Ghana is becoming a hub of businesses in Africa with its splendish and flourishing economy. The good news is that anyone can open or start a business venture but must register it with the Registrar General Department.
If you want to know how to register your business solely online without hustle, go to the end of this post and select the type of business you are currently operating to see how to register it online.
This will has nothing to do with ISC codes in Ghana. The ISC codes are cartegories of business and you can find the list here. You will need them also.
One that that always give headache during business registration is the choice of the type of business to choose. Many could make problems at this stage but we are here to help. Its very important to choose the right one to avoid legal backfires or bankruptcies.
1. Sole Proprietorship
Is the everyday business that requires can have a minimums of one employee. The tomatoe seller you see in the marketplace is o0erating a sole proprietorship with a brand usually in their own name. The kiosk owner operates under sole proprietorship. This normally doesn't require legal documentations but mostly will be require to have the business name registered if you want to obtain loan from banks.
They usually pay taxes in tolls or rent on their station. Most startups operate as sole proprietorship but when they advance and want to offer certain kind of risky transactions with banks, they need to upgrade to a company limited.
The pros of this type of business is that:
- It doesn't require much legal representation
- Have low capital requirement
- No board of directors
- Can not Acess certain amount in loans
- Can not offer or control payments solutions
2. Company limited by guarantee
This type of business are limited by guarantee only but owners have liabilities. Examples include NGO's, churches, societies and others. The shareholders are not required to be paid dividends but shares liability. If you operate a church, NGO, or a society, then this is your type of business.
3. Company limited by private shares
This is another type of company limited but the IPO is private and shares ownership is for few people usually a limited number of 50 people. This company requires a Director and an Auditor in other to get it registered. The number of shares to be issued is also limited.
4. Company limited by public shares
Just like the company limited by private shares but the IPO is public and the number of shares to be issued is unlimited. It will be required to have a board of directors, director, a Secretary, and an Auditor.
5. Company subsidiary
6. External company