Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in Ghana
Just like some other African countries, Ghana is trying to emerge from a politically divisive past and bring in investors. This is part of the country’s so-called “Ghana Vision 2020”. At the moment, Ghana wants to project its status as a “developed country” starting the year 2020 up to the year 2029. After it has achieved that status, the government of Ghana wants their country recognized as a “newly industrialized country”. This should start in 2030 up to the year 2039.
You should then time your company to incorporate in Ghana in tandem with the current economic thrust
Investors Looking Forward to Company Incorporate in Ghana
Investors are attracted to Ghana’s abundant natural resources, including precious metals, hydrocarbons, and industrial minerals. Ghana history is full of references to the massive gold reserves of the country. In fact, this is why Ghana has always been visited by Western colonizers such as the Portuguese and British who were after Ghana’s gold.
However, investors looking to hire staff should be aware that the majority of the rural poor are involved in agriculture only. It is the urban areas that offer more advances to those citizens and residents with an education. This may affect investors who are looking to hire local talent for their company to incorporate in Ghana.
Fortunately, the government of Ghana is investing heavily in the education and support of their youth. This may pay off for both the state and for investors who are looking to hire qualified Ghanaians after they have earned their academic credentials.
Profitable Industries in Ghana
You may want to venture into agriculture since Ghana is known for its top-quality cocoa crops. Those investors who are more into industrial applications may look into the manufacture and export of digital technology products instead. Examples of these products are computers, smartphones and consumer electronics.
You may also want to get involved in the manufacture and export of ships and automobiles. Another of the more well-known industries is real estate development and sales. This should appeal to upwardly mobile Ghanaians, and to investors who aim to settle for the long term in Ghana.
Lastly, Ghana’s government is supporting efforts to foster more knowledge and applications related to science and space exploration. This can be seen as an offshoot of the country’s dedication to supporting information and communications technology expertise. The government is spearheading efforts in the education sector to make students savvier about the use of information and communications technologies.
How to Set Up Your Operations
It is important to note that Ghana follows both religious law and common law in their legal system. Most investors select the LLC as their model company structure when they set up a company incorporated in Ghana. You can expect the incorporation process to last up to three weeks. However, it is illegal to put up a sole shareholder company in Ghana. Nor does the government allow the use of Corporate Shareholders. Foreign ownership may reach up to 60% only.
You can use US dollars as legal currency, for capitalization of the company. You may also use digital signatures in the incorporation documents.
Since the economic potential of Ghana is unquestionably positive, you may be wondering how you can go about initiating your company incorporated in Ghana. For valuable assistance, you may contact us at 3E Accounting for our business services. We can make the incorporation process much easier for you.