The Registrar-General’s Department (RGD), in its quest to improve the ease of doing business in Ghana, has abolished some two key requirements before a new company registration.
The two key requirements abolished by the Department are Certificate to Commence Business and the minimum capital requirement to be deposited by business owners before starting business operations.
Companies with foreign participation would, however, still have to comply with the Ghana Investment Promotion Centre rules on minimum equity requirements.
The move, according to the Department, is to simplify company registration processes in the country.
Per the new regime, an application for incorporation shall
include a statutory declaration by each proposed director indicating that
within the preceding five years, they have not been charged with or convicted
of a criminal offence involving fraud or dishonesty, among other things listed
in the new law.
In effect, once the registration process involving a business incorporation is complete, a company can proceed to do business in the country.
The new law has now been incorporated into the Companies Act 2019 (Act 992).