Incorporating a Company in Ghana
Incorporating a company in Ghana may sound challenging, but following this simple guide can help make it less difficult for any business person.
Ghana is a country in West Africa that has had rapid growth in economic prosperity and is considered a regional power in Africa. Ghana has many natural resources and has many business opportunities that can benefit the business to reach more market.
Ghana Company Incorporation
1. Obtain a Tax Identification Number
Applicants must first obtain a Tax Identification Number from the Registrar-General Department or Ghana Revenue Authority. This process can also now be done at the time of business registration by submitting the required forms and documents at the.
2. Verify the Availability of the Company Name
The applicant can request a name search at the Companies Registry (customer service office) and submit the company documents for registration. The applicant may also reserve a name pending registration of a company, per section 15(13) of the Companies Act 1963 (Act 179). Required forms can be found and submitted at the in-house bank.
3. Incorporate the Company and Obtain a Certificate of Incorporation
Company incorporation in Ghana is done in the Registrar-General Department. The applicant must complete Forms 3 and 4 and provide information such as the names, addresses, businesses, and occupations of the company’s secretary and director qualified auditors; the address of its registered office; its register of members; the amount of stated capital; and the number of issued and unissued company shares.
The Registrar of Companies will automatically register newly formed companies with the IRS (Internal Revenue Service). VAT is charged at 15% including a national health insurance levy of 2.5%.
4. Register for Business Permit/social Security
Depending on the type of business and the category, a company may need to apply for a Business Operating Permit (BOP) at the Metropolitan Authority. Documents to be submitted will depend on the type of enterprise (for example, restaurants must have permits from the fire department and the Town and Country Planning Authority). The Metropolitan, Municipal and District Assemblies (MMDA) will usually automatically obtain the information from the Registrar-General’s Department and instantly issues new permits that can be printed online and are valid for 3 months.
Companies can apply for Social Security and National Insurance Trust Office. A company must submit a list of their employees, their respective salaries and social security numbers, and a copy of the company’s certificate of incorporation.
Interested in setting up a business in Ghana?
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