A good number of people are trying to enroll businesses and organizations in Ghana just for the explanation that it is one of the quickest developing monetary areas in Africa. Consequently it is imperative to comprehend the lawful system of enrolling a business in Ghana. The laws establishing the formation of companies and various business entities are of different categories.
The most common Acts are the Companies Act 2019(Act 992), The Partnership Act, 1962 (Act 152), The Companies Code, 1963 (Act 179), GIPC Act, 865, 2013, and the Business Name Act, 1962 (Act 151). The first stage of registering a business in Ghana is by firstly registering it with the office of the Registrar General Department. However, it is crucial to know the types of businesses available for a start or formation in Ghana as per the law creating the same legal entities. Here are five categories of businesses that can be formed per the laws of Ghana, they include;
Company Name Registration
For the registration of a business in Ghana, you will need to first carry out a name search which is a mandatory step for every entrepreneur. The importance of a name search is to make sure that your name choice is not in use by any other registered entity and at the same time to secure your preferred name so that no one else can use it for commercial purposes.
After you are given the go-ahead to use the name for commercial purposes, you have 30 days to register a business or company with the approved name or you may not be able to use it for the same purpose. One regulation applicable for the business name choice; the name should not violate the law or derogatory to the existing trademarks globally or nationally.
Submit Taxpayer Identification Number (TIN)
The Ghanaian law creating companies and responsible for the registration of companies dictate that there shareholders and directors should present their tax details to the registrar of companies. This is not for a specific type of business or company; it applies uniformly to all categories of companies to be formed.
The taxpayer forms have to be filled and presented to the authorities with copies of IDs in case of local citizens and a passport copy for the foreign nationals in Ghana to the Ghanaian Tax Authority. The information provided for the verification of your TIN is enclosed in a form that will want you to fill the following;
Fill the Company Incorporation Sheets
All company registration process regardless of type and class has to be accompanied by the filling of company registration forms which will require you have the following details ready;
It is a requirement by law forming companies in Ghana that all directors and secretaries of the companies endorse their signatures in the incorporation form by the time of registration. At least one of the directors has to be a citizen of Ghana by the time of company registration.
Fees Requirement for Company Incorporation in Ghana
Having satisfactorily met the entire requirement by the Ghanaian law creating companies, it also requires that the business owners pay a statutory fee. There are several categories of statutory fees payable to the office of the general registrar. The incorporation and filling fee-Payable to the general registrar in cash at a rate of GHC 330 not unless amended by the laws of Ghana
Stamp duty-While submitting forms, there is a part you were asked to state the share capital outlay, this was for the determination of the percentage stamp duty. All companies are required by law establishing a 0.5% of capital stated (not unless amended by the law creating) For the newly formed companies by the citizens of Ghana they are required by law to raise a minimum capital of GHC 500, while for foreign-owned companies the figure varies.
The process does not end without official proof of qualification and successful completion of the entire process of company registration and formation. You have to be issued with certificates and documents to ascertain the same. The following documents can be obtained after or within fourteen (14) days after a successful process of registration. The importance of the documents s to show that the company was and is registered in Ghana and the company obtains a legal status where it can sue and be sued in its status as created by law. The following are the documents issued after company registration and formation as a proof of existence;
It is likewise basic to take note that once the documents are given it means that the organization is lawfully working in Ghana and appreciates every one of the advantages of a falsely made individual by law build up. In this manner it is at freedom to execute with other lawful business activities with fiscal bodies, for example, banks and protection firms.