UIA investment license accelerates Uganda’s economic growth
In an extraordinary demonstration of dedication to economic progress, Uganda Investment Authority (UIA) once again highlights the paramount importance of its Investment License. Last week, Hon. Evelyn Anite, the Investment Minister, and Morrison Rwakakamba, UIA’s Board Chairman, presented a coveted Investment License to BAR Aviation Uganda, emphasizing the crucial role of the license in unlocking opportunities and driving growth within Uganda’s vibrant business landscape.
UIA’s mandate extends to both domestic and foreign enterprises, underscoring a commitment to fostering a diverse and flourishing investment ecosystem. Obtaining the Investment License is not just a formality for foreign investors; it is an essential requirement that formalizes and legitimizes investments in Uganda.
This legal instrument serves as the foundation upon which new ventures are built, showcasing the dedication of those who choose to invest in the country.
The threshold for acquiring an Investment License varies based on the type of investor. Domestic companies must meet a minimum investment threshold of $50,000, while foreign investors need to demonstrate a commitment of at least $250,000. It’s important to note that specific sectors, such as mining and drug manufacturing, require additional regulatory licenses before pursuing an Investment License application. This ensures that investments align with responsible and ethical practices, contributing to Uganda’s sustainable development.
Beyond its significance in trade engagement, holding a UIA Investment License carries weight in acquiring secondary licenses. The license instills confidence in its holder, enabling collaboration with third parties to establish and expand business ventures. Licensed investors gain access to crucial support services, including recommendations to commercial banks, development partners, and private equity funders. The license also facilitates the acquisition of work permits, a vital component for thriving businesses in Uganda.
The advantages of holding a UIA Investment License extend far beyond bureaucratic considerations. Investors benefit from priority services and assistance, particularly during challenges or negotiations with government entities. Additionally, the license acts as a reference point for potential partnerships, joint ventures, and collaboration opportunities, fostering networking potential for both domestic and foreign investors.
UIA’s operations prioritize efficiency. The Investment License is issued free of charge and typically within a rapid 48-hour period, subject to meeting all criteria. The One-Stop Center at Uganda Investment Authority’s permanent home, the Uganda Business Facilitation Centre Kololo, streamlines the process, ensuring a seamless and convenient experience for applicants.
BAR Aviation Uganda stands as a shining example of the transformative power of holding an Investment License. Licensed by the Civil Aviation Authority, BAR Aviation boasts over 150 employees, with an impressive 99% being local staff. The company’s fleet of aircraft and helicopters, along with a dedicated section for unmanned aerial vehicles, showcases their commitment to innovation and adaptability.
BAR Aviation’s impact extends beyond operational achievements. The company operates its maintenance facility, generating quality engineering jobs and contributing to the local economy. Additionally, BAR Aviation Academy, also known as Kajjansi Flying School, has trained over 300 pilots, reaffirming their dedication to skill development and empowerment.
As we celebrate BAR Aviation’s success, it’s important to acknowledge the remaining challenges, such as the road leading to their operations in Kajjansi. Collaborative efforts between the Civil Aviation Authority and the Ministry of Works and Transport are crucial to overcoming this obstacle and paving the way for even greater achievements.
The Investment License from Uganda Investment Authority unlocks doors to prosperity, growth, and innovation. Its issuance to BAR Aviation Uganda serves as a tangible testament to the transformative power of such licenses. By legalizing investments and promoting responsible practices, these licenses pave the way for job creation, sustainable development, and a vibrant economic future for Uganda.
