SACCO Registration In Uganda
A SACCO is an abbreviation of Savings and Credit Cooperative Organisation or Society. SACCOs are voluntary associations where by members regularly pool their savings, and subsequently obtain loans which they use for different purposes.
SACCOs are legal bodies registered under the Uganda Cooperative Statute of 1991 and Cooperative Societies Regulations of 1992. SACCOs are economic institutions doing business in order to grow, survive and become sustainable. The minimum number of members required to register a SACCO under the current law is 30 people.
SACCOs enable farmers to create economies of scale in bargaining with urban banks and other financial institutions; they provide access to sustainable financial services; and, they provide low-income families with safe place to save there income at their area or village and reasonably priced loans.
Procedure For SACCO Registration In Uganda
The processes of registering a cooperative is as below:
Reserve a name, with the registrar of business names with the Uganda Registration Services Bureau (URSB)
Purchase Sacco by-law books from the department of cooperatives. The by-laws vary depending on whether the cooperative is a Sacco, or a multi-purpose cooperative;
Fill the by-laws with names and contact details of the promoters, who should number at least 30;
Fill the by-laws with the details of shares amounts, displinary fees, business address, and related issues on management of the cooperative;
Submit documents to the district Commercial Officer (DCO) branch officers or area cooperatives societies’ office for approval. This includes signed by-laws by all members and incase the members are more than the space provided in the by-laws, attach the full member list; financial statements of the society (Income and Expenditure +Balance Sheet); a comprehensive schedule of all shareholders showing shares held by each member; entrance fees, shares, savings, and loans if any; and photographs of respective people to handle the cooperative’s accounts, that is, Chairman, Secretary, and Treasurer.
On approval of documents, which may include the cooperatives officer attending a meeting of the cooperative, the cooperative will pay registration fees.
Get a certificate of registration of the Sacco. With this certificate, the cooperative should open a bank an account, and deposit the funds you have to the bank account; get a business license from the city council authority, or local government authority; and start active recruitment of members.
Required Documents For SACCO Registration In Uganda
Bye laws of the cooperative.
Interim operation report.
Schedule of paid up membership fees.
Schedule of shares.
Schedule of savings if any.
Cooperatives financial statements.
Recommendation from District Commercial Officer (DCO).
Passport photographs (in cases of opening up a bank account).
Eligibility For SACCO Registration In Uganda
In order to be eligible, a society must have a sole aim of promoting economic and social interests of its members in accordance with cooperative principles and should be capable of promoting those interests.
Fees For SACCO Registration In Uganda
Registration fee shs 5000, Account No. 6000010330 Barclays Bank IPS Branch Account
Buy Co-operative Bye laws. A set of 4(four) books is:
Shs.15000/= for savings & Credit byelawsShs. 10000/=for multi-purpose bye laws
Business name registration and reserve fees
Company/business name search registration fees ug.x2, 200
Reservation of the name fees ugx.20, 000.
Validity For SACCO Registration In Uganda
The document is Valid for a period of 3 years.
Processing Time For SACCO Registration In Uganda
Processing takes 30 working days.
Required Information For SACCO Registration In Uganda
Names of Applicants / members of the cooperative society to be registered.
Contact addresses of Applicants / members of the cooperative society to be registered.
Nationality, sex, age and marital status of each member.
Proposed name of society.
Proposed activities of society.
Office location and contact address of society.
Other Uses Of The Document/Certificate For SACCO Registration In Uganda
A cooperative is officially recognized by the government.
Creation of job opportunities to the people in the society.
The cooperative is safe guarded by local government if registered, for instance no one can use the cooperatives name.
A registered cooperative has some legal liability protection. Thus, it may be easier to obtain business insurance, or attract investors.
A registered cooperation has benefit of continuity for instance even when the founders pass away it can still operate.
Office Locations & Contacts For SACCO Registration In Uganda
The Registrar of cooperative societies
Ministry of Trade, Industry and Cooperatives,
Room 608, Floor 6, Farmers House,
Po Box 7103 Kampala,
Website: Ministry of Trade Industry and cooperatives
Tel: 0312 324 000/+256-312 324 268/230
Alt: 0414 230 916 Uganda
Uganda Registration Services Bureau
Plot 5 George Street, Georgian House
P.O.Box 6848 Kampala Uganda
URSB General Line: +256 414 233 219
Registrar General: +256 414 235 915
Fax: fax Line: +256 414 250 712
E-mail : email@example.com
Website: Uganda registration services