Business

SMEs Told to Formalize as 2019 Top 100 Business Survey is Launched

The Daily Monitor and KPMG with its partners, Dfcu Bank, Uganda Investment Authority, ICEA Group and Ministry of Science Technology and Innovation (MoSTI) has today launched the annual Uganda Top 100 Mid-sized companies’ survey for 2019 aimed at identifying and showcasing Uganda’s most successful SMEs.

The survey that has been done in Uganda for the last 10 years is aimed at identifying Uganda’s fastest growing Medium-Sized companies in order to showcase business excellence and highlight some of the country’s most entrepreneurship stories.

Speaking at the official launch of the survey at Sheraton Kampala Hotel, Mathias Katamba CEO Dfcu Bank, which is one of the survey’s longest sponsors urged business owners to endeavor to formalize their businesses if they are to access financing from commercial banks

“Registering your business and paying your taxes in time is one way of growing your business successful because it will force you to keep your books of accounts which can be used to secure a loan. As Dfcu bank, we have been working with SMEs and helping them to grow since we established in Uganda and we will continue to do that,” he said

Katamba said that supporting SMEs is crucial for the development of the economy as they employ the largest number of Ugandans

Rukwango Asad, KPMG said participating in the survey will enable companies to acquire additional knowledge on business management as well as give them exposure and networks

“We have and will continue organising meetings participants where we tell them about loan acquisition, tax exemptions, accounting, corporate governance among other topics. I urge all SMEs to participate in this survey because it will be good,” he said

Basil Ajer, Director Entrepreneurship, MoSTI said the ministry was choosing to support the survey with Entrepreneurship is one innovative way of creating jobs and income.

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He urged Entrepreneurs to endeavour to pick interest in intellectual property rights as a way of protecting their products and company names and logs.

According to the organisers, the survey will culminate into a conference and a Gala award Dinner for the successful top 100 companies to be held on 28th and 29th November 2019 respectively. The specific awards will be given to Leading woman entrepreneur, innovative company, Revenue Growth Champion, shareholder value Champion, best rural based company and working capital management champion

This year’s survey which begins today 24th of July 2019 will be carried out under the theme ‘SMEs shaping the future business landscape

To participate, individual companies are voluntarily required to fill forms and answer questionnaire and submit to designated offices. Qualifying companies should have a turn over Shs 360m to Shs25b, audited financial statements for three years and not listed on Amy stock exchanged

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