Investment Opportunities in Ghana - Info Page
SETTING UP BUSINESS IN GHANA
_____________________________________ An entrepreneur, irrespective of nationality, can set up a business enterprise in Ghana in accordance with the provisions of any of the following legal instruments: • The Companies Code, 1963 (Act 179) • The Partnership Act, 1962 (Act 152) Business Laws • The Business Name Act, 1962 (Act 151). |
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A foreign investor may team up with a Ghanaian entrepreneur or company for a joint venture, usually in the form of a partnership or a limited company. However, under the Ghana Investment Promotion Centre Act, 1994 (Act 478), a minimum equity capital of US$10,000 is required from any foreign investor who intends to enter into a joint venture partnership with a Ghanaian in any area of economic activity, except trading. In trading, the minimum equity capital requirement is US$300,000.
The foreign shareholder is required to satisfy this minimum equity capital either in cash transferred through Ghana's banking system or its equivalent in the form of goods, plant and machinery, vehicles or other tangible assets imported specially and exclusively to establish the enterprise. The imported items must be covered by a Destination Inspection Report issued by an accredited inspection company, stating the value and condition of the goods. Consideration for goodwill of a business or services rendered by partners cannot be used to satisfy the minimum foreign equity capital.
Foreigners are permitted 100-per-cent ownership of an enterprise provided the investor satisfies section 19 (2b) of the GIPC Act, 1994 (Act 478). Wholly foreign-owned enterprises must have a minimum paid up capital, the equivalent of US$50,000 in all areas of economic activity except import trading, where the minimum equity capital requirement is US$300,000. In the cases of export trading and liaison (external) offices, there is no minimum foreign equity requirement.
Application for registration of a company is made directly, or through agents or solicitors, to the Registrar-General. A company is duly registered after the company's regulations have been submitted to the registrar of companies and a certificate of incorporation issued. A specified fee is paid on presentation of the regulations. The information required includes:
• the name of the company with the word "Limited" as the last word in the name;
• the nature of the company's business;
• a statement that the company possesses all the powers of a natural person of full capacity;
• the names of the first directors of the company;
• a statement that the liability of the company is limited;
• the share capital and its division into shares of no par value;
• limitation on the powers of the Board of Directors in accordance with section 202 of the Companies Code;
• any other lawful provisions relating to the constitution and administration of the company.
The requirements for a public company limited by shares are similar to those stated above, except that the public can buy shares.
Commencement of Business: Before commencing business, further information on the company must be provided. This includes the particulars of the company and a declaration of compliance.
The particulars of the company are given on Form No. 3 and signed by the directors and the company secretary. The information provided must include:
• the name of the company with the word "Limited" as the last word in the name;
• the nature of the company's business;
• a statement that the company possesses all the powers of a natural person of full capacity;
• the names of the first directors of the company;
• a statement that the liability of the company is limited;
• the share capital and its division into shares of no par value;
• limitation on the powers of the Board of Directors in accordance with section 202 of the Companies Code;
• any other lawful provisions relating to the constitution and administration of the company.
The requirements for a public company limited by shares are similar to those stated above, except that the public can buy shares.
Commencement of Business: Before commencing business, further information on the company must be provided. This includes the particulars of the company and a declaration of compliance.
The particulars of the company are given on Form No. 3 and signed by the directors and the company secretary. The information provided must include:
• name of company;
• authorized business;
• particulars of directors (at least two) and a secretary;
• name and address of auditors;
• addresses of the company's registered office and principal place of business;
• address at which register of members is maintained;
• amount of stated capital; number of authorized and issued shares, amount paid (other than cash), and amount due for each class.
The declaration of compliance is made on Form No. 4. This states that the conditions of section 28 of the Companies Code pertaining to a minimum capital issue of 25,000 cedis (C) has been paid and signed by all directors and the secretary of the company. There is a stamp duty of 2 per cent of capital issue payable. Upon due completion and presentation of the forms, the registrar issues the company with a certificate of commencement of business.
Annual Returns: Limited Liability Companies must file annual returns with the Registrar of Companies showing its audited balance sheet and profit-and-loss statement after 18 months of incorporation.
EXTERNAL COMPANY
An external company is a body corporate formed outside Ghana but which has an established place of business in Ghana. This can take the form of a branch, management, share, transfer, registration office, factory, mine or other fixed place of business, but does not include an agency unless the agent is authorized to negotiate and conclude contracts on behalf of the outside company. Within one month of the establishment of the place of business, the external company should deliver to the registrar of companies the following:
• an English language translation of a certified copy of the charter, statutes, regulations, memorandum and articles or other instrument constituting or defining the constitution of the company,
• statement of the following in duplicate:
- name
- nature of business or main objects
- name, address and business occupation of the local manager authorized to manage the business in Ghana
- number of authorized shares, amount paid and what is remaining payable in cash or otherwise
- address of its registered or principal office in the country of its incorporation
- address including post office box number of its principal place of business in Ghana
- name and address in Ghana of a person authorized by the company to accept service of process and other documents on its behalf
- particulars and copies of any charges on the property of the company or if no such charges, then statement to that effect
On receipt of the documents, they are registered in the Registrar of External Companies and the particulars gazetted.
An external company may invite the Ghanaian public to subscribe to its shares, subject to its complying with requirements of the Companies Code concerning invitations and the prospectus as if it were a Ghanaian company. The registrar, however, has the discretion to waive or modify parts of these requirements.
Annually, or at intervals not exceeding 15 months, the external company must submit for registration, a profit-and-loss account and balance sheet (as in the limited liability return of accounts).
Alterations made in the charter, statutes, regulations, articles or other instruments used in registration should be delivered to the registrar within two months of the effective date of the alteration.
The various forms required for registration of companies are obtainable from the Registrar-General. Prospective investors should obtain competent professional advice on the type of company which may best meet their needs. Such advice is obtainable from:
The Registrar-General
Registrar-General's Department
P.O. Box 118
Accra, Ghana
Foreigners are permitted 100-per-cent ownership of an enterprise provided the investor satisfies section 19 (2b) of the GIPC Act, 1994 (Act 478). Wholly foreign-owned enterprises must have a minimum paid up capital, the equivalent of US$50,000 in all areas of economic activity except import trading, where the minimum equity capital requirement is US$300,000. In the cases of export trading and liaison (external) offices, there is no minimum foreign equity requirement.
Application for registration of a company is made directly, or through agents or solicitors, to the Registrar-General. A company is duly registered after the company's regulations have been submitted to the registrar of companies and a certificate of incorporation issued. A specified fee is paid on presentation of the regulations. The information required includes:
• the name of the company with the word "Limited" as the last word in the name;
• the nature of the company's business;
• a statement that the company possesses all the powers of a natural person of full capacity;
• the names of the first directors of the company;
• a statement that the liability of the company is limited;
• the share capital and its division into shares of no par value;
• limitation on the powers of the Board of Directors in accordance with section 202 of the Companies Code;
• any other lawful provisions relating to the constitution and administration of the company.
The requirements for a public company limited by shares are similar to those stated above, except that the public can buy shares.
Commencement of Business: Before commencing business, further information on the company must be provided. This includes the particulars of the company and a declaration of compliance.
The particulars of the company are given on Form No. 3 and signed by the directors and the company secretary. The information provided must include:
• the name of the company with the word "Limited" as the last word in the name;
• the nature of the company's business;
• a statement that the company possesses all the powers of a natural person of full capacity;
• the names of the first directors of the company;
• a statement that the liability of the company is limited;
• the share capital and its division into shares of no par value;
• limitation on the powers of the Board of Directors in accordance with section 202 of the Companies Code;
• any other lawful provisions relating to the constitution and administration of the company.
The requirements for a public company limited by shares are similar to those stated above, except that the public can buy shares.
Commencement of Business: Before commencing business, further information on the company must be provided. This includes the particulars of the company and a declaration of compliance.
The particulars of the company are given on Form No. 3 and signed by the directors and the company secretary. The information provided must include:
• name of company;
• authorized business;
• particulars of directors (at least two) and a secretary;
• name and address of auditors;
• addresses of the company's registered office and principal place of business;
• address at which register of members is maintained;
• amount of stated capital; number of authorized and issued shares, amount paid (other than cash), and amount due for each class.
The declaration of compliance is made on Form No. 4. This states that the conditions of section 28 of the Companies Code pertaining to a minimum capital issue of 25,000 cedis (C) has been paid and signed by all directors and the secretary of the company. There is a stamp duty of 2 per cent of capital issue payable. Upon due completion and presentation of the forms, the registrar issues the company with a certificate of commencement of business.
Annual Returns: Limited Liability Companies must file annual returns with the Registrar of Companies showing its audited balance sheet and profit-and-loss statement after 18 months of incorporation.
EXTERNAL COMPANY
An external company is a body corporate formed outside Ghana but which has an established place of business in Ghana. This can take the form of a branch, management, share, transfer, registration office, factory, mine or other fixed place of business, but does not include an agency unless the agent is authorized to negotiate and conclude contracts on behalf of the outside company. Within one month of the establishment of the place of business, the external company should deliver to the registrar of companies the following:
• an English language translation of a certified copy of the charter, statutes, regulations, memorandum and articles or other instrument constituting or defining the constitution of the company,
• statement of the following in duplicate:
- name
- nature of business or main objects
- name, address and business occupation of the local manager authorized to manage the business in Ghana
- number of authorized shares, amount paid and what is remaining payable in cash or otherwise
- address of its registered or principal office in the country of its incorporation
- address including post office box number of its principal place of business in Ghana
- name and address in Ghana of a person authorized by the company to accept service of process and other documents on its behalf
- particulars and copies of any charges on the property of the company or if no such charges, then statement to that effect
On receipt of the documents, they are registered in the Registrar of External Companies and the particulars gazetted.
An external company may invite the Ghanaian public to subscribe to its shares, subject to its complying with requirements of the Companies Code concerning invitations and the prospectus as if it were a Ghanaian company. The registrar, however, has the discretion to waive or modify parts of these requirements.
Annually, or at intervals not exceeding 15 months, the external company must submit for registration, a profit-and-loss account and balance sheet (as in the limited liability return of accounts).
Alterations made in the charter, statutes, regulations, articles or other instruments used in registration should be delivered to the registrar within two months of the effective date of the alteration.
The various forms required for registration of companies are obtainable from the Registrar-General. Prospective investors should obtain competent professional advice on the type of company which may best meet their needs. Such advice is obtainable from:
The Registrar-General
Registrar-General's Department
P.O. Box 118
Accra, Ghana
Common seal not needed to register business
Accra, July 9, 2007 / GNA - The Registrar-General's Department (RGD) on Monday advised the public that the acquisition of the "common seal" does not form part of the requirements needed when registering a business or a company in Ghana as contained in 1963, Act 179 of the Companies' Code.
"A common seal is acquired by companies who choose to acquire it after registering their business in the Department for certain transactions done on behalf of the company," Mr. J. K. Harlley, Acting Registrar-General, said in a statement issued in Accra. He said Section 146 of the Companies' Code stated that documents or proceedings requiring authentication by a company may be signed on its behalf by an officer of the company and need not be under its common seal. Source: GNA |
INVESTMENT OPPORTUNITIES
All areas are open to foreign participation with special focus on the following: Cotton and Textile: Production of improved varieties of cotton for export and local consumption, establishment of ginneries, farm to plant transport services, storage and handling facilities, production of chemicals including natural dyes, industrial starch, caustic soda, hydrochlorides and other finishing chemicals as well as production of textiles. Cotton production has been selected as one of the special Presidential Initiatives. Agro-Processing: Establishment of manufacturing industries to add value to local agricultural and fishery products, especially cassava into industrial starch etc, cocoa beans into cocoa products, fruits into fruit juices, purees etc, rice into fragrant rice, flour etc. The scope for export of these products to regional and international markets is quite significant. Production of cassava and individual starch is under the special Presidential Initiatives. |
Ethnic Beauty Products:
Production of universal and ethnic cosmetics such as hair and skin care products, using local raw materials which are in abundance e.g. soya bean oil, shea butter, sunflower seed and sunflower oil, coconut oil, palm kernel or babasu oil etc.
Floriculture:
An industry in its nascent stages, Floriculture offers a lot of opportunities as Ghana’s climate, topography and other natural characteristics make it a conducive location for the cultivation of a myriad of exotic flowers. Species like heliconia, caribea, celosia, curcuma, gladioli, hibiscus, roses, ornamental palms and ferns perform well under natural condition. Cold storage facilities, green house construction, irrigation equipment and construction of small dams, as well as packaging materials, all provide opportunities. There are five cargo airlines (Swiss, Lufthansa, Ghana Airways, KLM and Race Cargo) operating flights (average of 14 daily) to Europe with very competitive costs (costs ($0.74 -$1.25 1kg)). Ghana also has comparative advantage in its proximity to the main EU markets, with flights to London and Amsterdam averaging only six hours.
Fine and Custom Jewellery:
With a tradition dating back to the 5th century B. C, Ghana has always had a vibrant goldsmithing and jewel-making industry. As a major producer of gold and diamonds, vast opportunities exist in the production of fine jewellery, custom jewellery and accessories and services.
Transport Services:
Identified as one of government’s priority areas to be developed under its medium term plan, transport services offer exciting opportunities especially in mass transportation – scheduled bus system, rail upgrades and passenger rail transport on chosen corridors, lake transport system (exports and imports to and from land locked neighbours of Burkina Faso, Mali and Niger), air transport operators for domestic and subregional services, as well as, upgrading of existing trunk roads under BOT, BOO, BAT, BLT etc. systems.
Seafood Processing:
Ghana’s 550km of coastline and 8,520 square km of water surface area provide an abundance of marine life (particularly tuna), aquaculture and inland fish species. Opportunities exist in harvesting and processing of tuna and various marine and aquaculture species as well as establishment of aquaculture (fish farms).
Property Development:
Construction of residential houses (low cost housing, high rise quality apartments, retirement villages); Industrial houses (light industrial parks, warehousing facilities) and Commercial houses (regional and local shopping centers/malls, office accommodation, storage etc.) as well as provision of construction equipment and building materials.
Tourism:
One of the fastest growing sectors in the economy, tourism holds a lot of attractions for investors. Opportunities include provision of hotel accommodation in the 3 – 5 star range in Accra and the regional capitals; conversion of the numerous forts and castles on the Atlantic Coast into inns; Beach, lake and river resort development (including water sport and game fishing); development of lodges and national parks; development of modern convention/event facilities for large social gatherings in main cities; provision of complete adventure/ecotour packages for domestic and subregional markets; and rest stops on key excursion routes. - Read Here our latest Ghana Tourism News
Ceramics:
Provision of structural ceramics (including burnt bricks, tiles and murals), traditional ceramics (flower vases, pots, candle holders and lamps), crockery (plates, tea and coffee pots, cups, mugs), electrical products (insulators, plugs and capacitors), sanitary items (sinks, baths and wash basins) and clinical items (dental fixtures, fillers and bone joints).
Information Technology/Electronics:
Establishment of centres of excellence for production of electrical and electronic products; manufacture and assembly of computer equipment; electronic commerce, Information network operation, medical transcription, legal databases, logistics management, insurance claim processing, back office operations etc.
Apparel:
Opportunities in this sector have been enhanced with Ghana’s receipt of its visa protocol under the African Growth and Opportunities Act (AGOA). Production and export of large-scale apparel and clothing especially Afro-centric clothing for niche markets in the United States and Europe look particularly attractive. Other areas are export of hand-woven indigenous textiles and manufacturing of upscale designer wear for mainstream overseas markets. Ghana’s ‘Kente’ cloth is globally recognized and admired. This sector is under the Presidential Special Initiative.
Hand Tools:
While there exists a strong demand for steel and related products in Ghana and the subregion, there are no major producers in West Africa. This is in spite of widespread availability of natural resources and trained personnel. For instance, Opon-Mansi, in Ghana is estimated to have an ore reserve of 174.4 million long tons. Industrial steel, agricultural implements like spades, shovel, forks, mattocks, pricks, hoes, shears scythes etc. are in great demand as well as construction/industrial tools like screwdrivers, hammers, anvils, handsaws, blades etc.
Production of universal and ethnic cosmetics such as hair and skin care products, using local raw materials which are in abundance e.g. soya bean oil, shea butter, sunflower seed and sunflower oil, coconut oil, palm kernel or babasu oil etc.
Floriculture:
An industry in its nascent stages, Floriculture offers a lot of opportunities as Ghana’s climate, topography and other natural characteristics make it a conducive location for the cultivation of a myriad of exotic flowers. Species like heliconia, caribea, celosia, curcuma, gladioli, hibiscus, roses, ornamental palms and ferns perform well under natural condition. Cold storage facilities, green house construction, irrigation equipment and construction of small dams, as well as packaging materials, all provide opportunities. There are five cargo airlines (Swiss, Lufthansa, Ghana Airways, KLM and Race Cargo) operating flights (average of 14 daily) to Europe with very competitive costs (costs ($0.74 -$1.25 1kg)). Ghana also has comparative advantage in its proximity to the main EU markets, with flights to London and Amsterdam averaging only six hours.
Fine and Custom Jewellery:
With a tradition dating back to the 5th century B. C, Ghana has always had a vibrant goldsmithing and jewel-making industry. As a major producer of gold and diamonds, vast opportunities exist in the production of fine jewellery, custom jewellery and accessories and services.
Transport Services:
Identified as one of government’s priority areas to be developed under its medium term plan, transport services offer exciting opportunities especially in mass transportation – scheduled bus system, rail upgrades and passenger rail transport on chosen corridors, lake transport system (exports and imports to and from land locked neighbours of Burkina Faso, Mali and Niger), air transport operators for domestic and subregional services, as well as, upgrading of existing trunk roads under BOT, BOO, BAT, BLT etc. systems.
Seafood Processing:
Ghana’s 550km of coastline and 8,520 square km of water surface area provide an abundance of marine life (particularly tuna), aquaculture and inland fish species. Opportunities exist in harvesting and processing of tuna and various marine and aquaculture species as well as establishment of aquaculture (fish farms).
Property Development:
Construction of residential houses (low cost housing, high rise quality apartments, retirement villages); Industrial houses (light industrial parks, warehousing facilities) and Commercial houses (regional and local shopping centers/malls, office accommodation, storage etc.) as well as provision of construction equipment and building materials.
Tourism:
One of the fastest growing sectors in the economy, tourism holds a lot of attractions for investors. Opportunities include provision of hotel accommodation in the 3 – 5 star range in Accra and the regional capitals; conversion of the numerous forts and castles on the Atlantic Coast into inns; Beach, lake and river resort development (including water sport and game fishing); development of lodges and national parks; development of modern convention/event facilities for large social gatherings in main cities; provision of complete adventure/ecotour packages for domestic and subregional markets; and rest stops on key excursion routes. - Read Here our latest Ghana Tourism News
Ceramics:
Provision of structural ceramics (including burnt bricks, tiles and murals), traditional ceramics (flower vases, pots, candle holders and lamps), crockery (plates, tea and coffee pots, cups, mugs), electrical products (insulators, plugs and capacitors), sanitary items (sinks, baths and wash basins) and clinical items (dental fixtures, fillers and bone joints).
Information Technology/Electronics:
Establishment of centres of excellence for production of electrical and electronic products; manufacture and assembly of computer equipment; electronic commerce, Information network operation, medical transcription, legal databases, logistics management, insurance claim processing, back office operations etc.
Apparel:
Opportunities in this sector have been enhanced with Ghana’s receipt of its visa protocol under the African Growth and Opportunities Act (AGOA). Production and export of large-scale apparel and clothing especially Afro-centric clothing for niche markets in the United States and Europe look particularly attractive. Other areas are export of hand-woven indigenous textiles and manufacturing of upscale designer wear for mainstream overseas markets. Ghana’s ‘Kente’ cloth is globally recognized and admired. This sector is under the Presidential Special Initiative.
Hand Tools:
While there exists a strong demand for steel and related products in Ghana and the subregion, there are no major producers in West Africa. This is in spite of widespread availability of natural resources and trained personnel. For instance, Opon-Mansi, in Ghana is estimated to have an ore reserve of 174.4 million long tons. Industrial steel, agricultural implements like spades, shovel, forks, mattocks, pricks, hoes, shears scythes etc. are in great demand as well as construction/industrial tools like screwdrivers, hammers, anvils, handsaws, blades etc.
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