The political stability and the peaceful economy Ghana have had over the years have made the country a hub for foreigners looking to expand their businesses and investments. The friendly business ecosystem, growing population, and growing economy also attract many investors.
Also, the Companies Code 1963 (Act 179) allows foreigners in Ghana to register and operate their businesses. The following entails the steps to start your business in Ghana if you are a foreigner:
Step 1: Know the businesses foreigners are restricted from operating in Ghana.
First and foremost, not all businesses are available for foreigners to register and operate in Ghana. These businesses are reserved for only Ghanaians in the country. They include: providing small-scale professional services, stationary service businesses, petty trading, selling at open markets, retail of pharmaceutical products, opening convenience & barbering shops, and more.
Step 2: Conduct Market Research & Contact the Ghana Investment Promotion Center for Further Advice
The Ghana Investment Promotion Centre has been set up to guide and help foreigners to establish their businesses in Ghana. They also act as advisors and counselors to further authentical research into the Ghanaian market and help foreigners make investments into sectors of the economy such as agriculture, petroleum, mining, housing, and the like that would yield better returns for them and the State.
Step 3: Obtain Licensing & Permits from Regulatory Authorities
The type of business you start may require you to obatain licensing and permits to operate . For instance, if you’re thinking of starting a mining business in Ghana, you would need licensing and permits from the Ghana Minerals Commission. For real estate, you need permits too. The businesses that need licensing and permits include banking, housing, insurance, and more. It will be good to visit the respective bodies, get the details, comply and then obtain the needed licenses for the business registration.
Step 4: Get your Taxpayer Identification Number (TIN)
Visit the Ghana Revenue Authority office and apply to get your TIN number as a foreigner. Without your TIN number, you cannot register the business. You need a copy of your identification card for the TIN registration. This should take about 48hrs to process.
Step 5: Register Your Business Entity
Confirm the business name and proceed to register it at the Registry of Ghana’s offices. Download the forms online, fill them out, submit, add other necessary documents and pay the fees. You also have to remember to register for social security for your staff during the process. Within two to three weeks, the business name will be registered, you will receive confirmation, and finally, proceed to take your form.
Step 6: Invest and Operate the Business
The final step is to take the risk, make the investment, hire your team, set up your office, and operate the business. You need to hire the right team, get your marketing right, and promote your business to generate sales and grow your business.
By following the above process, you can simply register a business in Ghana as a foreigner even if this is your first time. You should also endeavor to conduct research, plan, and then follow the right measures to get your business started as a foreigner in Ghana.