Govt to Eastern Region Traders - Register Your Business

The Ugandan government, through the Ministry of Trade, Industry, and Cooperatives, has initiated a crucial campaign to encourage business registration among entrepreneurs in the Eastern Region. This initiative, spearheaded by Doecrecious Masagali, Undersecretary, aims to formalize businesses, thereby enhancing the government's capacity for taxation and other essential collections. The engagement with business communities and local administrative officials in Mbale city underscores the administration's commitment to fostering a more structured economic environment.

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He says government-registered businesses have advantages like compensation in case of calamities, citing the recent Kampala city floods that swept away goods.

Masagali emphasized the tangible benefits of formal registration, particularly in mitigating losses during unforeseen calamities. The recent floods in Kampala, which devastated numerous businesses, serve as a poignant example of why official registration with the URSB is vital for accessing government support and compensation. This highlights a critical aspect often overlooked by small business owners: the safety net provided by formalization.

However, the path to registration is not without its challenges. Local businessman Sadik Wamimbi pointed to excessive bureaucracy as a significant deterrent, making the process cumbersome and difficult to navigate. This feedback is crucial for the government to address, as streamlining these procedures is essential for encouraging wider participation and ensuring that the benefits of registration are accessible to all.

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He urges the government to regulate rising fuel prices, warning it will hike goods prices and hurt their business.

Furthermore, the business community's concerns about rising fuel prices and their impact on goods and overall business health cannot be ignored. Samuel Wamimbi's call for government regulation reflects a broader anxiety within the sector about economic stability. Addressing these issues proactively is key to supporting the Eastern Region's economic growth and ensuring that registration efforts translate into sustainable business development, rather than just administrative compliance.

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Sadik Wamimbi attributes low registration rates among businesses to excessive bureaucracy, making implementation difficult.