Africa is open for business as the globe drifts towards globalization. Foreign investors continue to find Ghana to be a desirable destination.
This post will cover how create most simple business startup process in Ghana, in addition to having that amazing business concept, in addition to having that amazing business concept. Please be aware that Ghana’s Companies Act, 2019 (Act 992) governs business registration and related issues. But, to make sense to investors, the majority of whom are not attorneys, this article has been simplified.
Ghanaian citizens must pay GH₵1,050 as the formal registration fee to establish a Public Limited Company. The internal bank of the Registrar General’s Department is where this payment must be made.
1. Ascertain your Tax Identification Number (TIN) first.
Obtaining a TIN:
- Give a copy of your national identification card in color.
- Safeguard your TIN at the Registrar General’s Department, any Ghana Revenue Authority branch, or a bank.
2. Register your company with the Department of the Registrar General.
The ensuing are necessary:
- The brand name of your business
- The type of enterprise you plan to pursue
- The name of the business, the identities and addresses of the owners, the proportion of shares they own, each shareholder’s employment, and any directorships in other businesses
- The complete names of your company’s initial directors. A minimum of two directors are required for a corporation, and one of them must reside in Ghana, be of sound mind, and be at least 21 years old.
- The complete names and addresses of the company secretary and auditors.
- The specified capital and the quantity of business shares that must be registered.
3. Open a Business Bank Account
The following documents must be obtained:
- Company regulations
- Certificate of incorporation
- Certificate to commence business
- Signatures of the authorized company representatives
- Reference from Auditors
- Proof of residence of Authorized Signatories
- Completed account opening forms
- 2 passport-size photographs of Signatories
- IDs and TIN of Directors/Signatories
- Company TIN
4. Request a business operating permit from the district, municipal, or metropolitan assembly.
Prerequisites:
- Get an application for purchase from the cash offices of the several sub-metros.
- The application should be filled out completely and sent to the Revenue Mobilization Officer (RMO) at the Assembly’s main office.
- must be enrolled with the Department of the Registrar General and hold a Business Registration Certificate.
- Certificates of Registration from other accredited organizations, if any.
- Certificate of Internal Revenue Service (IRS) tax clearance.
Procedure:
Within five working days of the application being submitted, the applicant’s premises will be inspected by a combined team from the Finance Department, Environmental Health Division, and City Engineer’s outfit.
Within two working days on the day of their inspection, the inspection team submits the Assembly with the necessary recommendations.
The application receives a license at the specified fee when the Assembly grants approval.
5. Sign up for Social Security
How to sign up:
- Make an appointment at the SSNIT office closest to you.
- Bring the necessary paperwork to the closest office.
- Authorization to Start Doing Business
- Rules of the Company
- Number of Tax Identifications for the business or entity
- Directors’ or local managers’ profiles
- Copies of the directors’ or local manager’s legitimate identification (passport, driver’s license, voter ID, etc.)
- Directions from the Ghana Post to the taxpayer’s premises (GPS).
- list of workers complete with contributions, base pay, and SSNIT numbers.
- The SSNIT officer will review the documents and fill out a form with the necessary information. Application processing will begin as soon as everything is in order.
- Following processing, the following will be sent to the business by SSNIT:
- A letter of confirmation bearing the registration number of the business; and
- A certificate of membership to signify registration.