Most foreign banks in Uganda are concentrated in the capital city of Kampala. They tend to be mostly selective, catering to a specific corporate clientele.

The international banks present in this jurisdiction offer a variety of banking products and services, including loans, savings, checking, debit and credit cards, investments and mortgages, mostly multi-currency.

Uganda's financial sector is dominated by reputable foreign banks, which in turn makes the banking system stable and resilient.

These foreign banks include entities such as:

o Citibank Uganda Ltd.
o Barclays Bank (U) Ltd.
o Bank of Baroda (Uganda).

Standard Charted Bank Uganda Limited was established in 1912, making it the oldest bank in Uganda. It is the first Ugandan bank to introduce the VISA Electron debit card and free telephone banking. It is also the first bank licensed to deal in government securities as the leading dealer in Africa, and the first to offer derivative products.

To open a corporate bank account, the first thing you will need to do is register the company with the Uganda Registration Services Bureau (URSB) as a foreign company and then apply for the issuance of a certificate of registration.

As a second step prior to opening the account you will need to submit the board resolution indicating the company's intention to open and operate a business bank account in Uganda and attach all incorporation documents in the country.

At Foster Swiss we offer our clients the service of opening personal and corporate offshore bank accounts, as we have more than 600 banking partners worldwide. Our partners include only first class banking and financial institutions and our collaborators are duly authorized agents for each of the services offered.

Documents required to open an account in Uganda:

o Certified copy of the Memorandum or Articles of Association or Memorandum and Articles of Association of the company, or other instrument constituting or defining the constitution of the company.
o Certified list of the company's directors and company secretary, containing their due diligence documentation.
o Names and postal addresses of one or more Uganda residents, authorized to accept service of process and notices on behalf of the company.
o Full address of the registered or principal place of business of the company.
o If the constitution is not written in English, a certified translation is required together with a certified list of the directors and company secretary containing their due diligence documentation.

There is a high probability that the Client will be required to travel to meet with the bank's directors to open the account.

For more information on this topic or any requirements related to our services, you can contact us directly at info@fosterswiss.com. Consult a financial advisor for more information.