 8:00am-5:00pm (excluding weekends and public holidays)
  • Directions: View Directions