The Uganda’s market based economy is one of the major things that has made Uganda remain on the list of developing countries because this system allows both citizens and foreigners to own business in the country.
A foreigner is a person who is in a country where he/she doesn’t have full citizenship. In 2023 Uganda had 12,1499 foreigners.
This is costing much the country since most of big companies in Uganda are owned by foreigners who only the business registration fee, the tax and purchase the local commodities as raw materials to feed their industries and take all their profits to develop their home countries.
These foreigners are making most of the Ugandans suffer since most of the foreigners are given contracts to run certain Government projects such as road construction, mining and construction of different buildings of which should be done by some Ugandans who are experienced. This has left most of the Ugandans Unemployed and to stay redundant on the streets which is increasing the crime rates such as theft and murder of which the officials are not looking into.
In most of the developed countries, a foreigner cannot own a business and if owne, one will be tortured. This is common in these countries Belgium, Bermuda, Canada, China, Denmark, Germany, Greece, Guernsey, Hong kong, India, Italy, Jersey, Malaysia, Peru, Switz land, Turkey and USA.
Most of the foreigners come as investors and end up setting up local and regional operations to take advantage of Uganda’s strategic location, comprehensive air route and status as a rapidly growing consumer market and the Uganda s straight forward registration is an attracting factor.
Uganda may a gain experience European indirect rule because it is mostly relying on foreign countries.
For the foreigner to own a business in Uganda most of them first register a company and follow due process URSB and then the appropriate documents will be issued.
To have a business in Uganda one must have a name reservation fee 30,000 sh, Registration fees of nominal capital of 1M-5M Registration Fee of nominal capital exceed 5M 1.5% of share capital.
The ITA imposes the standard corporate tax rate of 30% on foreign companies. The brunch has to pay an additional 15% tax on its total profit repatriated to another country.
There are a number of American firms in Uganda of which if a Ugandan is given a chance can also operate and own them such as Citi Bank, Prudential, AIG, Caterpillar, general motors, coca-cola.
It is unfortunate that foreigners are very happy in the country than the citizens since they are very much favoured starting from the big sit of the president and seen most of the city councils chasing the Ugandan hawkers and make the foreigners keep hawking their products of which is costing much the country and physiologically torture the citizens.
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In My opinion the Government is doing this to get financial help from most of the countries in case of any problem but it does not think of making use of all the available resources and proper budget .
Uganda has enough resources that can serve and satisfy the country needs but they are being misused and instead of helping the citizens they are helping a few big people and some foreign countries.
You may ask your self why most of manufacturing industries are in foreign countries and the ones manufactured here are also manufactured from foreign companies in Uganda but the answer is the country and its leaders are jealousy and therefor they don’t want Ugandans to exploit their skills of which is making Uganda rely on Investors of whose intentions are not all about helping but instead they are stealing behind the cover of being investors.
An investor is an individual that puts money into an entity such as a business for a financial return. the main goal of an investors is to minimise risks and maximise return.
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It is in Contrast with a speculator who is willing to invest in a risky asset.
They are identified in different categories and these are; peer to peer lenders, personal investors, banks, venture capitalist and angle investors.
The most investors for over the past four years are United Arab Emirates, China, Germany,Japan and Netherlands.
Most of the citizens think that the increasing number of refugees in Uganda is because we have peace in our country but its unfortunate that our leaders are using these refugees for their personal gains.
Uganda has over 1.5 million refugees with most of them coming from South Sudan( 57%), Democratic Republic of Congo (32%), Somalia (3%) and Burundi (3%).
What Could Be The Possible Solution To Those Foreigners Running The Small Scale Businesses That Can Also Be Operated By Our Local Citizens?
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