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To invest in Uganda’s securities market, start with a licensed intermediary that can open or register a Securities Central Depository (SCD) account for you. For a listed-share purchase, the Uganda Securities Exchange (USE) says you deposit money into the broker’s designated trust account before the broker places your order; a trade occurs only when a buy order matches a sell offer. Government treasury bills and bonds, and corporate bonds, are other securities to research, but their availability and terms must be checked at the time you invest.
Choose what kind of security to research
A share is ownership in a company; the USE defines it as “a single unit of ownership in a company.” Debt securities instead involve lending to an issuer under specified terms. The USE identifies government treasury bills, government treasury bonds and corporate bonds among the market’s instruments. These choices differ in issuer and credit risk, income uncertainty, maturity, sensitivity to price changes if sold early, liquidity, costs, tax treatment and fit with your time horizon and capacity for loss.
Do not treat the USE’s Bonds & Treasury Bills page as a live list of available investments or a current yield table: it includes dated securities whose maturity dates have passed. Confirm current instruments and their terms with the USE, the Bank of Uganda where relevant, and a licensed intermediary.
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The USE directs prospective investors to a licensed stockbroker to open an SCD account. Its depository information says client securities accounts are opened through or registered with a Securities Central Depository Agent (SCDA), such as a broker/dealer, investment adviser or custodian bank. The USE says a client may hold accounts with multiple SCDAs and may request securities transfers between them through the relevant agents. See USE Depository Services.
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Before proceeding, confirm that the intermediary is currently authorized and ask it to explain its account-opening process, charges, accepted payment channels and service arrangements. The USE’s Investor FAQs describe opening an exchange account as free, with no monthly or annual account charges. That does not establish that brokerage, trading, custody, transfers or statutory charges are free.
Documents and identity checks
The USE’s published KYC notice, Members’ Notice No. 1/2018 dated 5 June 2018, lists three colored passport photos, identification documents, completed Form 1A, information about business activity or source of income, and a disclosure of risk appetite for individual applicants. It distinguishes local, East African and foreign applicants, whose accepted identity documents differ. The notice also says additional documents may be requested in particular cases. Because the notice dates from 2018, ask your chosen intermediary for its current checklist rather than relying on it as a complete current specification. The notice is available at USE KYC Requirements.
How to buy and sell listed shares
- Tell your broker what you want to buy. Identify the listed company and discuss the order with the broker. Ask about the current price, fees and any other transaction terms before sending funds.
- Get the broker’s designated trust-account details. The USE says investor money intended for USE transactions is deposited into the broker’s specified trust account. Use the payment instructions confirmed by your broker.
- Fund the order before it is placed. The USE states that local share orders must be paid upfront by the investor.
- Have the broker place the order. The broker posts your bid on the exchange’s Automated Trading System (ATS) during trading hours. The bid executes when it matches a sell offer; it is not guaranteed to fill immediately or at a price you prefer.
- Check the SCD account. Once the trade is concluded, the broker credits the shares to your SCD account.
To sell, the USE FAQ says to instruct your broker, complete a sell order form and wait for a bid to match your offer. The matching process means that execution depends on a counterparty order; the available guidance does not establish current trading volume or liquidity for any particular share. Full process details are in the USE Investor FAQs.
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The USE identifies treasury bills, treasury bonds and corporate bonds, but the route, terms and risks should not be assumed to be identical to buying a listed share. For any specific instrument, confirm its current availability, issuer, price, maturity, income terms, accrued interest if relevant, settlement arrangements, exit options, fees and tax treatment before committing money. For government securities, check relevant current information with the Bank of Uganda or your intermediary. Do not infer a current yield from a historical coupon or an old listing.
Check tax and TIN requirements for your situation
The Uganda Revenue Authority (URA) describes a Tax Identification Number (TIN) as an identifier for tax administration and says a person likely to transact in tax-related business with URA is required to apply. Its Get a TIN page sets out individual application documentation, including separate requirements for non-citizens. The USE account guidance reviewed here does not say a TIN is a universal prerequisite for every SCD account, so confirm whether you need one for your circumstances.
URA’s withholding-tax page reports the following categories and rates as of its current page accessed 7 October 2026:
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- Listed-company dividends paid to resident individuals: 10% withholding tax.
- Government-security interest where maturity is 10 years or more: 10% withholding tax.
- Government-security interest where maturity is not more than 10 years: 20% withholding tax.
URA says withholding taxes on non-residents generally operate as final taxes on Uganda-source income unless relief applies under a double-taxation agreement. Rates and application depend on residency, income type, instrument and applicable law; verify your treatment with URA or a qualified tax adviser. See URA Withholding Tax.
Verify live costs, rules and terms before investing
Rates, auction calendars, fees and securities availability can change. The USE’s Market Regulations index lists, among other documents, 2026 Trading Participant Rules, government securities OTC rules, 2025 fees and charges rules, and 2025 listing rules. Consult current rules and notices, and ask your intermediary to itemize applicable brokerage, transaction, custody, transfer and statutory charges for the specific transaction. A free account-opening statement is not a promise of free investing.
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