FREQUENTLY ASKED QUESTIONS (FAQS)
What are the requirements needed to start up a Forex Bureau?
- Application form to be filled in from Bank of Uganda (Non-Banking financial Institutions Department, 3rd Floor) with the following:
- A company registered under the companies Act as a limited liability company whose main objective is to conduct foreign exchange business
- Have a minimum paid up share capital of not less than one thousand currency points(One currency point is equivalent to twenty thousand shillings)
- Have a fixed and identifiable place of business that is suitable for the business of a forex bureau
- Provide the name, full address, telephone, fax and email address of the Forex Bureau
- Proposed Management , Directors and shareholders of good repute and integrity with the necessary qualifications to run a forex bureau
- The application for the license will be accompanied with the following documents;
- a certificate of incorporation for the forex bureau
- the applicants memorandum and articles of association
- individual references relating to the fit and proper status of each of the applicant’s shareholders and proposed director’s
- Names and CV’s of all the applicant’s shareholders and management team
- Particular’s of the applicant’s banker’s
- Certified copy of the resolution of the board of the proposed forex bureau authorizing the submission of the application
- A bank statement for the Director’s/Shareholder’s for the period of six months before the submission of the application
- Work permits for all non Ugandan director’s and employees of the applicant
- Business and financial plans
How do I join the Association?
One has to be a Forex Bureau or Money transfer operator licensed by Bank of Uganda to join the Association.