By Jo Burston 15 January 2015 Ahead of our Google Hangout on funding, Australian serial entrepreneur Jo Burston takes us on a whistlestop tour of alternative funding sources for your start-up. Every entrepreneur wants the very best shot at investment, whether that’s angel, seed, venture capital, institutional or private funding. This means becoming highly investable as an entrepreneur and being deal ready. Most new entrepreneurs struggle to navigate this process and often do not have the knowledge, experience and resources to create a successful first time outcome. There are many ways to fund your start-up, here are some of the most common. Self-funding Self-funding is often the most common way for a start-up to fund a venture, usually consisting of small amounts of saved cash or credit card facilities. Mortgaging an asset such as a home is also common if the entrepreneur is at a later stage of their life. We have seen self-funding range from as little as a $1,0
Reserve your company Name at the Registrar's office. Duration 2 days and Cost UGX 25,000 To reserve a company name, the Investor files a company name request at the Office of the Registrar. A clerk conducts an automated search and forwards the application to a staff lawyer. The Registrar reviews the application and, if the application is approved, returns it with the assessment, which the Investor takes to the bank. Upon paying the fee, the founder receives a receipt that is used to complete the name reservation. Pay registration fees at the bank. Duration 1 day You need to make all non-tax payments to government agencies at a bank. Obtain the necessary incorporation and Tax registration forms from the Uganda Bookshop. Duration 1 day and Cost UGX 5600. The fees for each of the required incorporation forms are as follows: Statement of nominal capital: UGX 500. Declaration of compliance with the requirements of the Companies Act (Form A2): UG