Registration Requirements:

No: Procedure Time to complete: Cost to complete:
1 Check for availability of company name and obtain incorporation forms 1 day GHC 6 per name search + GHC 7 for complete set of Incorporation forms
2 Apply to the Registrar-General's Department to obtain a incorporation certificate 2 days GHC 50 for registration of a limited company + GHC 10 filing fee for Forms 3 and 4 + GHC 2 per certification of regulations (3) = GHC 66
3 A Commissioner of Oaths authenticates forms required for the certificate to commence business 1 day GHC 2
4* Obtain from the Registrar-General's Department the certificate to commence business 2 days (simultaneous with previous procedure) 0.5% of the stated capital as commencement tax + GHC 10 (registration fee with IRS)
5 Deposit paid-in capital in an account 1 day no charge
6 Obtain a company stamp 1 day GHC 3.5
7* Apply for business licenses at the Metropolitan Authority 7 days (simultaneous with procedure 6) GHC 91.5 (varies, depending on the nature of the business)
8* Inspection of work premises by the Metropolitan Authority 1 day (included in previous procedure) no charge
9* Register employment vacancies with the Employment center 1 day (simultaneous with previous procedure ) no charge at government labor department. With private employment agencies, between ¢30,000 - ¢100,000.
10* Apply for social security 1 day (simultaneous with previous procedure) no charge
11* Obtain the environment certificate 25 days (simultaneous with previous procedure) GHC 5 for EA1 Form & GHC 7 for EAZ Form

* Takes place simultaneously with another procedure.

Procedure 1.
Check for availability of company name and obtain incorporation forms
Time to complete:
1 day
Cost to complete:
GHC 6 per name search + GHC 7 for complete set of Incorporation forms
Comment:
A search is conducted for the proposed company name and, if it is available, a reservation is made. The incorporation documents consist of the following forms: - Company regulations (four copies). - Form 3, Statement of shareholding structure (five copies). - Form 4, Stated capital (two copies). - Tax identification number form (one copy). The company regulations may be drawn up by the party proposing to incorporate the company, or the standard format that comes with the incorporation forms may be adopted. The forms require the following information: - Name of company. - Nature of the business that subscribers intend to engage in. - Full names of subscribers and shareholders, their addresses, percentage shareholdings, occupation, and any directorships in any other company. - Full names of the first directors of the company. Note that directors must be residents of Ghana, of sound mind, and of legal age (not younger than 21). - Full name and address of company secretary and auditors (a letter of consent to act as auditor is attached). - The number of shares that the company is to be registered with and the stated capital. - An attestation that the minimum nominal capital complies with the requirement that a company 100% Ghanaian-owned have minimum nominal capital of at least GHC 5 million.

Procedure 2.
Apply to the Registrar-General's Department to obtain a incorporation certificate
Time to complete:
2 days
Cost to complete:
GHC 50 for registration of a limited company + GHC 10 filing fee for Forms 3 and 4 + GHC 2 per certification of regulations (3) = GHC 66
Comment:
The entrepreneur files the proposed company regulations with the Registrar. The regulations must be legibly printed or typewritten (or in a similar form acceptable to the Registrar). After the incorporation documents are assessed, the payment is made in cash or by a bank-certified check payable to the Registrar General. The tax identification number (certificate) is usually obtained by the Registrar General's Department on behalf of the incorporated company. Four or five copies of the company regulations and Forms 3 and 4 are required (auditors, banks, solicitors, company secretaries may each require a copy).

Procedure 3.
A Commissioner of Oaths authenticates forms required for the certificate to commence business
Time to complete:
1 day
Cost to complete:
GHC 2
Comment:
Form 4 must be completed for the issuance of the certificate to commence business, which requires authentication before a Commissioner of Oaths.

Procedure 4.
Obtain from the Registrar-General's Department the certificate to commence business
Time to complete:
2 days (simultaneous with previous procedure)
Cost to complete:
0.5% of the stated capital as commencement tax + GHC 10 (registration fee with IRS)
Comment:
After incorporating the company, the founder must complete Forms 3 and 4 within 28 days, indicating, among other information, the names, addresses, businesses, and occupations of the company's secretary and directors; name and address of the company's qualified auditor; the address of its registered office; its register of members; the amount of stated capital; and the number of issued and unissued company shares. Forms 3 and 4 must be signed by all company directors and the secretary. As the company's commencement tax, 0.5% of the stated capital is collected by the Registrar-General's Department on behalf of the Internal Revenue Service (IRS). The Registrar of Companies now automatically registers new companies with the IRS. For companies engaged in general commercial or industrial activities, the minimum registration fee is GHC 10,000, and the maximum registration is GHC 100,000, as calculated on projected turnover. Obtaining a tax clearance certificate;if the company is otherwise entitled to a certificate and has a satisfactory tax position—will cost GHC 2,000. VAT is charged at 12.5%. The Commissioner for Oaths, located in the Registrar General's Department, usually swears the oath within 1 to 3 days so that the company can obtain the certificate to commence business.

Procedure 5.
Deposit paid-in capital in an account
Time to complete:
1 day
Cost to complete:
no charge
Comment:
The following documents must be presented to deposit paid-in capital in a bank account: copies of company regulations; the certificate of incorporation and the certificate to commence business; and signatures of the authorized company representatives.

Procedure 6.
Obtain a company stamp
Time to complete:
1 day
Cost to complete:
GHC 3.5
Comment:
A company stamp is necessary for day-to-day company operations. As company letterhead and signatures of company officials can usually be forged, the rubber stamp is used to authenticate all company documents and correspondence. A rubber stamp may be obtained in a day at a cost of GHC 30,000&;40,000. Because rubber stamps are also easily forged, the company may opt to purchase a company seal as well. The seal may be obtained in about 6 weeks and costs from GHC 700,000 (small) to GHC 2,000,000&;3,000,000 (large). The seal must be embossed with the company's logo and contain certain relevant details. Currently, only one company can produce the seal in Ghana (K-Dom Limited).

Procedure 7.
Apply for business licenses at the Metropolitan Authority
Time to complete:
7 days (simultaneous with procedure 6)
Cost to complete:
GHC 91.5 (varies, depending on the nature of the business)
Comment:
The cost to apply for a business license at the Metropolitan Authority depends on the type of business and the category in which it falls. Documents to be submitted depend on the type of enterprise (for example, restaurants must have permits from the fire department and the Town and Country Planning Authority;and, among other documents, an inspection certificate from the Ghana Tourist Board). Companies fall into five categories: A. GHC 5 billion in turnover: GHC 4,000,000. B. GHC 2.1 billion–5 billion in turnover: GHC 2,450,000. C. GHC 1 billion;2 billion in turnover: GHC 1,600,000. D. GHC 30 million–1 billion in turnover: GHC 915,000. E. GHC 0;3 million in turnover: GHC 495,000. Fees are subject to charge by the Metropolitan Assembly, according to law.

Procedure 8.
Inspection of work premises by the Metropolitan Authority
Time to complete:
1 day (included in previous procedure)
Cost to complete:
no charge
Comment:
An officer visits the business premises and reports to the Revenue Accountant of the Metropolitan Assembly, who then submits a report to the Revenue Mobilization Subcommittee of the Metropolitan Assembly. The subcommittee meets to deliberate on the report and then recommend to the Executive Committee of the Metropolitan Authority, whether any adjustment is required.

Procedure 9.
Register employment vacancies with the Employment center
Time to complete:
1 day (simultaneous with previous procedure )
Cost to complete:
no charge at government labor department. With private employment agencies, between ¢30,000 - ¢100,000.
Comment:
The employer must go to the Employment Center to register available vacancies on the vacancy registration card (PEC 6). This procedure is relevant only to minimum wage employees.

Procedure 10.
Apply for social security
Time to complete:
1 day (simultaneous with previous procedure)
Cost to complete:
no charge
Comment:
To apply for social security, the company must attach the list of employees, their respective salaries and social security numbers, and the company's certificate of incorporation and certificate to commence business.

Procedure 11.
Obtain the environment certificate
Time to complete:
25 days (simultaneous with previous procedure)
Cost to complete:
GHC 5 for EA1 Form & GHC 7 for EAZ Form
Comment:
The company submits an environmental permit (EP) form, which is used as the registration form. The Environmental Protection Agency (EPA) determines the required level of assessment and whether the proposed development should be subject to further assessment. An EPA agency officer conducts a site inspection and presents a screening report to a technical review committee for its decision within 25 days. The screening results will determine the next action. Projects are classified into three categories: (a) no impact; (b) minimal impact, and (c) impact. For the second category, the company must file a detailed report. For the third category, a full environmental impact assessment is done. In cases of potential significant adverse environmental impact, the applicant will be required to submit an environmental impact statement (EIS), following a thorough environmental impact assessment. To this end, the proponent undertakes a scoping exercise based on widespread consultation with interested and affected parties. The applicant then commissions a detailed environmental impact assessment study. During the study, the applicant must initiate a public information program for the likely affected areas. Public concerns must be recorded and addressed by the EIS. The applicant submits a final draft EIS to the Environmental Protection Agency for the review of its technical team. Copies of the EIS are placed at visible points. The EPA publishes the EIS in newspapers for 21 days for public comments. The law provides for public hearings on the matter, which may extend application processing. If the EIS draft is found acceptable, the proponent is notified to finalize the report and submit to the EPA eight print copies and one electronic copy. Upon submission of the final report, the applicant must be issued an Environmental Permit within 15 working days, and notices are published in the Gazette. If the undertaking is approved, the proponent shall pay processing and permit fees before collecting the permit. If a applicant disagrees with the EPA decision, it can appeal by lodging a complaint, in writing, to the EPA Minister within 14 days. No fixed fees apply because the cost depends on which consultant is commissioned to assess the environmental impact of the work involved (if applicable). Purchasing the environmental assessment preliminary registration form costs GHC 5,000. The environmental assessment registration form costs GHC 20,000. All other costs will depend on the type of company to be set up, its environmental impact, and the commissioned consultant's assessment fee.

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