10 Things You Need to Know Before Starting a Business in Ghana (2025)

Thinking of starting a business in Ghana?

Whether you’re a global nomad, a business located elsewhere, a local entrepreneur, or a member of the diaspora looking to invest back home, Ghana offers one of the most stable and opportunity-rich markets in Africa. However, despite its business potential, starting and running a company in Ghana comes with regulatory complexities that often catch many founders off guard. Ghana has consistently attracted considerable investments and talent from overseas, while maintaining a strong history of trade with the rest of the world. As Ghana’s government strives to create a business environment that attracts more foreign private capital, this trend is likely to continue. Ghana is the third-largest U.S. export market for goods in Sub-Saharan Africa and beyond. Its traditional industries, including agriculture, oil, and gas, are growing rapidly, alongside digital fintech services, new media, and hospitality.

At Scribe Advisory, we’ve guided hundreds of businesses through the incorporation and governance process. This article outlines 10 critical things you need to know so you can avoid mistakes and set up your business for long-term success.

1. Choose the Right Business Structure

Ghana allows several legal business structures, which are found in the common-law jurisdictions:

• Sole Proprietor – Quick and simple, run by a sole individual and the most basic form of business protection you can get, but it’s not ideal for scaling or raising funds.

• Company Limited by Shares- The most common and recommended for startups, SMEs, and most companies. Comes with certain requirements such as a 2-person board minimum, shareholder, annual compliance filings etc.

• Company Limited by Guarantee – These are used for NGOs and non-profits, mainly for furthering an objective or to gather insights into a particular area, instead of a profitable operation.

Each structure has legal, tax, and governance implications. Once you don’t get the fundamental setup right, you may find yourself needing costly restructuring down the line.

2. Get Your Company Name Approved

Your name must be unique, compliant with naming guidelines, and reserved with Ghana’s Registrar of Companies. Depending on your name, an application could be rejected because of:

• Similarity to existing names

• Use of restricted names

Pro tip: Do a formal name search before your application.

3. Understand Capital Requirements

While Ghanaians can register companies with little to no capital, wholly foreign-owned companies must meet the Ghana Investment Promotion Center’s (GIPC) minimum equity thresholds:

• USD 200,000 for a 100% foreign-owned company

• USD 1,000,000 for a trading company.

It is good to know that you don’t have to deposit this cash upfront in the bank, but you must declare and support it with documentation. Also, the law provides that this minimum equity contribution can be made in either cash or capital goods. Capital goods will mean non-cash items, and whatever physical purchases have gone into the formation of the business may suffice.

4. Decide on a Company Constitution

There are options to use Table A, the standard default regulations under the Companies Act, or submit a custom constitution tailored to your governance needs. A well-drafted constitution, which details the wishes of the officers of the company, protects your business from internal disputes later.

5. Appointing a Company Secretary

This is a legal requirement under Ghanaian law, not just a clerical position. Explain why

Company Secretaries must be:

• Qualified (lawyer, accountant, or trained corporate governance professional)

• Responsible for statutory filings, board compliance, and legal records.

As part of our services, we offer outsourced secretary services.

6. A Local Registered Office

You must provide a physical business address and not just a P.O. Box to complete registration. If you’re not ready to rent office space, Scribe can help you establish a virtual address.

7. Register with the Ghana Revenue Authority (GRA)

Once incorporated, the entity must:

• Obtain a TIN (Tax Identification Number)

• Register for corporate income tax and, if applicable, VAT.

• File monthly or quarterly tax returns even if you’re not earning income.

8. Sign up with SSNIT

If you employ anyone, even one person, the company must:

• Register with the Social Security and National Insurance Trust (SSNIT)

• Contribute at least 13.5% employer share = 5.5% employee deduction monthly. Failure to comply can lead to fines, reputational damage, busines closure or even legal prosecution.

9. Annual Compliance Obligations

Many businesses fall foul of:

• Not filing Annual Returns

• Failing to update changes in directors or addresses

• Missing renewal deadlines

Non-compliance leads to penalties and the risk of striking off the company from the register.

10. Structure for Governance From Day One

Don’t wait until you’re raising funds or facing disputes. Corporate Governance is not just for large corporations. You will need:

• Properly appointed directors

• Board meeting records

• A growth-aligned constitution

Get Started Today

Ready to start your business in Ghana with confidence?

At Scribe Advisory, we simplify the complexities of company setup, compliance, and governance—so you can focus on growth.

Book a free consultation today and let’s get your business started the right way.