Company regulations 2. Minimum Capital requirement The investment law of Ghana stipulates minimum foreign equity contribution for all foreigners seeking to do business in Ghana. The minimum foreign equity can be in the form of cash or in-kind capital goods, equipment, machinery etc. After the account is set-up the foreign shareholders are to remit the required minimum equity into their foreign currency account. The minimum foreign equity that has been transferred must be converted into local currency and then request for a Bank of Ghana Equity confirmation letter from their bankers. The Bank of Ghana Equity confirmation letter is the official proof of cash equity investment in Ghana, which must be obtained by all companies seeking to register their businesses with the GIPC if their equity is cash.
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Muzshura Republic of Barbados 28 -April 9. Leave a Reply Cancel reply. Section — 10 — Responsibility For The Centre. Section — 1 — Establishment Acct Centre. Additionally, the Government of Ghana has entered into Bilateral Investment Promotion and Protection Agreements IPPAsas well as Double Taxation Agreements with a number of countries to further enhance the protection and security of the investment regime. Section — 37 — Transitional Provisions. While addressing key challenges like stability acg the macro economy, monetary and fiscal discipline and reliability of power for businesses, new initiatives like the stimulus package to improve the competitiveness of existing Ghanaian industries, reduction in the tax burden on enterprises and reform of the regulatory environment will lead to a more business friendly economy.
Section — 9 — Department Of The Centre. All government departments, government agencies and other public authorities shall co-operate fully with the Centre in the performance of its functions under this Act. The Board may, on the recommendations of the Chief Executive, create such departments in the Centre as it may consider necessary for the efficient discharge of the functions of the Centre. Section — 26 — Priority Areas. Laws applicable to the operation of business in Ghana conform to international standards and best practice.
Section — gippc — Assistance To Enterprise. Section — 18 — Igpc Reserved For Ghanaians. Subject to at section an enterprise to which this Act applies shall be guaranteed unconditional transferability through any authorised dealer bank in freely convertible currency of- a dividends or net profits attributable to the investment; b payments in respect of loan servicing where foreign loan has been obtained; c fees vipc charges in respect of any technology transfer agreement registered under this Act; and d the remittance of proceeds net of all taxes and other obligations in the event of sale or liquidation of the enterprise or any interest attributable to the investment.
Section — 5 — Meetings Of The Board. Section — 3 — Functions Of The Centre. The Ghana Investment Promotion Centre Act, Actprovides guarantees including prohibition against discrimination and expropriation to all enterprises. Section — 29 — Dispute Settlement Procedures.
Section — 32 — Personal Remittances. Other initiatives include the establishment of one multi-purpose industrial park in each administrative region, One District, One Factory, Planting for Food and Jobs as well as the development of strategic anchor industries as new pillars of growth for the Ghanaian economy.
Ghana is a member of the Multilateral Investment Guarantee Agency MIGA of the World Bank, which provides investment guarantees against non-commercial risks for investments in developing countries. Section — 40 — Interpretation. The Centre shall provide to an enterprise such assistance and guidance as the enterprise may require and shall act as liaison between the enterprise and relevant government departments, agencies and other public authorities. The Kingdom of the Netherlands March 1-July 3.
Section — 35 — Offences And Penalty. Gicp laws are based on a framework of legislation relating to business activity, copyrights, patents, trademarks, disputes and labour relations. The Centre shall be responsible to the President. Ghana Investment Promotion Centre Act — GhanaLegal — Legal Portal for Ghana There are also numerous Public sector Ministries, Departments and Agencies as well as private legal, business consulting and accounting firms, which provide expert guidance on doing business in Ghana.
Section — 36 — Repeals And Saving. The financial year of the Centre shall be the same as the financial year of the Government. Section — 24 — Exemption Of Non-zero-rated Items. Section — 30 — Immigrant Quota. Republic of Botswana July 8. Most Related.
ENTRY CONTROLS AND REQUIREMENTS UNDER THE GHANA INVESTMENT PROMOTION CENTRE (GIPC) ACT 2013
It has 45 sections and the key sections relevant to investors are sections It is important to take a brief look at some preliminary sections. They clearly spell out the functions of the Centre and the Board so it is very clear to everyone. It moves on to section 11 which provides for a technical committee which is made up of persons from different government parastatals as well as the CEO of the Centre. The committee is responsible for advising on the procedure for obtaining permits, licences and exception, tax regimes and provision of technical information on investment opportunities, polices and regulations amongst others. It provides in section 24 for the registration of an enterprise with foreign participation with the Centre before its commencement of business. This registration is to be completed within 5 days and is renewable every 2 years.
How Foreign Investors Can Register a Business with the GIPC in 2020
Section — 36 — Repeals And Saving. Section — 1 — Establishment Of Centre. This Act does not apply to mining and petroleum enterprises. All government departments, government agencies and other public authorities shall co-operate fully with the Centre in the performance of its functions under this Act. Notwithstanding section 15 of this Act, the President may on the advice of the Board in writing request the Registrar-General, the Director of Immigration and the head of any government Department to station at the offices of the Centre such public officers as may be specified therein and the request shall be complied with. Ghana Investment Promotion Centre ACT, Act For the purposes of promoting identified strategic or major investment, the Board may in consultation with such appropriate state agencies as the Board may determine and gpc the approval of the President, negotiate specific incentive packages in addition to the incentives provided under section 23 of this Act for such period as the Board may specify. Section — 28 — Guarantee Against Expropriation.