By Paul Eduarko Richardson
Accra, Aug. 17, GNA – The Office of the Registrar of Companies (ORC) is the autonomous public institution mandated to register and regulate business entities in Ghana.
It was established by an Act of Parliament under Section 351 of the Companies Act, 2019 (Act 992).
It is important for all businesses to register with the ORC. A registered business is able to own a business account, easily access loans from banks and other financial institutions, and import goods with easy documentation.
The business also becomes more visible and able to engage in contracts with government institutions.
In Ghana, registration of business name (sole proprietorship), subsidiary business name (sole proprietorship owned by a corporate body other than an individual), and partnership are open to only Ghanaians.
However, registration of companies is open to both Ghanaians and foreigners.
To register a sole proprietorship with the ORC, one will need to fill out the registration form, provide the Taxpayer Identification Number (TIN), Ghana Card, and pay GH 100 cedis.
For a subsidiary business name, registration involves the Mother Company’s name, TIN, and stamp, as well as signature of a representative from the Mother Company. The registration fee is GH 100 cedis.
For partnerships, the partners must fill out the registration form, provide the Partnership Agreement, obtain stamping from the Lands Commission, provide TIN and Ghana Card and pay GH 250 cedis.
For companies limited by shares (these are profit-making entities, both private and public). You fill out the registration form, provide TIN, and Ghana Card, or passport if you are a foreigner.
Basic information such as name, residential address, contact and email will also be required.
Some companies, for example, banks will need to fulfill special requirements from their regulators.
They must have auditors and pay Incorporation fee of GH 450 cedis plus one per cent of stated capital.
Companies limited by guarantee (that is, non-profit-making entities such as schools, churches, associations, unions, clubs, NGOs) go through the same registration process as companies limited by shares.
But companies limited by guarantee pay GH 430 cedis with no additional fee.
To register an external company (that is, a foreign company with branch office in Ghana), you must fill out the registration form, provide an authorising document from the Mother Company, and a Power of Attorney appointing a local manager.
The local manager then provides the TIN and Ghana Card, or passport if a foreigner.
External companies pay a fee of $1,380 dollars.
GNA