Amidst challenging economic conditions, Ugandans displayed resilience by registering a significant increase of 28 percent in new companies, according to a report from the Uganda Registration Services Bureau (URSB) for the period ending June 2023.
The URSB report highlights a notable surge in new company registrations, totaling 27,104, compared to 18,614 in the preceding financial year.
However, registration of new business names experienced a slight decline of 2 percent, dropping from 27,710 to 27,104, reflecting the volatile business environment affecting many entrepreneurs.
In addition to the increase in new registrations, the period saw a substantial rise in business liquidations, escalating by 165 percent from 20 to 53.
The number of registered insolvency practitioners also increased by 36 percent, reaching 118 compared to 87 in the previous financial year.
Despite the challenges surrounding business registration in Uganda, URSB is committed to enhancing the legal and institutional framework to promote competitiveness, streamline registration processes, and bolster communication and awareness.
URSB’s strategic plan for the 2023/24 financial year emphasizes efforts to improve the business environment, facilitate ease of doing business, and promote formalization of the economy through extensive business registration.
Additionally, URSB aims to enhance data integrity, reduce service processing times to under 30 minutes, and leverage fully automated registration systems to expedite transactions.
Ms. Mercy Kainobwisho, the Registrar General of URSB, highlighted the deployment of the Online Business Registration System during the 2022/23 financial year, streamlining registration processes and integration with national identification and revenue authorities to ensure seamless transactions.
Efforts by URSB are expected to contribute significantly to fostering a conducive business environment and encouraging entrepreneurship in Uganda.