There are various incentives for setting up a business in Ghana such as tax holidays, protection of interests under specific laws and an opportunity to legally operate your business in Ghana. One of the main reasons is of course the ability to be granted permission to reside in Ghana.
What sectors are suitable for setting up a business in Ghana?
All sectors are freely available but setting up a business in Ghana in the mining and petroleum needs prior approval. Mining and petroleum projects have to be licensed by the Minerals commission and Ministry of Mines and Energy, respectively.
Steps to setting up your business in Ghana
1. Firstly investors will need to register their business with the Register General. After successfully doing so the investor will receive the incorporation documentation to verify the business registration.
2. As there is minimum investment amount required a bank account will need to be set up to facilitate the transfer of the foreign investment as well as all future business transactions.
3. Where capital is introduced by the means of imported machinery or equipment all documentation covering such imports must bear the name of the registered company, and must be submitted to the GIPC as evidence.
4. Where the capital is introduced as cash (not transferred) this must be declared upon arrival using Bank of Ghana Form T5, and must subsequently be deposited in a local bank account within the shortest possible time. This transaction must be confirmed by the investor’s bank and Bank of Ghana.
5. Registration is then required with the GIPC.
6. Registration with the Internal Revenue Service and the Value Added Tax Secretariat is compulsory.
7. Depending upon the area of investment, the investor is required to register with some oversight agencies. The Ghana Investment Promotion Centre may assist directly or indirectly by referral to accredited public agencies or accounting and legal firms in this process.
8. Enterprises seeking to engage in manufacturing must register with, and obtain an environmental permit from the Environmental Protection Agency (EPA).
If you would like to know more abut setting up a business in Ghana please contact us below:
Simply email us here or telephone us on + 27 (0) 21 424 2460.