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A Business Name Must Be:
- Meaningful
- Relevant
- Distinctive
The Companies Act, 2019 Act 992 Section 21(2) States That; A Company Shall Not Be Registered By A Name Which In The Opinion Of The Registrar, Is Misleading Or Undesirable. Also, A Company Shall Not Be Registered With A Name Of A Company That Exist Already Or Has Been Dissolved Within The Preceding Five Years Of The Intended Registration.
Reserving A Business Name Is Important If You Intend To Register Your Business At A Future Date And You Have A Particular Business Name You Would Like To Use. Reserving Business Names Ensures That Your Intended Business Name Is Not Taken By Another Person; So That Its Available When You Are Ready To Register Your Business.
To Reserve Your Business Name;
- You Need To First Conduct A Name Search To Ensure The Availability Of The Name.
- Write An Application Letter Addressing It To The Registrar And Stating Your Reasons For The Reservation.
- You Make Payment Of GH50 For One Month Reservation. After One Month, You Can Renew The Reservation If You Want To.
Only Ghanaians Are Eligible To Register A Sole Proprietor Business.
- Name Of Business
- Nature Of Activity
- Address Of The Business
- Email Address And Mobile Number Of Business
- Taxpayer’s Identification Number (TIN) Of Proprietor
- Particulars Of Proprietor
- Ghana Card, Mother’s Maiden Name, A Valid ID Card Of Proprietor (Where The Proprietor Does Not Have A TIN)
The Official Cost Of Registration Is Ghs 60
It Takes Averagely 1 To 2 Weeks For Registration Of Sole Proprietor Business
- Certificate Of Registration
- Form A
- Petty Trading, Hawking Or Selling From A Kiosk At Any Place
- Taxi Service And Car Hire Service (A Non -Ghanaian May Undertake This Service Provided He Has A Minimum Fleet Of Ten Vehicles)
- Pool Betting Business And Lotteries, Except Football Pools
- Beauty Saloon And Barber Shops
- Name Of Company
- Nature Of Business
- Stated Capital
- Residential And Postal Address Of The Business
- Email Address And Telephone Numbers
- Particulars Of The Shareholders, Directors, Secretary And Auditor
- Tax Identification Numbers (TIN) Of Shareholders, Directors, Secretary, And Auditor
- Ghana Card, Mother’s Maiden Name And A Passport Copy (Where The Above Does Not Have A TIN)
Notarized Copy Of The Residential Address Of The Directors, Shareholders, Secretary
The Type Of Business Entity A Foreigner Should Incorporate Is Dependent On The Following Factors;
- Nature Of Business
- The Nationalities Of Shareholders As Well As The Shareholding Structure. This Information Determines The Most Suitable Company The Foreigner Can Opt For.
Kindly Note That Only Ghanaians Can Incorporate A Sole Proprietorship Business.
There Are Two Major Costs When Registering A Company Limited By Shares In Ghana.
- Incorporation Fee – The Official Incorporation And Filing Fees Is Ghs 330
- Stamp Duty – The Stamp Duty Fee Is Dependent On Your Stated Capital. The Stamp Duty Is 0.5% Of The Total Amount Of Stated Capital. As A Foreigner The Stated Capital Is Dependent On The Type Of Entity, Your Nature Of Business Activity And The Nationality Of The Shareholders. For Ghanaians, The Minimum Stated Capital That Can Be Used For Incorporation Is Ghs 500
It Takes Averagely 2-3 Weeks For Registration
After Your Company Has Been Incorporated, There Are General Compliances And Regulatory Or Sectoral Compliances That Needs To Be Met. The Other Compliance You Will Need After Incorporating Your Business Will Be Dependent On:
- Nationalities Of The Shareholders
- Nature Of Business Of The Company
However, There Are General Compliances A Company Needs To Adhere To Right After Incorporation, Irrespective Of The Nature Of Business And Nationality Of The Shareholders. They Are;
- Registration With The Municipal Authority For Business Operating Permit
- Registration With Ghana Revenue Authority For Tax
- Social Security And National Insurance Trust For Employee Pension Contributions
- Certificate Of Incorporation
- Form 3
- Beneficial Ownership Profil
- eConstitution
| Sole Proprietor | Co. Ltd by Shares/ Limited Liability | Limited by guarantee | External Company |
| No Stated Capital required | Requires stated capital | No stated capital required | Must have the Parent Company legally incorporated in the foreign country. |
| Requires only one person who is the proprietor
Neither secretary nor Auditor is required | Requires at least two directors, Shareholder(s) and a company secretary | Requires at least two executive council members, subscriber(s) and a company secretary | Requires only a local Manager only
Must have the Parent Company registration documents notarized in the country of incorporation A notarized power of attorney for the local manager is required. |
| Must renew the registration every year | Must file annual returns 18 months from the date of incorporation | Must file annual returns 18 months from the date of incorporation | Must file annual renewal yearly |
| No stated capital requirements | Require minimum equity when there is foreign participation. For 100% Ghanaian owned companies, the minimum stated capital is GHs 500 | Minimum consideration for subscribers is GHs 500 | No stated capital requirement. However, for GIPC registration purposes, the company needs to meet a minimum capital requirement of USD 500,000 |
| Sole proprietorships are taxed on the graduated income tax scheme | Subject to a corporate tax of 25% on profits and income taxes on the salaries of all employees | Not subject to corporate tax but income taxes on the salaries of all employees must be paid | Not subject to corporate tax but income taxes on the salaries of all employees must be paid |
To Ascertain Which Business Entity Is Right For You, You Must Consider The Following;
- Nature Of Business Activity You Intend To Carry Out In Ghana.
- The Initial Stated Capital
- The Nationality Of The Shareholders
- Name Of Organisation
- Nature Of Activity
- Address Of The Business
- Email Address Of The Business
- Mobile Number Of The Business
- Particulars Of The Executive Council Members, Subscribers, Secretary And Auditor.
- Taxpayer’s Identification Numbers (TIN) Of The Executive Council Members, Subscribers, Secretary.
- Ghana Card, Passport Copy, Mother’s Maiden Name Of The Above. (Where They Do Not Have TIN)
- Where They Have Foreign Address
The Official Cost Is Ghs270
It Takes Averagely 2 Weeks To Register A Not-For-Profit Or Company Limited By Guarantee.
- NGOs Require At Least Two Executive Council Members And At Least One Subscriber And A Secretary.
- NGOs Do Not Have Shareholders.
- NGOs Require Auditors.
- No Stated Capital Is Required.
- The Nature Of Business Must Be A Non-Profit Generating Activity.
- Name Of Company
- Address Of Business In Ghana
- Notarised Copies Of Registration Documents Of The Parent Company. (It Must Be In English).
- Notarised Power Of Attorney For The Local Manager.
- Particulars Of The Local Manager (Full Name, Residential Address, Email Address, Mobile Number).
- Taxpayer’s Identification Number Of Local Manager
- Ghana Card (If Ghanaian), Mother’s Maiden Name, A Copy Of Passport. (Where The Local Manager Does Not Have A TIN?
The Cost Of Registering An External Company Is US$1,200
It Takes Averagely 2 Weeks To Register An External Company
An External Company Is A Company Formed Outside Ghana And Which Has An Established Place Of Business In Ghana. An Established Place Of Business Means A Branch, Registration Office, Management Or Other Fixed Place Of Business. It Must Be Noted That An External Company Does Not Have A Separate Legal Personality Or Identity From Its Parent, But Rather Operates As A Branch Of The Parent.
To Open A Corporate Bank Account, You Will Be Required To Provide The Following;
- Certificate Of Incorporation
- Form 3
- Beneficial Ownership Form
- Constitution
- Two Passport Pictures Of The Directors, Shareholder
- A Copy Of Their Passports
- Auditor’s Consent Letter
- Utility Bills
- Work/Residence Permit (If The Bank Account Signatories Are Foreigners)
- A Valid Form Of Identification Such As A Passport
- Proof Of Residence
- Tax Identification Number
- Passport Size Photographs
- Work And Residence Permit
- A Letter Of Introduction From Your Banking Institution In Your Home Country
- Some Banks May Request A Reference Letter From The Account Holder Of The Bank To Which You Are Applying In Ghana And/Or A Letter Of Reference From Your Employer
It Takes Averagely 3 To 4 Working Days To Open A Bank Account
There Are No Official Charges For Bank Account Opening However Once Account Has Been Opened, The Company Needs To Make An Initial Deposit In The Account (Any Amount Is Ok).
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