Investment Code Act

INVESTMENT CODE ACT. ARRANGEMENT OF SECTIONS. Section PART I INTERPRETATION. 1. Interpretation. PART II INVESTMENT AUTHORITY. 2. Establishment of the Uganda Investment Authority. 3. The board. 4. Secretariat, executive director and other staff. 5. Remuneration of members of the authority. 6. Functions of the authority. 7. Proceedings of the board. 8. Immunity of members and staff. PART III PROCEDURES FOR INVESTORS. 9. Definition of foreign investor. 10. Regulation of foreign investment. 11. Application for an investment licence. 12. Appraisal of applications. 13. Priority areas. 14. Processing of applications. 15. Investment licence. 16. Extension of validity of investment licence. 17. Variation of licence. 18. Implied terms and conditions of investment licence. 19. Register of investment licences. 20. Revocation of licence. PART IV FACILITIES AND INCENTIVES. 21. Exemption of investors from import duties and sales tax. 22. Enterprises which qualify for incentives. 23. Certificate of incentives. 24. First arrival privileges. 25. Additional incentives for certain exporters. 26. Obtaining credit from domestic sources by foreign investors. PART V PROTECTION OF FOREIGN INVESTMENTS. 27.

ional incentives for certain exporters. 26. Obtaining credit from domestic sources by foreign investors. PART V PROTECTION OF FOREIGN INVESTMENTS. 27.

Protection in case of compulsory acquisition. 28. Settlement of disputes. PART VI AGREEMENTS FOR THE TRANSFER OF FOREIGN TECHNOLOGY AND EXTERNALISATION OF FUNDS. 29. Registration of agreements for the transfer of technology or expertise. 30. Conditions in agreements for the transfer of foreign technology or expertise. 31. Externalisation of funds. 32. Effect of certificate of approval to externalise funds. PART VII MISCELLANEOUS. 33. Service of documents. 34. Regulations. 35. Offences and penalties. 36. Transitional provisions. First Schedule Proceedings of the board. Second Schedule Priority areas. Third Schedule Activities where a foreign investor is not eligible for investment incentives. CHAPTER 92 INVESTMENT CODE ACT. Commencement : 25 January, 1991. An Act to establish a code to make provision in the law relating to local and foreign investments in Uganda by providing more favourable conditions for investment, to establish the Uganda Investment Authority and to provide for other related matters. PART I INTERPRETATION. 1. Interpretation.

tions for investment, to establish the Uganda Investment Authority and to provide for other related matters. PART I INTERPRETATION. 1. Interpretation.

In this Code— ( a ) "agreement" in relation to the transfer of foreign technology or expertise includes an agreement registered under this Code in respect of a licence, know-how, commercial purchase, conditional purchase, commercial franchise or hire-purchase involving the importation into Uganda of technology or expertise; ( b ) "authority" means the Uganda Investment Authority established under section 2; ( c ) "board" means the board of the authority established under section 3; ( d ) "business enterprise" includes a manufacturing enterprise, a tourist enterprise and a commercial or agricultural venture; ( e ) "executive director" means the person appointed executive director under section 3; ( f ) "foreign investor" shall be construed in accordance with section 9; ( g ) "investment" means the creation of new business assets and includes the expansion, restructuring or rehabilitation of an existing business enterprise; ( h ) "manufacture" means the transforming on a commercial scale of raw materials into finished or semifinished products, and includes the assembling of inputs into finished or semifinished products; ( i ) "member" means a member of the board; ( j ) "Minister" means the Minister responsible for planning and economic development.

ifinished products; ( i ) "member" means a member of the board; ( j ) "Minister" means the Minister responsible for planning and economic development.

PART II INVESTMENT AUTHORITY. 2. Establishment of the Uganda Investment Authority. (1) There is established a body to be called the Uganda Investment Authority. (2) The authority shall be an agency of the Government and shall be under the general supervision of the Minister. (3) The authority shall be a body corporate with perpetual succession and a common seal and, in its own name, capable of— ( a ) acquiring and holding property; ( b ) suing and being sued; and ( c ) doing and suffering all acts and things as bodies corporate may lawfully do or suffer. 3. The board. (1) The governing body of the authority shall be the board which shall be responsible for the discharge of the business and functions of the authority.

1) The governing body of the authority shall be the board which shall be responsible for the discharge of the business and functions of the authority.

(2) The board shall consist of the following— ( a ) a chairperson of the board appointed by the Minister on such terms and conditions as the Minister may determine; ( b ) an executive director appointed by the board on such terms and conditions as the board may determine; ( c ) five members with sound knowledge or practical experience in investments who shall be appointed by the Minister after consultation with the relevant bodies; ( d ) a representative of the Governor of the Bank of Uganda; ( e ) a representative elected by the Uganda Chamber of Commerce and Industry; ( f ) a representative elected by the Uganda Manufacturers Association; ( g ) the commissioner for economic affairs, Ministry responsible for finance, planning and economic development, ex officio ; ( h ) the chief Government development economist, Ministry responsible for finance, planning and economic development, ex officio ; ( i ) the commissioner for technology, Ministry responsible for industry, ex officio ; ( j ) the commissioner for external trade, Ministry responsible for commerce, ex officio ; ( k ) the commissioner for immigration, Ministry responsible for internal affairs, ex officio .

trade, Ministry responsible for commerce, ex officio ; ( k ) the commissioner for immigration, Ministry responsible for internal affairs, ex officio .

(3) All members, other than the executive director, appointed by the Minister shall hold office for a term of not more than three years and shall be eligible for reappointment. (4) A member appointed by the Minister may in writing addressed to the Minister resign his or her office. 4. Secretariat, executive director and other staff. (1) The authority shall be serviced by a secretariat consisting of an executive director and other officers and staff. (2) There shall be appointed to the service of the authority an executive director and other officers and staff as may be required for the performance of the functions of the secretariat of the authority, and all persons appointed under this section shall hold public office. (3) The executive director shall be responsible for the supervision of the secretariat. 5. Remuneration of members of the authority. The executive director, the members, the officers and the other staff of the authority shall be paid such remuneration or allowances as the board may determine. 6. Functions of the authority.

officers and the other staff of the authority shall be paid such remuneration or allowances as the board may determine. 6. Functions of the authority.

The functions of the authority are— ( a ) to promote, facilitate and supervise investments in Uganda; ( b ) to receive all applications for investment licences for investors intending to establish or set up business enterprises in Uganda under this Code and to issue licences and certificates of incentives in accordance with this Code; ( c ) to secure all licences, authorisations, approvals and permits required to enable any approval granted by the authority to have full effect; ( d ) to recommend to the Government national policies and programmes designed to promote investment in Uganda; ( e ) to provide information on matters relating to investment in Uganda; ( f ) to assist potential investors in identifying and establishing investment projects in Uganda; ( g ) in accordance with the provisions of this Code, to determine the terms and conditions which may be imposed in relation to the operation of a business enterprise; ( h ) to deal with complaints received by it; ( i ) to supervise the implementation of this Code; ( j ) to do all other acts as are required to be done under this Code or are necessary or conducive to the performance of the functions of the authority. 7.

to do all other acts as are required to be done under this Code or are necessary or conducive to the performance of the functions of the authority. 7.

Proceedings of the board. (1) The First Schedule to this Code shall have effect in relation to the proceedings of the board. (2) The Minister may, by statutory instrument, amend the First Schedule. 8. Immunity of members and staff. A member, or officer or other member of the staff of the authority shall not in his or her personal capacity be liable in civil or criminal proceedings in respect of an act or omission done in good faith in the exercise of his or her functions under this Code. PART III PROCEDUR This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article. Home | About Us |--> Terms & Conditions | Privacy Statement | Publishing Services | Contact Us Sitemap --> --> Copyright 2019. Blackhall Publishing. All Rights Reserved. Design and Developed By : Indiafin Technologies Ltd .