Why Set Up Business in Ghana Now
If you are a foreigner and want to set up a business in Ghana, you might be surprised by the different requirements you need to set up your business successfully. However, they are all necessary to set up your business successfully.
The economy of Ghana grows every day, and the government encourages more businesses to open in Ghana. Together with this, they want to support foreign investors because it also helps with their unemployment rate.
Setting up a business in Ghana will be explained more in this post, so you can be guided on where to start.
How to Set up Business in Ghana
- Once you have developed an idea from your goals and plans, you will need a Tax Identification Number (TIN).
- You can get a TIN by providing a National ID card copy, and then secure it in a bank, any branch of Ghana Revenue Authority, or in the Registrar General’s Department.
- Register your business name, type of business, company name, the shareholder’s information, etc. The full names of the directors (at least two). The secretary of your company, auditors, and company shares.
- You must now open a bank account for your business, and you will be told what requirements you need as a foreign investor.
- Apply for the Business Operating Permit which is at the Metropolitan/Municipal District Assembly.
- Register for Social Security by booking an appointment with the nearest SSNIT office from where you are staying.
Important Information You Need to Know
- It would be best if you found out who is in your inner circle. The inner circle is the one used to describe your competitors and customers you are targeting, including their demographics, age group, and what percentage they constitute.
- A company that is wholly owned by a foreigner must have a minimum capital of $500,000. If you have a joint venture with a citizen of Ghana, your contribution must be $200,000 to the company’s shared capital. Also, the citizen of Ghana must have at least 10% ownership of the company’s equity.
- The most manageable business type for a foreigner to open in Ghana is the limited liability company. It is ideal to go for this, especially if you are starting.
Other Reasons to Set up Business in Ghana
- Ghana is a trading nation as they have a history of commerce since 1482. The slave trade took over after the Portuguese started trading timber, gold, and ivory.
- There is a wealth of opportunity in Ghana because there is scope for more businesses to open. Everything is available in Ghana, and it just depends on your skills and what the possibilities are. Any aspiring entrepreneur can set up a business in Ghana regardless of their nationality.
You can contact 3E Accounting to help you set up a business in Ghana.