What is A Forex Bureau?
Forex bureau means a window of authorized banks wherein buying and selling of convertible currency from and to the public is conducted.
Requirements For Starting A Forex Bureau In Uganda
Competence required to run a forex bureau or money remittance business. The application to the Bank of Uganda shall be supported by the following documents:
(a) A certified copy of the certificate of incorporation.
(b) A certified copy of the applicant’s memorandum and articles of association.
How much money do you need to start a forex bureau in Uganda?
A foreign exchange bureau will need a minimum capital of 50 million Ugandan shillings, up from 20 million shillings previously.
A money transfer company will need 200 million shillings capital, from 50 million shillings before.
How does the forex Bureau make a profit?
A forex bureau may purchase Travellers’ Cheques and drafts from the public and credit its Foreign Exchange Account with a bank for collection of the proceeds.
How do I open a forex Bureau account in Uganda?
An application for a Forex Bureau business license shall be made in duplicate in accordance with
Form A specified in Schedule 2 of the Foreign Exchange (Forex Bureaus and Money Remittance) Regulations, 2006, and submitted to the Bank of Uganda.
How hard is the forex Bureau?
Often perceived as an easy moneymaking career, forex trading is actually quite difficult, though highly engaging.
The foreign exchange market is the largest and most liquid market in the world, but trading currencies is very different from trading stocks or commodities.