Registration Of Trustees In Uganda
The trustee will control, administer and distribute the trust assets for the benefit of the beneficiaries in accordance with the terms of the trust and applicable law. The main duty of all charity trustees is to advance the purposes of their charity. This should always be a trustee’s main focus. A charity’s trustees must carry out its charity’s purposes for public benefit.
A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for various purposes, such as in the case of bankruptcy, certain types of retirement plans or pensions, or to manage assets for someone.
Process For Registration Of Trustees In Uganda
For a valid trust to be created the founder must intend to create one, he must express his intention in a mode apt to create an obligation, the property subject to the trust must be defined with reasonable certainty, the trust object, which may either be personal or impersonal must be defined with reasonable certainty.
Requirements For Registration Of Trustees In Uganda
1. An application letter
2. a resolution
3. Minutes of the General meeting forming the Trust
4. attendance list of the meeting
5. Trust deed/ constitution in triplicate
6. Partilucars of the new trustees
7. Passport photos and specimen signatures of the trust members
8 Payment of fees – UGX 65,000,000.
Once you have all the above, make your submission to the Ministry. Your request is now considered answered, unless otherwise.
Document Required For Registration Of Trustees In Uganda
Covering letter for Trust registration to the Official having Jurisdiction.
Application Form in Form – Schedule II – Duly Notarised (Download Application for Trust Registration.
Court fee stamp.
Certified copy of Trust deed.
Consent letter of Trustees.
Disadvantages For Registration Of Trustees In Uganda
Costs. When a decedent passes with only a will in place, the decedent’s estate is subject to probate.
Record Keeping. It is essential to maintain detailed records of property transferred into and out of a trust.
No Protection from Creditors.
The Maximum Number Of Trustees For Registration In Uganda
If a new trustee is appointed using the statutory power under Section 36(6) of the Trustee Act 1925 there can be a maximum of 4 trustees.
Cost Of Registration Of Trustees In Uganda
The fees paid are UGX 65,000.
Structure For Registration Of Trustees In Uganda
Specify the purpose of the Trust.
Clarify how the Trust will be funded.
Decide who will manage the Trust.
Legally create the Trust and Trust documents.
Transfer assets into the Trust.
Not choosing the right Trustee.
Not being clear about the goals of the Trust.
Not including asset protection provisions.
Office Location For Registration Of Trustees In Uganda
| NO. | CORPORATE TRUSTEE | ADDRESS |
|---|---|---|
| 1 | ENWEALTH FINANCIAL SERVICES (UG) LIMITED | UAP NAKAWA BUSINESS PARK, PLOT 3-5 PORTBELL ROAD KAMPALA |
| 2 | KCB BANK UGANDA LIMITED | COMMERCIAL PLAZA, PLOT 7, KAMPALA ROAD |
| 3 | PEARL REGENCY SERVICES | P O BOX 16587, KAMPALA |
| 4 | VIVO ENERGY UGANDA LIMITED | PLOT 9/11, 7TH STREET INDUSTRIAL AREA, KAMPALA |