Understand the Jurisdictions Setup Requirement Before Proceed Your Ghana Company Registration
Would you ever think of moving or expanding your business to Ghana? All that we know is that Ghana produces plenty of cocoa. Ghana’s cocoa is among the top-quality cocoa the world has seen. Besides cocoa, more business opportunities are viable and fruitful. Foreign and local businesses flourish side by side in this country. By which, learning all there is about Ghana company registration might get you interested in this beautiful country.
All About Ghana
Excessively promoted, Ghana has some of the highest qualities of cocoas in the world. Also, Ghana is the second-largest cocoa producer in the world. The first is her neighbour, Ivory Coast. Another prominent character of Ghana is that it was the first African country to gain independence from colonial rule. Its coast is rich with European structures as it has established direct sea trading with the Europeans since a long time ago. Ghana is an agrarian country, and it uses almost 70 percent of its land for agricultural activities. The rest is made up of lush greeneries and towns as well as cities.
As such, business owners are assured of business stability as the government works hard to provide the best to foreign businesses as well as its countrymen. Among the benefits business, the owner can look forward to is the reduced corporate income tax rate. The corporate income tax (CIT) is currently 25%. The reduced CIT rates range from 1% to 22% with sectors ranging from financial to agro-business to waste processing. Young entrepreneurs and small businesses can look forward to financial incentives such as tax-exempt for five years. There are specific sectors where start-ups can apply for this tax exemption. Foreign companies and employees can also benefit from the double tax agreement Ghana has signed with several countries across the globe. Ghana is also actively reforming its economy by improving the business environment for both local and foreign entities.
Ghana Company Registration
Among the improvements to encourage businesses in Ghana is the process of a Ghana company registration. There are several types of company structures available for you to register in Ghana. They are a company limited by shares, a company limited by guarantee, a company with unlimited liability, external company, and sole proprietorship. The most common Ghana company registration is a company limited by shares. All companies must register at the Registrar General’s Department (RGD), and all necessary forms are available online.
According to the Companies Act 179, there must be two initial directors and a secretary during company registration. One of the directors or the secretary must be a Ghana resident. The process of registering a company in Ghana is as the following:
- Do a company name search at RGD. A company name must be relevant to the nature of the business. It should not violate existing trademarks. You can reserve the name for 30 days.
- Register the Taxpayer’s Identification Number (TIN) for all directors, secretary, and all shareholders.
- Complete the returns of particulars of the company limited by the shares registration form (Form 3), Company registration form (Form 4) and company regulations form.
- Obtain a digital address unique for your business premise. This is one of Ghana’s efforts to hasten company registration.
- Pay for stamp duty, incorporation and filing fees.
- Collect company registration certificates such as the certificate of incorporation, certificate of commencement, form 3 & 4, company regulation.
As a business owner, you possibly have little to no time to register a company in Ghana on your own. As such, you may contact us, and we will gladly assist you every step of the way.