Registering your business is one of the most important steps to follow in keeping your business running. This process is often viewed as a tedious one, but definitely one businesses cannot do without.
The body responsible for registering businesses in Ghana is the Registrar General’s Department. Identifying the structure of your business, such as Company Limited by Shares, Unlimited Liability, and Sole Proprietorship, will help in choosing the appropriate legal framework that will best suit the business.
Especially in an era characterized by technology, registration forms can now be easily accessed on http://rgd.gov.gh/index.php/forms/
Here are a few guidelines that could come in handy when registering your business:
- Conduct a name search
The probability of choosing the same name for your business as someone else is quite high. It is therefore very essential that you conduct a name search of your company at the Registrar General’s Department, to ensure that the name is available. Should the name be available, there is a period of thirty days during which the selected name can be reserved, upon request.
The name of your business is key, as it should reflect the nature of your business or at least be relevant to your business activities. The Registrar General’s Department is highly likely to reject any names that sound offensive or too similar to other existing businesses.
- Tax Identification Number Registration
Over the past few years, the Tax Identification Number (TIN) has become a greater requirement when filling important forms and documents. In registering your business, you also need to register a TIN for you as well as the directors and shareholders of your company. Documents required in obtaining a TIN include a TIN form (http://rgd.gov.gh/wp-content/uploads/2015/12/Taxpayer-registration-form-individ ), which requires information such as your name, occupation, contact, other’s maiden name, postal and residential address as well as a valid photo ID such as a driver’s license, voter’s ID or passport. Tax Identification Numbers are usually generated within 24 to 48 hours, at any Ghana Revenue Authority Office (https://gra.gov.gh/index.php/office-locations/ )
- Fill the forms (Known as Forms 3 and 4, as well as Company Registration)
These forms can be accessed on http://rgd.gov.gh/index.php/forms/ and require information such as company name, contact, business objectives, principal place of business, stated capital, postal address, auditor’s details as well as personal details of the director, secretary and shareholders.
Before these forms are submitted, they should be signed by all directors (at least one of the directors have to be resident in Ghana), the company secretary as well as shareholders.
- Make the required payments
To proceed in the registration process, there are some required payments that need to be made, such as incorporation and filing fees (which are paid during the submission of the registration forms), as well as stamp duty (which is 0.5% of your company’s stated capital.)
- Pick up business registration certificates
This is virtually the final stage of the registration process. After picking up the forms, the required time to submit the fully filled forms and complete the process is ten days. Doing this enables you to receive the necessary documents which prove that your company exists in Ghana, such as Certificates of Incorporation and Commencement, Company Regulations and Forms 3 and 4. These certificates will enable you open a bank account for your business as well as engage in any business transactions.
The registration process may seem cumbersome, but when completed, gives your business the room to operate fully in the country.
Have any more questions? Don’t hesitate to get in touch via (corporate@jaysetconsulting.com)
