Regulatory Alerts2023-08-01
Requirements for Setting Up a Forex Bureau or Money Remittance Business
The Bank of Uganda has established detailed licensing requirements for establishing a Forex Bureau or Money Remittance business under the Financial and Exchange Regulations 2006. Applicants must submit Form A accompanied by audited balance sheets reflecting minimum paid-up capital of Shs. 20 million and Shs. 50 million respectively, alongside verified director credentials, tax clearances, and operational manuals. The regulatory process mandates premises inspection, payment of a non-refundable application fee plus annual license charges and security deposits, culminating in the central bank's formal written approval or rejection.
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