7 Steps of doing business in Ghana

7 Steps of doing business in Ghana ; Do you want to start up a business in ghana , Follow these Steps to make it easier for you.

Step 1 – Registration with Registrar General’s Department

Incorporate a company at the Registrar General’s Department and obtain the following:

Certificate of incorporation
Company Regulations
Certificate to commence Business The department has five working days to complete formalities if all documents are in order

Step 2 – Minimum Equity Contribution

Foreign investors are required to comply with GIPC Act 865 regarding minimum equity requirements either in cash or in kind as follows:

Bank Accounts – open two corporate accounts (foreign and local) with a local bank of your choice.
By bank transfer– effect a bank-to- bank transfer of minimum equity requirement, which is converted into local currency (Ghana Cedis). This transaction should be confirmed to the Bank of Ghana (BoG) by the investor’s local authorized dealer bank. BoG in turn confirms this transaction to GIPC for the company’s registration process.
By physical cash – physical cash carried into Ghana by individuals for investment purposes should be declared on Bank of Ghana Form T5 on arrival and subsequently deposited in a bank account within the shortest possible time. This transaction should be confirmed by your dealer bank and BoG as in (ii).
Importation of Plant, Machinery and Equipment – Enterprises are free to implement their projects by importing the relevant plant, machinery and equipment. Zero-rated and concessionary duty items should be cleared automatically and directly through the Customs Excise and Preventive Service (CEPS) of the Ghana Revenue Authority (GRA). Essential plant, machinery and equipment, which fall under section 26 of Act 865, should be cleared with the GIPC.
Equity in kind – in the form of imported machinery, equipment and goods, all documents covering such imports should be in the name of the registered company and evidenced by the following, which should be submitted to GIPC for registration purposes:
- Bill of lading; Airway Bill (originals)
- Destination (Ghana) Inspection Certificate
- Customs Bill of Entry (originals)
- Import Declaration Form (IDF)
- Certified/Final Invoices
- Evidence of capitalization – form 6 from the Registrar Generals Department
Registration with relevant agencies – registration with relevant agencies as
Applicable to the sector of operation.

Step 3 – Registration with GIPC

After the above steps, the investor then registers with the GIPC, following the payment of the relevant fees, for the process to be complete. This procedure takes five statutory working days to complete, provided the registration forms and all supporting documents are in order.

Step 4 – Wholly Ghanaian-Owned Enterprises

These do not need to register with GIPC since the minimum foreign capital requirement does not apply to such enterprises. They may however register (free) to enjoy the incentives offered under the GIPC Act.