There are several legal requirements for every business registration in Ghana. The legal requirements mean any statute, code, law, rule, regulation, order or other requirements, standard to procedure enacted, adopted, or applied by any governmental authority, including judicial decisions applying common law or interpreting any other legal requirement.
For example, when registering a company limited by shares in Ghana, it is a legal requirement for every company to have at least two (2) directors, a secretary, shareholder(s), and an auditor for the company. Additionally, every registered company is required to file their annual returns eighteen months after the date of incorporation. It is also required by every company to organize an Annual General Meeting and at least two (2) Board Meetings every year. It is at the Annual General Meetings that the audited accounts of the company are approved by the shareholders to enable the filing of the Annual Returns at the Office of the Registrar of Companies. Sole Proprietor businesses are exempted from organizing these meetings; however, they are required to file for annual renewal a year after registration of the business.
What happens when you don't register your business?
Why business registration is important in Ghana.
Registering your business gives the business a legal identity. Once a business is registered, it projects a legal brand to its customers to enhance credibility. It enhances access to business contracts and financial loans and support. It also helps employers to hire employees and partner with other legal entities or brands. Registering your business enables it to enter into legal contracts with other companies. You may stand the risk of losing your business brand or name if you fail to register it. The same or similar name can be registered by another party and will be considered legal. Business registration helps to secure Taxpayer Identification Numbers for other compliances like bank account opening for business transactions. Business registration is an essential requirement for acquiring business properties. In other words, Company's properties cannot be acquired without company registration.
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