Taxes in Ghana

Everything you need to know about tax registration, tax rates, tax incentives, withholding taxes, income taxes, monthly tax filings, and audits in Ghana. Learn more from these guidelines which will help you comply with all tax requirements in Ghana.

Tax registration

1. All businesses are required to register with the Ghana Revenue Authority (GRA).
2. Businesses which are exempt from corporate tax are still required to register their business with the GRA for the purposes of payment of income tax.
3. All businesses registering with the GRA, must do so at the nearest GRA district office closest to the project location.
4. To register your company with the GRA, the following documents are required;

• Completed corporate tax registration forms
• VAT registration forms
• Resume of all directors of the company
• Pictorial delineation of the project/office location

5. A provisional tax assessment is raised on all businesses yearly, including new business registrations.
6. For new business tax registration, provisional tax assessment is determined by the GRA office in consideration of the objects of the business, stated capital and the nationality of the shareholders.
7. All companies liable for tax in Ghana, are required to pay provisional tax quarterly.

Tax Rates and Incentives

8. In Ghana the applicable taxes are;

• Corporate tax – 25%
• VAT and NHIL – 17.5%
• VAT Flat Rate Scheme (VFRS) – 3%
• Capital gains tax -15%
• Dividend tax – 25%
• Annual income tax rates – Find below

Chargeable Income (GH¢)	Rate (%)	Tax (GH¢)	Cumulative Chargeable Income (GH¢)	Cumulative Tax (GH¢)
First 2,592	Free	NIL	2,592.00	NIL
Next 1,296	5	64.80	3,888.00	64.80
Next 1,812	10	181.20	5,700.00	246.00
Next 33,180	17.5	5,806.50	38,880.00	6,052.50
Exceeding 38,880	25%

 

• Monthly income tax rates –Find below

Chargeable Income (GH¢)	Rate (%)	Tax (GH¢)	Cumulative Chargeable Income (GH¢)	Cumulative Tax (GH¢)
First 216	NIL	NIL	216	NIL
Next 108	5	5.40	324	5.40
Next 151	10	15.10	475	20.50
Next 2,765	17.5	483.88	3240	504.38
Exceeding 3,240	25%

9. The following tax incentives (tax holidays and tax rebates) are available under the law;

Tax Rates	Percentage (%)
General Corporate Tax	25%
Companies Listed on the GSE	22%
Free Zone Enterprises	8% (After 10 year Tax Holiday)
Manufacturing Companies	25%
Companies Engaged in Non-Traditional Exports	8%
Companies Producing Cocoa By-Products	25%
Agro-Processing Companies	25% (after  1% for the 1St 5 years)
Venture Capital Financing Company	25% (after  1% for the 1St 10 years)
Unit Trust Scheme and Mutual Fund	25% (after  1% for the 1St 10 years)
Waste Processing	25% (after  1% for the 1St 10 years)
Companies Engaged in Non-Traditional Exports	8%

Withholding taxes in Ghana

10. The following incomes are subject to withholding tax at the rates specified in the table below;

Income	Rate (%)	Comments
Interest paid to Individual	1	On Account
Fees, allowance to resident director/manager, board member, trustee	20	On Account
Fees to lecturers, invigilators, examiners, part-time teachers, non-executive directors/board members and endorsement fees	10	Final
Commissions to insurance agents, sales and persons	10	On account
Commissions to resident lotto  receivers or agents	10	On account
Supply of goods exceeding GH₵ 2,000 p.a	3	On account
Supply of works	5	On account
Supply of services	7.5	On account
Lottery winnings	5	Final
Payment to petroleum subcontractor	15	Final
Payment for unprocessed precious minerals	10	On account
Rent on Properties i.e Payment to an individual. Non –Business ·         Residential ·         Non -Residential	8 15	Final Final
Rent on Properties i.e Payment to persons other than individual Business Income -Residential -Non –Residential Non-Business Income -Residential -Non-Residential	8 15 8 15	On Account On Account Final Final
Royalty, natural resource payment	15	On account
Interest or dividend paid to a member or a holder of an approved unit trust or mutual fund	1	Final
Interest or dividend paid or credited to a person on a qualifying investment in a qualifying venture capital financing company for the first 10 years	1	Final

The threshold for withholding tax for the supply of goods, works and services have been increased from GH₵500 to GH₵2,000.

Tax filings

11. All companies are required to file their monthly and annual tax returns.

• VAT – 30^thof the month
• Income tax (PAYE) – 15^thof the month
• Withholding tax – 15^thof the month
• Annual audited financial statement – not late than 31^stMay of the year.

12. The penalty for late filing of tax returns are:

• VAT – After the last working day you will pay Gh₵500. Any additional day is Gh₵10.
• Withholding tax – After 15^th you pay Gh₵500. Any additional day is Gh₵10
• Income tax – After each quarter (March, June, September, December) you pay Gh₵500. Any additional day is Gh₵ 10.
• Annual financial statements – After last working day of April, you will pay Gh₵500. Any additional day is Gh₵10.

Tax audits

13. The GRA may from time to time initiate a company audit
14. In an audit, the company will be required to supply relevant company source documents including the following;

• VAT invoice books
• Copy of VAT monthly filings
• Bank statement
• PAYE receipts
• Cashbook
• Sales books
• Copies of payment receipts for general and operational expenses
• Custom import documents as evidence for importation
• Asset register
• Trial balance

14. During an audit, the tax officers typically assess whether the source documents agree with the audited financial statement that has been submitted to the GRA. Specifically;

• VAT invoices must agree with the Monthly VAT filings

• Monthly VAT filings must agree with the reported Annual turnover figure in the financial statement

• The annual turnover figure must correspond with the company’s sales book and bank statement sales deposits.

• The expenses in the Profit and Loss statement must be traced to the cash book, with supported payment receipts accordingly

• The salaries and wages figure in the Profit and Loss tally with the PAYE filings
• All acquisitions of new assets must be evidenced by appropriate receipts and the asset register and shown on the balance sheet as well.

The Ghana Free Zones Authority (GFZA) was established by an Act of Parliament, The Free Zones Act 1995 (Act 504) in 1995. This Act enable the establishment of free zones in Ghana for the promotion of economic development; to provide for the regulation of activities in free zones and for related purposes. The implementation of the Programme actually commenced in September 1996.

What is the Ghana’s Free Zone Programme

Ghana’s Free Zones Programme is designed to promote the processing and manufacturing of goods for exports through the establishment of Export Processing Zones (EPZs) and encouraging the development of commercial and service activities at sea and airport areas. Therefore, the whole of Ghana is accessible to potential investors who can use the free zones as focal points to produce goods and services for foreign markets.

Under the programme, a company established under the Free Zones is expected to export at least 70% of what its produces. The remaining 30% of production may be sold locally after the products have been marked-up by the applicable VAT and accounted to Government on monthly basis.

As a free zone enterprise in Ghana, your local input purchases are exempted from VAT and similarly your imported inputs such as, raw materials, machinery, equipment and motor vehicles are all exempted from Import Duty and VAT. The Ghana Free Zones Programme offers a lot of generous incentives which are covered below.

As a result of these generous investment incentives, several major brands and multinationals like Cargill, Alteco, L’Oréal West Africa, Barry Callebaut among others have all established regional production and service hubs in Ghana to serve the over 350 million West Africa market. There are currently Export Processing Zones located in Tema, Sekondi, Shama and Ejisu.

Types of Licensing

The programme grants licensing for the under listed activities;

• Developer
• Manufacturing
• Service
• Commercial

For investments to be eligible under the Free Zones programme the investment should satisfy the following conditions;

• Should be a limited liability company registered with the Registrar General Department.
• Should be export oriented.
• Should add some value to products/services to be exported.
• Should be environmentally friendly.

Application for a license to develop, manage, or establish an enterprise in the free zone; shall be written and submitted to the secretary of the board; specify the zone to be developed. Response to application will be made within 28 days from the date of the receipt of the application. After a successful registration, the board will grant a license to the applicant.

Registration requirements for free zone enterprises

Free Zones investors do not require any minimum capital investment. However, investors must indicate their ability to fulfill the minimum 70% export requirement. New investors are required to go through the following steps to obtain a free zone license;

• Incorporate a company in Ghana with the Registrar Generals Department and obtain certificates of incorporation and commencement of business.
• Obtain and complete the GFZA Application form and submit together with the following documents;
• Copy of Certificate of Incorporation
• Copy of Certificate of Commencement
• Copy of Companies Code
• Evidence of possession or lease of real property or intent to acquire such property.
• Memorandum of Understanding (MOU) with perspective clients.
• Environmental Protection Agency Permit( where necessary)
• Evidence of funding/ Capital transfer
• Any other relevant documents

The GFZA shall notify the applicant of the status of his/her application for license within 28 working days of receipt of a complete application.

A license specifying authorized activity to be undertaken (i.e. developer, manufacturer, commercial or service industry) by the applicant shall be issued to the successful applicant. The investor is required to start operations within 6 months of receiving approval to operate as a free zone enterprise.

Cost of Registration with the Ghana Free Zones Authority

An initial/ renewal license fee shall be paid as follows;

ACTIVITY	INITIAL FEES	ANNUAL RENEWAL FEES
Developer	$5,000	$4,000
Manufacturing	$2,000	$1,600
Service	$3,000	$2,000
Commercial	$5,000	$4,000

TYPE	ACTIVITY
DEVELOPER	1). construct and maintain buildings, warehouse factory shells and provide or contract other persons to provide utilities or services such as water, electric power, telecommunications and sewerage. 2). provide fencing and enclosures to separate the zone from the national customs territory, and ensure security of the zone. 3). provide and contribute to the cost of facilities for such on site customs services as shall be determined by the Customs, Excise and Preventive Services (CEPS)
MANUFACTURING	1). Manufacture goods for export to other countries.
SERVICE	1). Provide services, export services such as logistics for companies under free zones
COMMERCIAL	2). Provide commercial services such as packaging, re-bottling, labelling of finished products for exportation.

How To Obtain a Petroleum Exploration And Production Licence In Ghana

Ghana is a democratic state and its petroleum exploration and production activities are governed by a number of laws within her jurisdiction which laws include the following:

1. Petroleum (Exploration and Production) Act, 2016 (Act 919)
2. Petroleum Commission Act, 2011 (Act 821)
3. Ghana National Petroleum Corporation Law 1983 (PNDC Law 64)
4. Petroleum Commission (Fees and Charges) Regulations, 2015 (L.I 2221)
5. Petroleum (Local Content and Local Participation) Regulations, 2013 (L.I 2204)
6. Petroleum (Exploration and Production) (Measurement) Regulations, 2016 (L.I 2246)
7. Petroleum Revenue Management Act, 2011 (Act 815)
8. Petroleum Revenue Management (Amendment) Act, 2015 (893)
9. Revenue Administration Act, 2016 (Act 915)
10. Environmental Assessment Regulation 1999 (L.I 1652)
11. Petroleum (Exploration and Production) (General) Regulations, 2018
12. Petroleum (Exploration and Production) (Health, Safety and Environment) Regulations, 2017 (L.I 2258)
13. Petroleum (Exploration and Production) (General) Regulations, 2018 (L.I 2359)

• Ownership of Petroleum Resources

Under Act 919, all petroleum resources existing in its natural state in, under or upon any land in Ghana, rivers, streams, water courses throughout Ghana, the exclusive economic zone and any area covered by the territorial sea or continental shelf, is the property of the Republic of Ghana and is vested in the President on behalf of and in trust for the people of Ghana. The law requires persons responsible for the management of petroleum resources to do so in accordance with the principles of good governance, including transparency and accountability taking into consideration the object of the Acts governing the industry.

• Conduct of Petroleum Activities

In Ghana, petroleum activities shall be conducted only in an open area under a licence or petroleum agreement and in accordance with applicable laws. An open area simple refers to an area of possible petroleum accumulation within the jurisdiction of Ghana and those areas shall be on a reference map prepared by the Minister in consultation with the Commission. The open area shall be divided into numbered areas, each of which shall be described as a block

• Participation of Indigenous Ghanaian Companies in Petroleum Activities

Under L.I 2204 an indigenous Ghanaian company shall be afforded first preference in the grant of petroleum agreement or a licence with respect to the undertaking of petroleum exploration and production in an area delineated on the reference map.

An indigenous Ghanaian company is a company incorporated under the 1963 Companies Act, 1963 (Act 179) that has at least 51% of its equity owned by a citizen of Ghana and also has Ghanaian citizens holding at least 80% executive and senior management positions and 100% of non-managerial and other positions.

• Participation of Non-indigenous Ghanaian Company in Petroleum Activities

Under L.I 2204, specifically Regulation 4 (2), a non-indigenous Ghanaian company seeking to participate in a petroleum activity in Ghana must afford an indigenous Ghanaian company other than the Corporation (GNPC) an equity participation of at least 5% to be qualified to enter into a petroleum agreement and or a licence with the government of the Republic of Ghana. A foreign company is therefore expected to incorporate a subsidiary company, and have an indigenous Ghanaian company hold at least 5% of its equity stake. This shall mean that, a foreign company cannot participate in the licensing processes to undertake petroleum activities in Ghana without complying with this hurdle of equity participation by a Ghanaian company in its business.

• Licensing

In Ghana there are two ways to which a body corporate or an entity may enter into petroleum agreement with the Republic and other stakeholders. These include:

1. either through competitive bidding process; or
2. through a direct negotiation at the invitation of the Minister

• Competitive bidding processes

The competitive bidding process is a recent introduction to the grant of petroleum license in Ghana introduced by L.I 2359. Regulation 9 of L.I 2359 states the general procedural requirements for the tender/bidding processes leading to the grant of an oil block and the eventual execution of a petroleum agreement. Regulation 9 provides that the tender processes shall include:

1. an expression of interest further to subsections (6) and (7) of section 10 of Act 919
2. an invitation to tender
3. the submission of bids
4. the evaluation of bids
5. the decision on bids; and
6. the entry into petroleum agreement

However, it is significant for a prospective entity to understand that, at the expression of interest stage, the Minister may direct that a pre-qualification process be carried out on the prospective companies before the tender process.

A pre-qualification is undertaking to ensure that potential license holders have sufficient technical and financial capacity to execute a resource development program, and sufficient experience in managing the environmental risks associated with the project and related infrastructure. More importantly pre-bid qualification is a key process to ensure the most suitable candidates for licenses have a chance to bid. Where two or more persons are submitting a pre-qualification application jointly, the application shall designate the desired operator amongst them. The ore-qualification requirement is provided for under Regulation 11 of L.I 2359. The Minister is empowered to come out with specific pre-qualification requirements for prospective operators and for indigenous Ghanaian companies.

The deadline for the submission of bids shall be determined by the Minister taking into consideration the conditions and circumstances of the tender process. However, the deadline shall not be less than one hundred and twenty days from the publication of the invitation to tender or the invitation for direct negotiations.

• Evaluation of bids and evaluation criteria for petroleum agreements.

The decision to enter into petroleum agreement shall be made by the Minister on the basis of objective criteria. Regulation 16 of L.I 2359 list the objective criteria to include:

1. the responsiveness of the applicant to the policy objective of the bid round;
2. the proposed work programme based on any minimum requirements set out in the invitation to tender;

• the geological understanding and assessment of the prospectivity of the area in question;

1. the proposal of the initial participating carried interest and additional participating interest t be held by the Corporation;
2. the proposed level of local content compliance in accordance with L.I 2204
3. the rate of royalty exceeding the minimum rate;

• the bonus if any;
• the methodology and plan for the transfer of knowledge and skills;

1. the training and technology support; and
2. any other criterion that the Minister may determine.

The decision to enter into petroleum agreement shall be based on highest numerical score. Where two bids receive the same total numerical score, the prospective bidder who scores the highest numerical score on financial capability and the relevant technical capabilities and experience shall be the preferred bidder.

• Notice of decision to enter into a petroleum agreement

Both unsuccessful and successful or preferred bidders shall be issued with a written notice from the Minister after the evaluation of bids and the decision to enter into one or more petroleum agreements. Notice to the preferred bidders shall be accompanied by an invitation to negotiate the detailed terms of the petroleum agreement.

• Direct negotiations

The Minister may decide to initiate direct negotiations with a prospective entity in the petroleum industry. However, a body corporate that the Minister intends to engage in direct negotiation must be a body corporate that have meet the pre-qualification requirements under Regulation 10 and the additional requirement (that is the objective criteria test) under Regulation 16 of L.I 2359. Direct negotiation by the Minister shall be resorted to if and only if a public tender process does not represent the most expedient way to enter into a petroleum agreement. The Minister is required to publish the reasons for the decision, the area concerned and the potential contractor in the following:

1. in the Gazette
2. at least two state-owned daily newspapers
3. on the website of the Ministry; and
4. in any medium of public communication.

Direct negotiation with a body corporate which has expressed interest is expected to commence immediately after the publication is done.

• Ratification

In Ghana, it is significant for International Oil Company’s seeking to engage in petroleum activities to bear in mind that, a petroleum agreement entered into by the Minister shall need the ratification of Parliament of the Republic of Ghana to become an effective, operational and binding piece of document on the parties.

• Duration

A petroleum agreement shall be valid for a total period not exceeding 25 years. The parties to the petroleum agreement can however negotiate for an extension where the production from the field is projected to extend beyond the original term of the petroleum agreement. In such circumstances, the Minister may either approve an extension of the petroleum agreement on the terms agreed by the parties or may cause a new petroleum agreement to be negotiated by direct negotiations.

It is to be noted that, the extension of a petroleum agreement and or the execution of a new petroleum agreement is subject to the ratification of the Parliament of Ghana.

• Assignment of Interest created by Petroleum Agreement/Licence

The law on assignment in the petroleum industry is total prohibition except with the written approval of the Minister. Section 16 of Act 919 provides that, a contractor or a licensee shall not without the written approval of the Minister, directly or indirectly assign the interest of the contractor under a petroleum agreement, whether in whole or in part, to a third party or an affiliate.

Under Regulation 27 of L.I 2359, an application for approval of an assignment submitted to the Minister shall be accompanied by

1. the final terms and conditions for the assignment and evidence of the proposed qualifications of the assignee to be a licensee or a contractor
2. the unconditional undertaking by the assignee to, following the approval of the Minister, assume all obligations from the assigned participating interest of the licence or the petroleum agreement; and
3. a statement of the assignor that indicates that the assignor accepts to be bound as a licensee or as a contractor party to petroleum agreement to all the terms and conditions of the agreement.

• Change of ownership of company/ transfer of shares

Section 15 of Act 919 and Regulation 26 of L.I 2359 governs change of ownership of a body corporate licensed to undertake petroleum activities in Ghana. It is worthy to note that, in Ghana a licenced company be it a contractor or sub-contractor shall not transfer a share of that contractor’s or sub-contractor’s incorporated company to a third party or an affiliate. It is therefore imperative to note that, the diversification of the ownership of a licence company through the transfer of shares to a third party is prohibited.

However, same is allowed under the following circumstances with the written approval of the appropriate authorities.

1. With the written approval of the Minister in the case of a contractor, or
2. The commission, in the case of a sub-contractor,

if the effect to the transfer would be to

1. Give the third party or affiliate control of the company, or
2. Enable the third party or affiliate to take over the interest of a shareholder who owns 5% or more of the shares of the company.

• Review of the terms and conditions of Petroleum Agreement entered into

The law allows for review of the terms and conditions a petroleum agreement under some minimum and or prescribed conditions. Under Act 919, the terms of petroleum agreement may be reviewed by the parties to it where there is a material change in the circumstances that prevailed at the time the agreement was executed or the last review of the agreement. However, if the review of a petroleum agreement results in a material change, same shall require the ratification of Parliament. What constitutes a material change is not defined under the Act. It is the view of the writer that, this may constitute a ground for litigation in future and that, international oil company’s needs to engage the services of legal expects right from inception.

• Security for fulfillment of obligations

A licensee, contractor or sub-contractor is expected as part of its obligations to provide the Minister with performance bond or guarantees as the Minister may require for the fulfillment of the obligations undertaken by the the licensee, contractor or sub-contractor and for the possible liabilities arising out of the petroleum activities undertaken under the licence, petroleum agreement or petroleum sub-contract.

How can you obtain an entry visa or visa on arrival to Ghana? An entry visa issued by Ghana Immigration Service is a permit issued to foreigners who wish to enter or transit through Ghana’s territory. Emergency Entry Visa is issued upon arrival and is usually valid between 14 to 30 days. A person can obtain a visa on arrival by applying to the Comptroller-General of Ghana Immigration Service (GIS). The application must be filed by the host person or entity in Ghana on behalf of the visiting foreign national.

All persons entering Ghana must be in possession of a valid passport or an official travel document establishing the identity of the holder. Travel documents such as Laisser-Passers and other travel documents issued by Governments or International Agencies are recognized by the Government of Ghana.

Visa on Arrival – What is the cost?

The official fee for a visa on arrival or emergency entry visa is $150 per person, whether children or adult. Currently, all visa processing fees must be paid before approval is given by the Comptroller-General of Immigration. In cases where one is being invited by Government Ministry, Department or Agency, the applicant may be requested to pay the fee upon arrival in Ghana.

How to obtain a Visa to Ghana – simple steps to follow

Pursuant to regulation 4 of the Immigration Regulations 2001, LI 1691, the Ghana Immigration Service (GIS), in streamlining the process of issuing of Emergency Entry visas has stipulated the following guidelines;

Emergency entry visas are processed within seven (7) working days of submission of applications.

A visa application letter must be submitted at the Headquarters of Ghana Immigration Service, Accra. The application letter must highlight the following information relating to the guest or applicant;

• Country of origin
• Date of arrival
• Duration of Stay
• Purpose of visit (detailed)
• Address of lodging
• Address abroad
• Occupation or profession
• Telephone number – abroad
• Email address

The following documents are to be attached to the visa application letter;

• Certificate to commence business
• Certificate of incorporation
• Company’s regulations
• Tax clearance certificate
• Audited accounts (where company has been in existence for 5 years and above)
• Bank statement (where the host is an individual)
• Copy of residence permit (where the host is non-Ghanaian)
• Bio-data page of passport of the applicant
• Bio-data page of passport or copy of the identity card of signatory of the application letter
• All letters to the GIS must be addressed to the Comptroller-General, Ghana Immigration Service, Headquarters, Accra.
• Travel ticket
• Proof of stay whiles in Ghana (if hotel)

Conditions for Consideration of Emergency Entry Visa applications

The applicant must be proceeding from a country where;

Ghana has no diplomatic mission or consulate

Ghana has a representative but the entry into Ghana is being sought for an emergency assignment or

The distance between the place of abode of the applicant and the Ghana Consulate office is such that the impromptu nature of the applicant’s journey cannot make it possible for the applicants to travel to the office of a visa.

The applicant is proceeding to Ghana at a short notice for business transactions.

In accordance with section 6 of the Immigration Act 2000, Act 573, the Ghana Immigration Service may make enquiries or request the production of further evidence to satisfy itself of the truth of statements made in the application.

 

Additional guidelines to avoid delays for Visa on arrival

From our experience, the fastest way for you to obtain a visa on arrival or emergency entry visa without delay is to;

• Proper documentation
• Attach all relevant documents
• Highlight all necessary information in the application letter
• Submit your application on time

How to obtain a work permit in Ghana

In Ghana no foreigner shall employ or accept employment unless that person is granted a work permit or immigrant quota. Work permit or Immigrant quota is an authorization granted to an employer or employee to engage in lawful and gainful employment in Ghana. The work permit or immigrant quota specifies the job title and indicates the employer by whom that person is employed and the holder cannot engage in any other employment, business, profession or occupation in Ghana for reward than what is specified by the work permit or Immigrant quota.

Usually work permit is valid for a period of 1 year with the option of renewal. It must be noted however that, a foreigner that has been granted work permit or immigrant quota cannot start working immediately in Ghana unless that person is granted residence permit by the Director of Immigration to remain and work in the country.

From the forgoing introductory remarks, it is important for foreigners intending to work in Ghana to apply and obtain work permit from the relevant authorities before the commencement of work. For the purposes of this discussions, the relevant authority is the Ghana Immigration Service.

APPLICATION

Application for the work permit shall be lodge at the Ghana Immigration Service. Forms for the application can be obtained from the Ghana Immigration Service office in Accra, Ghana. The forms ought to be completed and signed by the applicant.  The Applicant is expected to provide accurate and credible answers to all questions asked.

SUBMISSION OF APPLICATION FORMS AND RELATED DOCUMENTS

In order to apply for a work permit from the Ghana Immigration Service, the following related documents ought to accompany the application forms;

1. Cover Letter.
2. Bio data page of the prospective employer’s passport.
3. Company’s certificate of Registration
4. Company’s certificate of incorporation.
5. Company’s certificate for commencement of business
6. Valid Tax Clearance Certificate of the Company
7. Medical Report of the Prospective Employee
8. Police Report of the Prospective Employee
9. Professional and Educational Certificate of Applicant
10. Employment Contract issued by the Company
11. Completed Application Documents/ Forms
12. CV

ADDITIONAL DOCUMENTS

The following documents usually must accompany the application for the work permit in Ghana.

1. Medical report
2. Police clearance report from home country
3. Passport pictures (current one)
4. Appointment letter if employed

LEGAL ADVICE

Usually under some circumstances, some additional documents may be requested by the Ghana Immigration Service. However, this depends on the individual applicants circumstances and the type of work he is being engaged and or employed to do in Ghana. There is therefore the need to seek legal advice before submitting an application for work permit in Ghana.

ASSESSMENT AND EVALUATION OF APPLICATION

Once submitted, Ghana Immigration Service will cause an extensive review of the application to ascertain whether all relevant documents have been submitted in consideration of the work permit. In some instances, the outcome of the review could be any of the following;

1. application refused- meaning the application lacks merit.
2. additional information required-meaning recommendation for approval will be subject to additional information being provided.
3. application approved- meaning the application satisfies all the requirements hence granted by the Ghana Immigration Service.

NOTICE OF ISSUANCE OF PERMIT

The Applicant shall be informed by the issuance of the work permit by the Ghana Immigration Service for pick up.

How to obtain Free Zones licence in Ghana

The Ghana Free Zone Board (GFZB) was established by the Free Zone Act, 1995 (Act 504) as amended by the Free Zone (Amendment) Act, 2002 (Act 618) to enable the establishment of free zones in Ghana for the promotion of economic development; to provide for the regulation of activities in free zones and for other related purposes.

• Free Zones Authority

The Free Zones Authority is established by Act 504 as amended by Act 618. The governing body of the authority consists:

1. the Minister responsible for trade and industry as Chairman; and
2. eight other persons four of whom shall be appointed from the private sector.

The functions of the Authority are

to grant licences to applicants under this Act;

1. to assist applicants for licences under this Act by providing services for obtaining other relevant licences, permits and facilities;
2. to examine and recommend for approval agreements and treaties relating to the development and activities of the free zones;
3. to monitor the activities, performance and development of free zone developers and enterprises;
4. to ensure compliance by free zone developers and enterprises with this Act and any other laws relevant to free zone activities;
5. to register and keep records and data on the programmes of developers, operators and enterprises    in free zones;
6. to perform any other functions that are incidental to the performance of its functions under this Act or any         other enactment.

• Establishment of Free Zones

Section 7 of Act 504 as amended provides for the establishment of free zones in Ghana. It states that, subject to the Constitution of the Republic of Ghana and any other enactment in force relating to the acquisition of property, the President may on the recommendation of the Board of free zones by notice in the Commercial and Industrial Bulletin in the Gazette declare as follows:

1. an area of land or building as a free zone;
2. an airport, a river port, sea port, or lake port as a free zone.

However, a declaration made to that effect under section 7(1) shall specify the area and the scope of activities in the free zone concerned. The President is therefore empowered to declare any part of Ghana a free zone for the purposes of promoting economic development and increasing investments drive in the Republic of Ghana. However, a company licenced to operate under the free zone enclave is mandated by law to export at least 70% of what it produces. The remaining 30% shall be considered as exports and subject to the relevant statutory regime applicable to export commodities and the payment of taxes be allowed by the free zone enterprise to be sold on the local market.

• Statutory compliance of a free zone enterprise

Free zone investors do not require any minimum capital investment. However, as stated above investors must indicate their ability to fulfill the minimum 70% export requirement. New investors are required to go through the following steps to obtain a free zone license:

1. incorporate a company in Ghana with the Registrar-General’s Department and obtain Certificates of Incorporation and Commencement of Business,
2. obtain and complete the GFZA Application Form and submit together with the following documents:
3. Business Plan
4. Copy of Certificate of Incorporation
5. Copy of Certificate to Commence Business
6. Copy of Companies Code
7. Evidence of possession or lease of real property or intent to acquire such property
8. Memorandum of Understanding (MOU) with prospective clients
9. Environmental Protection Agency Permit (where necessary)
10. Evidence of Funding/Capital Transfer
11. Any other relevant document

At this stage, the free zone authority shall raise invoice for the necessary statutory fees and charges to be paid pursuance to the submission of the completed forms and the required documents. The GFZA shall notify the applicant of the status of his/her application for License within 28 working days of receipt of a complete application

A license specifying authorized activity to be undertaken (i.e. Developer, Manufacturer, Commercial or Service Industry) by the applicant shall be issued to the successful applicant. Once the licence is accessed and approved, the enterprise is expected to commence operations within 6 months thereafter as a free zone enterprise in Ghana.

• Types of licence

The grant of a licence may be any of the following:

1. Developer
2. Manufacturing
3. Service
4. Commercial

For investments to be eligible under the Free Zones programme, the investment should satisfy the following conditions:

1. should be a limited liability company registered with the Registrar Generals’ Department
2. should be export-oriented,
3. should add some value to products/services to be exported,
4. should be environmentally friendly.

Application of a licence to operate any of the above shall be submitted to the free zone board. The board will meet and consider the application. Response to the application will be made within 28 days from the date of receipt of the application. Once successful, the board will grant and issue the licence to the enterprise.

• Incentives

Section 28 of Act 504 stipulates the incentives guarantee for enterprises operating under the free zone enclave in Ghana. The incentives as provided by the act includes the following:

1. free zone developers and enterprises granted licences under this Act shall be exempted from the payment of income tax on profits for the first ten years from the date of commencement of operation.
2. the income tax rate after ten years shall not exceed a maximum of 8%.
3. a shareholder shall be exempted from the payment of withholding taxes on dividends arising out of free zone investments.

• Share holding structure

The law allows a foreign investor to take and hold a maximum of 100% of shares in a free zone enterprise. Also a foreign investor can partner a local investor to incorporate a Joint Venture (JV) company to operate a free zone enterprise. The same incentive applies here that notwithstanding.

• Investment guarantee and transfer of profits

An enterprise operating under a free zone licence in Ghana is guarantee unconditional transfer through an authorized dealer bank in free convertible currency of

1. dividends or net profits attributable to the investment,
2. payments in respect of loans servicing where a foreign loan has been obtained,
3. fees and charges in respect of a technology transfer agreement, and
4. the remittance of proceeds net of the taxes and any other obligations, in the event of the sale or liquidation of the enterprise or an interest attributable to the investment.

• Guarantee against expropriation

An enterprise in a free zone shall not be nationalized or expropriated by the Government, and a person who owns, whether wholly or in part, the capital of an enterprise shall not be compelled by law to cede personal interest in the capital to any other person.

Further to the above, Act 504 provides that, the Republic shall not acquire an enterprise to which this Act applies unless the acquisition is in the national interest or for a public purpose and under a law which makes provision for:

1. the payment of fair and adequate compensation, and
2. a right of access to the High Court for the determination of the investor’s interest or right and the amount of compensation to which the investor is entitled.
3. a compensation payable shall be paid without undue delay and authorization for its repatriation in convertible currency, where applicable, shall be issued.

These safeguards in the law inherently secures the investment of an investor in Ghana.

• Dispute settlement

Where a dispute arises between a licensee in a free zone and the Government in respect of an activity in the free zone, efforts shall be made through mutual discussion to reach an amicable settlement.

More importantly, a dispute between a licensee and the Government in respect of an activity in a free zone which is not amicably settled through mutual discussions may be submitted at the option of the aggrieved party to arbitration

(a)     in accordance with the rules of procedure for arbitration of the United Nations Commission of International Trade Law, or

(b)     in the case of a foreign investor, within the framework of a bilateral or multilateral agreement on investment protection to which the Government and the country of which the investor is a national are parties, or

(c)  in accordance with any other national or international machinery for the settlement of investment disputes agreed to by the parties.

It is significant t note that, where in respect of a dispute, there is disagreement between the licensee and the Government as to the method of dispute settlement to be adopted, the choice of the licensee shall prevail.

• Foreign currency account

A free zone enterprise is permitted to operate a foreign currency account with banks in the Republic. However, the terms and conditions under which the accounts shall be operated shall be set out in the licence granted under section 16. The Bank of Ghana shall be consulted by the Council on the terms and conditions referred to in subsection.

UNDERSTANDING THE CRIMINAL LAW SYSTEM

Regardless of whether you imagine that the circumstance is basic, there might be much more at risk than is promptly evident and you could end up thinking back on these cases a long time from now lamenting that you had made some various strides. Criminal law is confusing and complex, which is the reason it is critical to the point that you pay attention to this procedure and work with an accomplished Ghanaian Criminal Defense Lawyer.

There are numerous criminal guard legal advisors offer free discussions with potential customers so they can pose various inquiries about their circumstance and find out about the most proper choice that they ought to be taking to push ahead with however much accomplishment as could be expected. So ensure you get yourself far from all the intricacy of the case and never take the case to the court without anyone else.

HELP NAVIGATING THE  CRIMINAL LAW SYSTEM

The criminal law framework in Ghana is mind-boggling and confounding, particularly for people who don’t have an extensive comprehension of the condition that they are engaged with and the potential results of a blameworthy finding and request understanding.

On the off chance that you are at a court hearing working with a specific legal counselor, they will make an essential idea for the person to acknowledge a liable finding or may make an underlying idea for a solicitation bargain. While this may appear as though the best possible choice has given the circumstances and the individual might need to get the methodology completed with, it could return to cause a greater issue.

AIDING IN THE ACCEPTABLE OUTCOMES

You may have come to realize that there is a subject here and everything boils down to progressing in the direction of the most reasonable result for your condition. Each progression that your legal counselor takes will be with the reason to get you the smallest conceivable sentence, the least punishments accessible for your wrongdoing charges and how you can facilitate the effect that these charges have on your life.

At the point when you are taking a shot at your very own and attempting to speak to yourself, courts and investigators will exploit your inability and you will end up leaving with soak punishments absent a lot of lucidity on how it occurred.

OFFERS PROFESSIONAL GUIDANCE FOR YOUR SPECIFIC CASE

At the point when you procure a legal advisor to speak to your case, they are working straightforwardly for your sake and speaking to you so as to assist you with your case. This implies any move you consider making ceaselessly from the case that you don’t know of how it will affect your procedures and afterward you will have the option to counsel with your lawyers.

On the off chance that you are thinking how your case will affect your capacity to go after positions, restoring driver’s permit, apply for a house, or whatever else that isn’t clear at the time, you will have the option to contact your legal counselor and find a specific solution about the careful condition that you are in. While this may not appear to be a serious deal directly off the bat, you will find that their proposal and insight all through your case is obviously essential in light of how basic it will make every one of these generally mind-boggling questions appear.

LAND REGISTRATION IN GHANA

 

1. Do I need to register my property?

Yes.

2. Why should I register my property?

a. Registration of documents relating to landed property is compulsory in Ghana.

b. Registration confers priority on the registrant. It confers priority over all other registrations affecting the same land.

c. Registration serves as notice to the whole world that you own the property.

d. When you register your title to a land, all other interests acquired after your registration will be subservient to your title.

e. Registration will however not cure a defective title. Thus, if your grantor does not have good title to the property, registering the property will not make the title good.

 

3. What do I need to register?

Deed Registration

a. This is the registration of any document affecting a land in Ghana.

b. It is compulsory and required under Ghana law to register a document affecting land.

c. A document to be registered must be proved on oath and must contain sufficient description of the land.

 

Title Registration

a. Registration of title to land is the foremost evidence of title to a land

b. Registration of title to land has the potential of curing defects in title

c. Registration is final and conclusive evidence of title and no subsequent claim inconsistent with the title shall defeat the title.

 

4. How do I register my land and what are the steps?

The body authorized by law to register lands in Ghana is the Lands Commission. Registration of land involves:

a. The conduct of a search at the Client Service Access Unit (CSAU), (formerly Lands Valuation Board), on the property to be registered to ascertain the previous ownership of the land and any historical transactions affecting the land;

b. Assessment and payment of stamp duty on the instrument/deed of transfer at CSAU;

c. Stamp duty is assessed between 0.5% to 1% of the value of the property;

d. The stamped document is then submitted at the CSAU for application for a land title certificate.

 

5. How long does the process take?

The process may take up to a year or more.

 

6. How much does it cost to register land in Ghana?

Various factors influence the cost of the registration process including:

a. the size of the property

b. the location

c. the value of the land

d. other costs such as stamp duty which is valued between 0.5% to 1% of the land’s value

Due Diligence when exporting gold from Ghana

Ghana is endowed with abundant natural resources, which have played a key role in the development efforts of the country. Ghana has a long history of mining especially for gold. Gold is a precious metal of high monetary value, sought after for the production of coins, jewelry and other artifacts. It is an established fact, evidence by records over the years that, gold is a major foreign exchange earner for Ghana’s socioeconomic development.

Over the years, Ghana’s stable economy and abundance natural resources especially gold have attracted many foreign entities and or individuals to develop strategic business partnerships with local Ghanaian companies for the export of these resources. A lot of these individuals have been cheated of their hard earned resources by unscrupulous entities masquerading as licensed gold buying companies by regulators when in fact they have no such license. This article is therefore intended to throw light on the procedures and legislative framework established for the sale and export of gold from Ghana.

It is important, following the above warning for foreigners be it private individuals and incorporated companies seeking to engage in gold purchase and export in Ghana to understand that, this is a regulated industry. It is governed by laws with established institutions mandated to ensure compliance. These institutions include the Minerals Commission (MC) of Ghana and the Precious Mineral Marketing Company (PMMC) among others.

There is therefore the need for individuals and companies (foreigners) to undertake due diligence before undertaking to engage local Ghanaian entity or an individual for the purchase and export of gold. It is not only advisable to undertake due diligence on the local entities and individuals in Ghana but is imperative to avoid being scammed by unlicensed entities.

• PRECIOUS MINERAL MARKETING COMPANY (PMMC)

Precious Minerals Marketing Company (PMMC) Ltd was established in 1963 as Ghana Diamond Marketing Board charged with the sole responsibility for the purchase and marketing of Ghana’s diamonds. In 1965, by Legislative Instrument (LI) 401, the Company was incorporated as a State Owned Enterprise (SOE). With the promulgation of the Diamonds Decree (NRCD 32) in 1972, Legislative Instrument (L.I 916) was enacted to change the company’s name to Diamond Marketing Corporation. However, in 1989, Precious Mineral Marketing Corporation Law (PNDC Law 219) was enacted to yet again change the Company’s name to the Precious Minerals Marketing Corporation with the following functions

• To grade, assay, value and process precious minerals
• To buy and sell precious minerals
• To perform any functions conferred upon it by the Diamond Decree, 1972 (N.R.C.D. 32)
• To appoint licensed buying agents for the purchase of precious minerals produced by small scale-miners
• To promote the development of precious minerals and jewelry industry in Ghana
• To do all such things as are incidental or conducive to the attainment of its objectives and functions.

Finally in year 2000, it was converted by Statutory Corporations Conversion to Companies Act, 1993 (Act 461) to a Limited Liability Company to operate under the Companies Act, 1963 (Act 179) as PRECIOUS MINERALS MARKETING COMPANY LIMITED with the same functions under the PNDC Law 219.
The following has been the functions of the Company until 2016 when most of the functions changed as a result of appointment of PMMC as the government assayer.

1. Grading, assaying, valuing and processing of precious minerals.
2. Buying and selling precious minerals
3. Appointment of licensed buyers for the purchase of precious minerals produced by small scale miners
4. Production of jewelry
5. To carry on trade and business whatsoever which can in the opinion of the directors, be profitable ancillary for the general business of the Company.

The Company now operates as Government’s assayer with the sole mandate of assaying all gold which leaves the country.

• DUE DILIGENCE

Due diligence should be conducted in order to;

1. establish that the individual and or entity (that is the local company) the foreign entity or individual intends to engage for the purposes of gold purchase and export is licensed in Ghana, and
2. identify all factors that will have an effect on the transaction.

In any case, any individual or entity must establish its own minimum level of comfort and must conduct as much research as is necessary to achieve the level of comfort before entering into gold purchase and export transactions in Ghana.

• LICENCE TO BUY AND EXPORT GOLD

It is imperative to note that, in Ghana an individual needs a licence to buy and deal in minerals. Therefore, the export of gold out of the jurisdiction of Ghana can only be done under a license by an entity. This is regulated under the Minerals and Mining Act, 2006 (Act 703). It provides among others that, the Minister in consultation with the Commission may in writing licence persons the Minster considers fit, to buy and deal in the types and forms of minerals identified under the Act. It must be noted that, under the Act, mineral means a substance in solid or liquid form that occurs naturally in or on the earth and include gold and diamond but does not include petroleum resources as the latter is under a separate regulation. It is important to further note that, Minister under the Act means the Minister responsible for Mines and Natural Resources and  reference to Commission means the Minerals Commission established under section 1 of the Minerals Commission Act, 1993 (Act 450).

• GUIDELINES FOR THE EXPORT OF GOLD IN GHANA

The Minerals Commission had issued a directive and or procedures to govern the export of gold from Ghana. The following procedures shall govern the exportation of gold by Licensed Gold Exporters (LGE) other than the holders of mining leases. These measures issued by the Minerals Commission shall be in force until substituted by other procedures that may subsequently be prescribed. These include the following;

1. A Licensed Gold Exporter (LGE) who intends to export gold shall inform the Precious Minerals Marketing Company Limited (PMMC) in writing of its export plans at least two (2) working days before the planned weekly export.
2. The LGE shall submit the gold ore to be assayed by PMMC at a designated assay center, together with all declaration documents, Packing List and Invoice.
3. The PMMC shall determine the gold content of the gold ore presented by the LGE using the appropriate assay method as agreed by the LGEs, Minerals Commission and the PMMC.
4. The PMMC shall prepare a report of analysis of the gold ore presented by the LGE and issue copies instantly to the Bank of Ghana (BOG), the Ghana Revenue Authority Custom Officer stationed at the Assay Centre and the Minerals Commission.
5. The PMMC shall invoice the LGE in respect of the assay at the agreed rate of 0.1% of the value of gold assayed and the LGE shall pay same to PMMC. The payment of this fee is without prejudice to any fee that may be charged by the Minerals Commission.
6. All Gold Buying Agents of the PMMC, prior to this publication, may continue to use their permits until the expiry of the present term of the permit and same shall not be renewed by the PMMC upon expiry. All such Gold Buying Agents should immediately contact the Minerals Commission for further directions regarding the use of their permits. All persons who desire to obtain permits for buying gold shall apply to the Minerals Commission.
7. The GRA Customs Official at the Assay Centre shall inspect and supervise the sealing of the assayed gold ore with the Customs Division’s seal and endorse the Customs Declaration Form. The sealing of the assayed gold ore by the Customs Official shall be done in the presence of an authorized representative of the Assay Centre who shall also affix the seal of the PMMC Assay Centre at the same time.
8. The LGE shall complete the required documentation at the Kotoka International Airport (KIA) before exporting the assayed gold.
9. Under no condition shall gold ore be exported by LGE without the seals of the Customs Division of the Ghana Revenue Authority and the Government designated laboratory i.e. PMMC and accompanied with full documentation.
10. All LGEs shall submit monthly returns to Minerals Commission in accordance with the terms and conditions of their licence agreements.

• LOCAL LEGAL REPRESENTATIVE (LLR)

It is advisable for the foreign entity to have access to legal representation prior to engaging in any gold export business in Ghana. Not only will the legal representative conduct due diligence on the Licensed Gold Exporter to ascertain that it is in fact licensed and in good standing, he/she will also be expected to educate and or proffer sound professional advice to the foreign entity on any changes in the laws and regulations governing the purchase and export of gold in Ghana. Most importantly, the legal representative shall police the processes leading to the purchase and export of the gold to ensure that, the precise ounces and the required purity of the mineral is shipped from the Republic to its intended recipient. This timely legal advice must be obtained from a lawyer with knowledge and working experience in gold trading business in Ghana. The Legal Representative shall also be responsible for the formulation and the drafting of an agreement to govern the transaction before any transfer of funds shall be effected for payments. This eventually will help to secure the interest of the parties to the transaction and ensure that their reasonable expectation is meet at the end of the day.

BUSINESS REGISTRATION WITH THE GIPC AS A FOREIGN INVESTOR

The Ghana Investment Promotion Centre (GIPC) is a government agency established under GIPC Act 865, 2013 to promote, coordinate and facilitate investment in all sectors of the Ghanaian economy.

The functions of the GIPC cover investment advisory services, joint venture search, identification of specific projects for investment promotion, grant of investment incentives and provision of investor support services, registration of technology transfer agreements and negotiation of bilateral investment treaties.

According to section 24 of the GIPC Act, all businesses with foreign participation are required to register with the GIPC.

Steps to Registering your Business at GIPC

1.      Business Registration

The first step in starting a business in Ghana is to legally register the business entity at the Registrar General’s Department (RGD). With the automation at the Registrar General’s Department (RGD), business registration has become fairly easy.

All business registration forms are downloadable at http://rgd.gov.gh/index.php/forms/  or on-sale at GHS 10.00 at the RGD.

In choosing your business activities during company registration, take note as a foreigner that, the following business activities are reserved for Ghanaians according to the laws of Ghana.

1. Sale of goods or provision of services in a market, petty trading or hawking or selling of goods in a stall at any place.
2. Operation of taxi or car hire service with less than 25 vehicles
3. Operation of a beauty salon or a barber shop
4. Printing of recharge scratch cards for the use of subscribers of telecommunication services
5. Production of exercise books and other basic stationery
6. Retail of finished pharmaceutical products
7. Production, supply and retail of sachet water
8. Pool betting business and lotteries, except football pool
9. Small scale mining (less than 50 acres mining concession)
10. Small scale fishing (using small vessels)

The company registration process takes about 2 weeks, after which the following documents will be issued by the Registrar, confirming the legal status of the company.

• Certificate of incorporation
• Certificate of commencement `               `
• Form 3 & 4
• Company regulations

2.      Minimum Capital requirement

The investment law of Ghana stipulates minimum foreign equity contribution for all foreigners seeking to do business in Ghana. The minimum foreign equity can be in the form of cash or in-kind (capital goods, equipment, machinery etc.). Below are various categories of minimum capital requirements;

•       100% Foreign owned business – US$ 500,000•       Joint venture with a Ghanaian – US$ 200,000 •       Trading enterprises – US$ 1,000,000

Equity contribution in Cash

This option requires the company to open foreign exchange and local currency corporate bank accounts with any of the licensed banks in Ghana. After the account is set-up the foreign shareholders are to remit the required minimum equity into their foreign currency account. The minimum foreign equity that has been transferred must be converted into local currency and then request for a Bank of Ghana Equity confirmation letter from their bankers. The Bank of Ghana Equity confirmation letter is the official proof of cash equity investment in Ghana, which must be obtained by all companies seeking to register their businesses with the GIPC if their equity is cash. The company receives their copy of the Bank of Ghana Equity confirmation letter through their own bankers for onward submission to GIPC for the registration process to commence.

Equity contribution in-Kind

After the company has been registered in Ghana, the foreign shareholders can ship capital goods in the form of raw materials, machinery, equipment, motor vehicles, stock of goods to be sold, office items etc. into Ghana in the name of the incorporated company that seeks to register with GIPC. These goods upon arrival in Ghana, must be cleared from the ports and the original import declaration documents presented to GIPC as proof of equity investment. The original import declaration documents received from the Customs, Excise and Preventive Service (CEPS) will show relevant information pertaining to name of consignee, value of imported goods, description of items, declaration number, date, exchange rate etc. which will enable the GIPC record and capture the capital goods as equity contribution in favour of the foreign shareholders of the business.

The following activities are however exempted from the minimum capital requirement;

• 100% Ghanaian owned enterprises
• Manufacturing
• Export trade
• Free zones activities
• Portfolio investments

3.      GIPC Business Registration

The first is to register the business with the Registrar General’s Department and subsequently meet the minimum equity requirement in line with the GIPC Act 865 either by cash or in-kind. Once this is done, the 3^rd step is to submit the following documents to GIPC for investor registration.

1. Certificate of incorporation
2. Certificate of business commencement
3. Form 3 & 4
4. Company regulations
5. Proof of equity
   1. Bank of Ghana Equity confirmation letter for cash equity investment
   2. Original custom import declaration forms for equity in-kind
6. Completed GIPC registration forms in duplicate
7. Company regulations of corporate shareholding company if applicable (if the shareholder is a corporate entity)
8. Bankers draft in payment of the registration fee

Cost of Business Registration at GIPC

These are the applicable registration fees for the various categories of businesses;

1. a) Wholly Ghanaian Owned Business (Trading)                               –              10,500 cedis
2. b) Wholly Ghanaian Owned Business (Others)                                 –              1,050 cedis
3. c) Joint-venture (i.e. $200,000 minimum foreign equity)             –              10,500 cedis
4. d) Wholly Foreign (i.e. $500,000 minimum foreign equity)          –              16,800 cedis
5. e) Manufacturing/Export Trading                                                        –              21,000 cedis
6. f) General Trading (i.e. $1,000,000 minimum foreign equity)      –              31,500 cedis
7. g) Renewal (Every 2 years) – Joint Venture & Foreign Owned      –              2,730 cedis
8. h) Renewal (Every 2 years) – Wholly Ghanaian Owned                  –              630 cedis
9. i) Liaison Office                                                                                         –              42,000 cedis

Benefits and Incentives for Registering with GIPC

Investment incentives include;

1. Automatic immigrant quotas based on your investment threshold
2. Exemption from payment of import duties on core machinery, equipment for the project
3. Tax rebates and tax holidays depending your business activity
4. Locational incentives

Enterprises that are fully Ghanaian owned are eligible to access all the investment incentives and benefits.

Conclusion

Registration with the GIPC is easy!

The process takes 5 workings days once all documentation is in order and the registration fee dully paid.

We will be happy to know of your experience regarding the GIPC registration.