Do you want to register your business and you have you been looking for how to go about rgd name search in Ghana? Here we give you all you need about it.
There is no gainsaying the fact that Ghana has become a vibrant emerging economy in Africa. There is also no doubt that the country is becoming one of the giants of West Africa economically.
A good economy is one of the factors that attract investors to establish businesses in a country. The growth of the Ghanaian economy over the years is a contributing factor to the influx of companies into the country.
However, it is good to note that no business in Ghana can be legally recognised unless it is registered. This is the main reason why rdg name search is vital to aspiring business owners in the country.
So as a business owner or an aspiring one, this post on business registration as well as rgd name search in Ghana is essential. Carefully explore the post to the end.
Step by Step Guide on Business Registration In Ghana
The first step in getting your business registered is to apply at the Registrar General Department (RGD). There are five different forms of business recognised by the law; they are:
- Sole Proprietorship
- External Company
- Guarantee Limited Companies
- Unlimited Liability Companies
- Companies Limited by shares
The investor or individuals seeking to register a business must choose any one of the forms of business listed above.
You must select the form which best explains your business. The registration process used to be very tedious and enervating for business owners until recently, when there was automation in the process.
Now people can proceed to register their businesses without any worry about the process. Click here to access the form for GHS 10.00 at the RGD.
Steps Involved in the Registration process
After contacting the Registrar General Department, the following are the critical steps of the registration process.
Name Search with the RGD
It is mandatory by the law to carry out a name search for your business. Moreover, this is taking place to prevent duplication of a name, i.e. repeating the name of an already registered company (which is not acceptable as it may bring about confusion).
So, if another company has already registered your intending name, you will have to seek for another business name. Meanwhile, there is no room for business names which include offensive words or quote or violates any trademark.
It is therefore essential to ensure that the business name bears some semblance with the nature of the business.
Registration of the Taxpayer Identification Number (TIN)
The next step is to get a Taxpayer Identification Number. This is important for all the individuals associated with the business such as the company directors, secretary, as well as the shareholders.
Even the company itself as an entity must have a Taxpayer Identification Number. Registration of your TIN is an essential requirement if you want to seek a business registration.
The necessary forms for TIN registration can be accessed here. TIN registration is entirely free for any intending businessman, and the registration process is quite straightforward as well as stress-free.
After downloading the necessary forms, you will need to fill the forms appropriately, and also attach a copy of your photo ID which may be either an international passport or drivers licence.
Afterwards, you can proceed to submit it at the Ghana Revenue Authority office.
After following the due process, it takes about 24 to 48 hours for a TIN creation. In case an individual has more than a business, there is no need for another TIN as the same TIN is applicable for the registration of other businesses.
Download, Fill and Submit Company Incorporation Forms
The next step after registering the Taxpayer Identification Number is to download and complete the forms listed below;
- Returns of Particulars of the company limited by the shares registration form
- Form 4 for company registration
- Regulations of a Private company limited by shares
The essential information for the completion of these forms include;
- Company name
- The company’s official address
- Postal address of the company
- Principal place of the business
- Business objects or activities
- Contact numbers and emails
- Auditor’s Details
- Details of Issued and authorised shares
- Stated capital
- The shareholding structure of the company
- Complete details of the directors, secretaries, and shareholders. The required information is inclusive of their dates of birth, nationalities, residential and contact addresses, and occupations.
Under the Ghana Companies Act 179, companies at the point of registration must produce at least two initial directors as well as a secretary. Although, at least one of them must be a resident of Ghana.
All the directors, secretary as well as shareholders must append their signature on the relevant documents before the submission of the forms.
Pay the Required Statutory Fees
After the submission of the incorporation forms, according to the law, the business owners are to pay some statutory fees such as the Stamp duty, Incorporation as well as filing fees.
According to company law, companies are to pay 0.5% of the documented capital. The minimum amount of documented capital for locally owned business is GHC 500, while that of foreign-owned varies.
The various categories are;
- For businesses with 100% foreign ownership, the minimum capital is $ 500,000
- The minimum capital for a joint venture between foreigner as well as a Ghanaian is the US $ 200,000
- For a trading enterprise, the minimum capital is $ 1,000,000
- An amount of GHC 330 goes directly to the Registrar General Department for Incorporation. Then filing takes place upon the submission of the forms.
Collection of Registration Certificate
The final stage of business registration involves the collection of registration certificates. Once you fill and submit the necessary documents, you should expect the certificates two weeks after the submission date.
The certificates to be collected includes the following;
- Certificate of incorporation
- Certificate of commencement
- Form 3 & 4
- Company regulations
The certificates are proof that the company is registered, legally recognised and dully authorised to commence business in Ghana.
The documents should reflect some vital information about the business such as business name, the object of trade, as well as the business address.
It should also reflect the directors’ details, company TIN details as well as shareholders information.
Little wonder the Ghanaian economy is one of the fastest-growing in Africa. Aside from the presence of an enabling environment, which is as a result of the existing infrastructure, the country also makes the process of new business registration less cumbersome by removing the bottleneck.
This detailed post on rgd name search in Ghana has all you need to know about registering any business in Ghana. So in case you are aspiring to set up a business a Ghana now you are the information you need on registration.
Get all you need and hit their website today. I hope you find this post useful. Feel free to share the post with friends as well as loved ones.
Thanks for reading.