| INVESTMENT
PROCEDURES |
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Establishment
of Investment Projects
Under the Ghana Investment Promotion Centre Act, 1994
(Act 478), investment in all sectors of the economy, other
than mining, petroleum, free-zones and portfolio investments,
can be established without prior approval by GIPC. Mining
and petroleum sector projects have to be approved or licensed
by the Minerals Commission and the Ministry of Mines and
Energy, respectively. Free-Zone operations are administered
by Ghana Free Zones Board while portfolio investments
are handled by the Ghana Stock Exchange.
Registration with Registrar General's
Department
Foreign investors intending to invest in Ghana are by
law to register with the Ghana Investment Promotion Centre
(GIPC) under the GIPC ACT 478. The registration will be
conclude only when the legal minimum equity contribution
has been met.
To satisfy the minimum equity requirement, the investor
must follow the following steps:-
Minimum
Equity Contribution
STEP
1
Bank Account By Bank Transfer
Incorporate a company at the Registrar General's Department.
The department has five (5) working days to complete formalities
if all documents are in order.
STEP
2
By Physical Cash
Foreign investors should comply with the GIPC Act 478
regarding minimum equity requirements either in cash or
in kind as follows;-
- Open a bank account in the name of the company.
- Effect a Bank to Bank transfer of minimum equity
requirement. This transaction should be confirmed
to the Bank of Ghana by the investor's local authorise
dealer bank. Bank of Ghana in turn, confirms this
transaction to GIPC for the company's registration
purposes.
- Physical cash carried into Ghana by individuals
for investment purposes should be declared on Bank
of Ghana Form T5 on arrival and subsequently deposited
in a bank account within the shortest possible time.
This transaction should be confirmed by Dealer Bank
and the Bank of Ghana as in (b) above.
- Enterprises are free to implement their projects
by importing the relevant plant, machinery and equipment.
Zero rated and concessionary duty items should be
cleared automatically and directly through CEPS. Essential
plant, machinery and equipment which fall under Section
24 of the GIPC ACT 478 should be cleared with the
GIPC.
- In the case of equity in kind in the form of imported
machinery, equipment and goods, all documents covering
such imports should be in the name of the registered
company and evidenced by the following which should
be submitted to GIPC for registration purposes:-
Bill of lading /Airway bill (original)
Destination (Ghana) Inspection Certificate
Customs Bill of Entry (original)
Import Declaration Form (IDF)
Certified/Final Invoices
Evidence of Capitalisation - Form 6 from the Registrar
General's Department
Importation of Plant, Machinery
and Equipment
STEP 3
Registration with Ghana Investment Promotion Centre
The investor then registers with the GIPC which has
five (5) statutory working days to complete the registration
process, provided the registration forms are in order.
STEP 4
Wholly Ghanaian-owned Enterprises
Wholly Ghanaian-owned enterprises do not need to register
with GIPC since the minimum foreign capital requirement
does not apply to such enterprises.
STEP 5
Immigrant Quota
All wholly Ghanaian-owned enterprises and enterprises
with foreign participation seeking immigrant quota facilities
in respect of expatriate personnel (experts) for their
businesses should satisfy the relevant minimum capital
requirements specified under Section 30 of Act 478.
STEP 6
Registration with Internal Revenue Service and Value
Added Tax Secretariat
All enterprises must register directly with the Internal
Revenue Service and the Value Added Tax (VAT) Secretariat
for purposes of statutory tax e.g. taxes, rebates, and
exemptions thereof.
STEP 7
Environmental Impact Assessment Certificate
Enterprises must register and obtain an environmental
permit from the Environmental Protection Agency (EPA).
For all of the above GIPC may assist as the need arises,
either directly or through referral to accredited arrangements,
accounting or legal firms.
For all enquiries contact:
The Chief Executive
Ghana Investment Promotion Centre
P.O. Box M.193
Accra, Ghana
Tel: 233-21-665125-9
Fax: 233-21-663801
E-mail: gipc@ghana.com
Website:
www.gipc.org.gh |
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