Ghana

The Republic of Ghana lies in the west of the African continent with access to the Atlantic Ocean in the Gulf of Guinea. It has a rather extensive land border with Côte d'Ivoire to the west, Burkina Faso to the north and north-west, and Togo to the east.
The weather is dry for most of the year, with occasional rain. The climate is sub-equatorial with a transition to equatorial.

Ghana is one of the world's largest suppliers of gold, diamonds and bauxite, and is also an important oil, natural gas and timber exporter.
Ghana has an active international policy, reflected in its membership of various international organisations and the conclusion of a large number of agreements aimed at integrating it into the global economy. As an example, Ghana has the following membership of international organisations such as the ADB, ECOWAS, IAEA, UN, UNESCO, WHO, WIPO, WTO, etc.
English is the state's official language. The official currency is the Ghanaian cedi (1 GHS = 0.17 USD).
Incorporating a company in Ghana is a very lucrative solution for those planning to establish a business on the continent.

6 simple steps to purchase a company

  1. choosing a country

  2. choosing a bank

  3. payment (by any method)

  4. sending documents

  5. company registration

  6. bank account opening

Main advantages

Out of the advantages that are open to founders when registering a company in Ghana, it is worth noting in particular:

  1. Sea access and the consequent favourable trade policy of the state;
  2. Relative legislative stability;
  3. Dynamically developing banking system;
  4. Strong trade links with leading European and African countries;
  5. Cheap labour force and highly qualified specialists in various sectors;
  6. Relatively low rate of VAT.
  7. Existence of special economic zones. Ghana uses export industrial zones, which focus on export-oriented products, to attract foreign investment in their respective industries. Under this programme, a company registered in the Ghana Free Zone must export at least 70% of what it produces. The remaining 30% can be sold locally. Enterprises are exempt from income tax for several years. Following this period, a maximum income tax of no more than 8% is guaranteed, and shareholders are also exempted from paying taxes on dividends.

Type of legal entity:

According to current Ghanaian legislation, the incorporation of such companies is available to foreign persons:

Companies Limited by shares (private or public)

A Company Limited by Shares is an association of two to fifty people with a specific purpose, either for profit or for non-profit. The shareholders are the owners of the company and the directors, secretary and auditors are the officers of the company. A minimum of two directors is required. This is the most popular company structure in Ghana.

Companies Limited by guarantee

The participants' liability is limited to the amount they undertake or guarantee to contribute to the company's assets. The main purpose of this type of company is not to make a profit.

Companies with unlimited liability

A company with unlimited liability has the same composition as a limited liability company, except that the liability of its owners is not limited to shareholders' shares.

Legal Entity Features:

General regulatory requirements regarding the establishment of a business in this jurisdiction:

  1. The first step in registering a company is to obtain a name for the company, the name must be unique, not misleading or undesirable (according to the Registrar's opinion) and not used by any other person prior to registration.
  2. It is supposed to have a physical office.
  3. There are at least two directors, one of whom is a resident.
  4. A secretary is required.
  5. It is not compulsory for the founder to travel to Ghana.
  6. The authorised capital depends on the field of activity of the future company.
  7. All officers of the proposed company must have a tax identification number (TIN).

Taxation Features

The state of Ghana has the following taxation features:

  1. Corporate tax in Ghana is 25% and is one of the lowest in Africa among other jurisdictions. Mining and quarrying companies pay a CIT rate of 35%, while companies primarily engaged in the hospitality industry pay a reduced rate of 22%.
  2. The tax on dividends is only 8%.
  3. The standard VAT rate is 12.5%, except for deliveries by a wholesaler or retailer, which are taxed at a flat rate of 3%.
  4. The royalty tax rate is 15%.
  5. The above does not constitute tax or legal advice for your specific situation.

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