Article
3 min read
Author
Anja Simic
Published
September 17, 2021
Last Update
June 25, 2024
Table of Contents
Sole proprietorship in Ghana
How to register a sole proprietorship
Tax registration for sole proprietors in Ghana
At the Atlantic Ocean along with the Gulf of Guinea is settled the Republic of Ghana. It has an economic plan target known as the "Ghana Vision 2020". This plan envisions Ghana as the first African country to become a developed country between 2020 and 2029 and a newly industrialized country between 2030 and 2039. Ghana’s development plans have a strong focus on a sustainable economy.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
A sole proprietorship is a form of business where the business’s ownership and management are in the control of the same person. The proprietor is the sole owner of the idea and has full ownership rights of the business. They are responsible for all the debts and profits incurred in the business. In Ghana, sole proprietorship businesses are more common than any other form of business.
If you have been thinking about starting a business as a sole proprietor, the following article may help you with information on how to do so.
A sole proprietorship business probably the easiest form of business to set up. You should begin by choosing your business name. Head into The Registrar General Department (RGD) or apply online by attaching required documents:
Here you can find all the needed forms. They consist of the following requirements:
The business name’s availability can be checked using a name search function at the RGD, but the final approval of the name lies to the RGD.
The registration fees are:
You can make payments via NITA’s Ghana Electronic payment platform (GEPP) with multiple payment methods.
The RGD has incorporated two types of certified certificates for online business registration:
You would need a Tax Identification Number (TIN) before the sole proprietorship registration. If you do not have a TIN, you need to obtain it by uploading a scanned copy of any of your government-issued photo ID such as:
To register as a taxpayer you should fill the following form and submit it to Ghana Revenue Authority.
If your annual revenue reaches GHC 200,000, you are required to register for Value-Added Tax. To register for VAT in Ghana, you would need the following documents:
Registration can be done at any Domestic Tax Revenue Office.
The standard rate of VAT is 12.5%.
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