Businesses are an acceptable venture in every society as they help maintain a country’s economy. Undoubtedly, businesses really contribute gigantically to a country’s monetary development.
Notwithstanding, starting a business in any nation is guided by certain laws, and Ghana is the same.
The outcomes are exceptionally serious if one’s business isn’t enrolled effectively, and this article will give a definitive guide that will assist you with getting your business enlisted in Ghana.
In Ghana, all businesses have permits from the Registrar General’s Department (RGD).
The RGD is that agency with the sole authority to register any business in Ghana lawfully.
The Registrar General’s Department is an office under the Ministry of Justice and Attorney.
They are into the registration of businesses, provision of mechanical property rights, marriages, and public trusts.
They also offer well-disposed types of assistance and precise information for public arranging and financial turn of events.
There are two sorts of businesses/companies in Ghana – Ghanaian-owned companies and foreign companies/businesses.
Types of Company Registration in Ghana
There are five distinctive organization registrations in Ghana. These are;
Sole Proprietorship – This is a kind of business claimed and worked by one individual. They serve at the solitary top of the endeavor; accordingly, they are in direct control. All things considered, what’s more, are legitimately responsible for the accounts of such business, which may incorporate obligations, advances, misfortune, and others.
External Company – As the name infers, they are organizations that have a place with ostracizes. These incorporate foreign financial backers and other non-Ghanaian people who have seen the need to feel the Ghanaian market.
The RGD characterizes an outer organization to be one that is a part of a current organization. A Local Manager ordinarily enlists this organization for the organization’s benefit enlisted outside the purview of Ghana.
This will require the neighborhood administrator to be someone staying in Ghana. Also, all supporting documents of the External Company must be in the English Language, which is Ghana’s official language.
Companies restricted by guarantee – This is a kind of organization that doesn’t have any investors. Notwithstanding, its proprietors are underwriters who agree to pay a sum to cater to the organization’s accumulated obligations.
Organizations that are worked thus incorporate non-benefit associations, sports clubs, laborers’ co-agents, and participation associations.
Companies restricted by shares – This is an organization whose investors’ risk to loan bosses is gigantically reliant. Sometimes, it is gigantically compelled by the first contributed capital.
One thing is that the individual resources of the investor are secured; nonetheless, all money-related ventures will be lost ought to there be a requirement for the organization to overlay up.
In Ghana, the RGD marks this sort of business or organization as one with a few individuals somewhere in the range of two and fifty individuals meeting up on one or the other benefit or non-benefit premise.
Companies with limitless liabilities – In this sort of undertaking, the proprietors and accomplices of the business are exclusively answerable for all business obligations.
In case of any obligation, these can be paid through the seizure and offer of proprietors’ or accomplices’ resources, which is not quite the same as the restricted responsibility business structure.
Additionally, all are responsible if the organization bows out of all financial obligations.
Limitless Liability Company and a restricted responsibility organization simply that with the limitless risk organization, the liabilities of its proprietors are limitless.
How To Successfully Register a Business Online in Ghana
As said earlier, any individual who needs to register their business should go to the required organization, the Registrar General’s Department of the Ministry of Justice and Attorney General at the regional level.
At present, the agency runs online administrations that permit the individual interested in registering their organization to begin the application on the web.
The individual should visit the website of the organization (https://rgd.gov.gh/). At that point, the individual will need to pick the ‘ONLINE REGISTRATION’ tab.
Subsequent to tapping on the tab, the individual has the choice to make a record. The individual can likewise look for their organization name to learn its accessibility.
These should be possible inside basic, simple strides as the site’s interface is very easy to understand.
Before the individual can effectively register the organization, the person is needed to give the following;
- Company name
- Company actual location
- Company postal location
- Company or business exercises
- Company contacts
- Details of anybody engaged with the organization structure
How to Get a Business Certificate in Ghana
The individual can get the business declaration when the forms are filled correctly and submitted with no missteps.
Moreover, the necessary changes should be paid before you can get your business registration certificate. Inability to do any of the above will bring about your application being dismissed.
Cost of Registering a Business in Ghana
Before an application can be said to be fruitful, the individual should pay every single required expense. These expenses are in two sections – legal and handling charges.
The legal expense is the STAMP DUTY charge, while the preparing expense is the joining and recording of the form charge.
Before you can effectively enroll your business in Ghana, you are legally necessary to pay 0.5% of your expressed organization capital. This is the thing that is named the STAMP DUTY.
Ghanaian possessed organizations are needed to have a startup capital of at the very least GHC 500 while that of foreign organizations is about $500,000.
Businesses partly owned by Ghanaians and foreigners need to have a startup capital of about $200,000, and all exchanging ventures, independent of whether they are Ghanaian claimed or foreign, need to have $1,000,000 as startup capital.
The last charge to be paid is the consolidation and documenting of structures expense, which is GHC 330.
Who Qualifies to Register a Business in Ghana
Anybody can register a business in Ghana given that the individual is a citizen who is appropriately enlisted by the Ghana income authority.
On account of Sole ownership, the organization’s proprietor should have a Tax Identification Number (TIN).
An individual can enlist their organization in these straightforward advances, incorporating the individual completing a name search with the Registrar General’s Department just as having a Taxpayer Identification Number enrollment (TIN).
The individual should then continue to fill and present the necessary organization consolidation forms and compare legal expenses.