In a remarkable display of commitment to economic progress, Uganda Investment Authority (UIA) has once again highlighted the paramount significance of its Investment License. Last week, an event of great importance unfolded as the Investment Minister, Hon. Evelyn Anite, and UIA’s Board Chairman, Morrison Rwakakamba, handed over a coveted Investment License to BAR Aviation Uganda. This gesture is not just symbolic; it underscores the pivotal role of the Investment License in unleashing opportunities and catalysing growth within Uganda’s dynamic business landscape.
The UIA’s mandate extends to both domestic and foreign enterprises, reflecting a dedication to fostering a diverse and thriving investment ecosystem. For foreign investors, obtaining the Investment License is not merely a formality, but an essential prerequisite that formalizes and legitimizes investments within Uganda. This legal instrument is the cornerstone upon which new ventures are built, serving as a testament to the commitment of those who choose to invest in the country.
The threshold for acquiring an Investment License varies depending on the type of investor. Domestic companies are required to meet a minimum threshold of US$ 50,000, while foreign investors must demonstrate a commitment of at least US$ 250,000. However, it’s important to note that specific sectors, such as mining and drug manufacturing, necessitate additional regulatory licenses before an Investment License application can be pursued. This approach ensures that investments align with responsible and ethical practices, contributing to the nation’s sustainable development.
While a UIA Investment License is essential for those looking to engage in trade, it also carries a significant weight in the acquisition of secondary licenses. The license bestows confidence upon its holder, enabling them to collaborate with third parties to establish and expand their business ventures. Furthermore, licensed investors gain access to vital support services, including recommendations to commercial banks, development partners, and private equity funders. The UIA license also facilitates the acquisition of work permits, an essential component for businesses looking to thrive in Uganda.
The far-reaching advantages of holding a UIA Investment License extend beyond bureaucratic realms. Investors benefit from priority services and assistance, especially in times of specific challenges or negotiations with government entities. Furthermore, the license acts as a reference point for potential partnerships, joint ventures, and collaboration opportunities, amplifying the networking potential for both domestic and foreign investors.
Efficiency is at the heart of the UIA’s operations. The Investment License is not only free of charge but is also typically issued within a rapid 48-hour period, provided that all criteria are met. Uganda Investment Authority’s One Stop Center situated at the institution’s permanent home Uganda Business Facilitation Centre Kololo, streamlines the process, ensuring a smooth and convenient experience for applicants.
Illustrating the profound impact of an Investment License, BAR Aviation Uganda has emerged as a beacon of success. Licensed by the Civil Aviation Authority, BAR Aviation boasts over 150 employees, with an impressive 99% comprising local staff. The company’s fleet aircrafts and helicopters, along with a new section dedicated to unmanned aerial vehicles, exemplifies their commitment to innovation and adaptation.
Notably, BAR Aviation’s influence extends beyond its operational achievements. The company operates its maintenance facility, providing 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 achievements, it’s important to recognize that challenges remain. The road leading to Kajjansi, where BAR Aviation operates, poses a significant hurdle. Collaborative efforts between the Civil Aviation Authority and the Ministry of Works and Transport are essential to overcome this obstacle and pave the way for even greater success.
The Uganda Investment Authority’s Investment License stands as a beacon of opportunity, unlocking doors to prosperity and growth for both domestic and foreign investors. The handing over of an Investment License to BAR Aviation Uganda serves as a tangible reminder of the transformative power of such licenses. These licenses not only legalize investments but also pave the way for innovation, job creation, and sustainable development, contributing to the bright economic future of Uganda.
Joshua Mushwa Potere
GCIC / State House
