Every company registered in Uganda is required to file annual returns with URSB. But what exactly are annual returns, and why are they important?
What Are Annual Returns?
Annual returns are yearly reports that provide an updated snapshot of a company’s status, including:
- Directors’ information
- Shareholders’ details
- Company address
- Company structure
Why Do Companies File Them?
- Legal Compliance: It’s required under the Companies Act.
- Transparency: Helps maintain an accurate public record of companies in Uganda.
- Avoiding Penalties: Failure to file can lead to fines or even de-registration.
URSB’s Role
URSB receives, verifies, and stores these returns to ensure companies stay compliant and the business registry remains accurate.
Benefits to the Public
- Builds trust in the business sector
- Allows banks and partners to verify company legitimacy
- Helps investors make informed decisions
Encourage companies to file their returns on time—it’s not just a formality; it’s good business practice.