Brief presentation on the various stages involved in business registration in Ghana. It talks about the various business structures in Ghana as well as their definitions.
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*Statutory Declaration - The Slides are congested as they contain a number of animations. Please download it and play Slideshow for proper understanding. Thank You.
Guys if you are desirous of a Personalized PowerPoint Presentation, then feel free to screen into my SlideShare profile and pick up the most suitable Contact method to get in touch with me.
*Statutory Declaration - The Slides are congested as they contain a number of animations. Please download it and play Slideshow for proper understanding. Thank You.
Guys if you are desirous of a Personalized PowerPoint Presentation, then feel free to screen into my SlideShare profile and pick up the most suitable Contact method to get in touch with me.
*Statutory Declaration - The Slides are congested as they contain a number of animations. Please download it and play Slideshow for proper understanding. Thank You.
Guys if you are desirous of a Personalized PowerPoint Presentation, then feel free to screen into my SlideShare profile and pick up the most suitable Contact method to get in touch with me.
*Statutory Declaration - The Slides are congested as they contain a number of animations. Please download it and play Slideshow for proper understanding. Thank You.
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slide provide Information of companies how its starts along with brief information of documents like Memorandum of Association and Articles of Association.
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3. OBJECTIVES
• Definitions of the most common types of business structures
• Understand the liabilities, rights and restrictions of different structures
• Requirements for business registration in Ghana
• Documents to be issued after registration
• Steps that can be taken after registration
• The need for business registration
• Conclusion
4. The business structure
1. Sole proprietorship
2. Partnership
3. Company (Private/public limited by shares, Private/public unlimited by shares,
Private/public limited by guarantee, external company)
4. Subsidiary
5. SOLE PROPRIETORSHIP
• Also known as one-man business, enterprise or ventures
• Business owned and managed by an individual
• The owner is called proprietor
• It is the simplest form of business
• It has no separate legal identity
• Operated in the owners name
• Owner takes full responsibility
• Not tax deductible
• Can only be registered by Ghanaian
6. Sole proprietorship/enterprise/ventures
• Particulars of the owner ( name, address, occupation, gender, date of birth etc)
• Particulars of the business ( Name, principal activities, address, contact etc)
• Owner’s Tax Identification Number ( Mandatory)
• Revenue envisage, number of workers
• NB: you can only use available names not necessarily the one of your choice
• A certificate of registration and certified true copy of form A
• sole/partnership is regulated by Registration of business names ACT, 1962 (ACT 151)
7. PARTNERSHIP
• Partnership is made up of a minimum of two (2) and maximum twenty (2)
persons who engage in profit making business
• Bound by a partnership agreement/deed
• Contribute skills or assets
• Dismissal and admission can be made at anytime in accordance with the
partnership deeds
• Have a common goal
• Partners are jointly and severally liable for all debt
• Can only be registered by Ghanaian
8. Partnership (requirement)
• Particulars of the Partners (TIN, name, address, occupation, gender, date of birth
etc)
• Particulars of the business ( Name, principal activities, address, contact etc)
• Stamped partnership agreement/deed (mandatory)
• Revenue envisage
• Certificate of incorporation and CTC of form B
• INCORPORATED PRIVATE PARTNERSHIPS ACT, 1962(ACT 152)
9. Company limited by shares ( Private/public)
• Company Limited by Shares is an association between two and fifty people with
a set of objectives for either profit or non-profit basis.
• There are shareholders who are the owners of the company
• There are Directors, secretary and auditor who are the officers of the company.
• Its liability is limited by the number of shares
• Private companies cannot trade shares publicly but public companies can trade
shares on the stock exchange
• Companies ACT, 2019 (ACT 992)
10. Company unlimited by shares ( Private/public)
• Company unlimited by Shares is an association between two and fifty people
with a set of objectives for either profit or non-profit basis.
• There are shareholders who are the owners of the company
• There are Directors, secretary and auditor who are the officers of the company.
• Its liabilities are unlimited by the number of shares
• It is usually registered by professional body
such as Law firms, Auditing and Architectural firms
11. Basic differences between unlimited and limited
Unlimited company Limited Company
Company name ends with
unlimited company
Company name ends with
limited company
Liabilities of Shareholders are
not limited
Liabilities of Shareholders are
limited
12. Differences between private and public
PRIVATE COMPANY PUBLIC COMPANY
Shares are closely held by known
shareholders
Shares are openly held by unknown
shareholders
Shares are not available to general
public on a stock exchange
Shares are available to general public
on a stock exchange
Restricted rights to transfer shares No restricted rights to transfer shares
Board of directors has authority to
approve or reject any proposed share
transfer
Board of directors has no authority to
approve or reject any proposed share
transfer
13. Company limited by guarantee (Private/public)
• This is a company that has the liability of its members limited to amounts that
they respectively undertake or guarantee to contribute to the assets of the
company in case of liquidation.
• The company is also not permitted to make profits
• There are Executive members, secretary and auditor
who are the officers of the company
• Example are social enterprises, churches, charities,
non-governmental organizations (NGOs).
14. Company requirement (ALL)
• Letter of consent from an audit firm
• Particulars of all Directors, shareholders, secretary and the company
• Declaration and letter of consent for all Directors (Executive members)/secretary
(witnessed by a commissioner for oaths)
• Registered /standard constitution
• Beneficial ownership (BO1,BO2&BO3)
• Must have at least one subscriber
15. Documents issued for company registration
PRIVATE (LTD/ULTD) PUBLIC (LTD/ULTD) GUARANTEE (PRIV/PUBL)
Certificate of
incorporation
Certificate of
incorporation
Certificate of
incorporation
Certified true copy of
Registered/standard
constitution
Certified true copy of
Registered/standard
constitution
Certified true copy of
Registered/standard
constitution
Copy of BO1 and BO2 Copy of BO1 and BO3 Copy of BO1 and BO2
Certified true copy of
form 3/3A
Certified true copy of
form 3C/3D
Certified true copy of
form 3B/3E
NB: Certificate to commence business and form 4 have been done away by Act 992 and are no more issued by the
department
16. External Company
• It is branch of an existing company usually registered by a Local Manger on
behalf of the company registered outside the jurisdiction of Ghana, who wants to
own a branch or place of business in Ghana.
• The Local Manager must at all times be resident in Ghana.
17. External company Requirement
• A certified true copy (CTC) of the Memorandum and the Articles of the
Association of the Company registered outside Ghana in English
• A certified true copy (CTC) of the Certificate of Incorporation.
• Power of Attorney of Local Manager
• Constitutions of the External Company
• You will be issued with a certificate of registration
• form 20 and 21
18. Subsidiary
• A Company may carry on Business under a Business Name which does not
consist of its corporate name.
• This can be called a subsidiary of the parent Company with the Parent Company
being the owner.
• A stamp of the Parent Company is required and signed by
one of its existing directors or secretary
• You will be issued with a Subsidiary Name Registration
Certificate and a Certified true copy of Form A
• Regulated Registration of business names ACT, 1962 (ACT 151)
19. Steps after registration
• Application of Permit and licenses
• Amendments
• Reprint
• Annual renewal/returns
20. Why business registration?
• It gives the business legal approval
• Make the business recognizable
• Make access to contracts very easy
• It is mandatory and required by law
• It establish ownership of the business
• It forms the basis of obtaining permits and licenses
• Brings confidence in doing business
• Makes the business reliable