Top Tips for a Startup Construction Business
In spite of all the investments which followed after the independence in industrialization, infrastructure along with a series of restructurings, Ghana is still far behind in organization setups and procedures. The country’s inability to meet these requirements is largely due to the character and nature of her integration in the international system where she has been assigned the job of exporting primary products, and the consumer of manufactured imported goods through over the liberalization of her economy.
That said, anyone who wants to open up a business, more specifically a construction company in Ghana, they have to jump through a plethora of hoops in order to get it going. Let’s take a look at the method through which you can set up a construction company in Ghana.
Acquire a Tax ID#
As of the year 2012, every entrepreneur must have a TIN in order to start a business. It takes 2 days at max to get a TIN. If you’re going to start a construction company in Ghana you must acquire a Tax Id for your business.
Check for the Availability of Company Name
Well this one is definitely a no brainer. You need to check the list of registered construction companies in Ghana and make sure that your construction business is not using the same name as any of the previously registered companies.
Submit Company Documents to Obtain Certificate of Incorporation
After making sure of the uniqueness of the name, the entrepreneur has to come to the customer service office to submit the company documents for registration. Then the applicant may get the prescribed Form A from the bank and submit it back to the bank after filling it. After careful scrutiny the registrar issues the registration certificate along with the original form to be submitted as an attachment.
The incorporation documents are comprised of the following forms which can be download from http://www.rgd.gov.gh.
Get your Certificate Authenticated
You need to authenticate your obtained certificate in front of a Commissioner of Oaths.
Obtain Certificate to Commence Business
After getting the company incorporated, all the pending documentation must be submitted within 28 days. The registrar of companies now registers new companies automatically with the IRS.
Deposit paid-in capital in an account
After all that the following documents are required with the paid-in capital in a bank account:
– Copy of company regulation.
– Incorporation Certificate
– Certificate to Commence Business
– Signatures of Authorized Company Personnel.
Apply for Business Licenses
Every type of Business License costs different. Also the accompanying documents vary depending on what category your business falls in. If you are a construction company in Ghana you must apply for a construction business license.
Get your Workplace Inspected
Being an affordable construction company, your official premises need to be very much up to the mark in terms of security. Have an office visit your premises and report the findings to the RAMA (Review Accountant of the Metropolitan Assembly), who then submits the report to the Revenue Mobilization Subcommittee of the Assembly.
Apply for Social Security
In order to get social security, every company must submit the following:
– List of Employees
– Their Respective Salaries
– Social Security Numbers
– Certificate to commence business
– Certificate of Incorporation