Establishment of Enterprises
Application for registration of a company is made directly, or through agents or solicitors, to the Registrar-General. A company is duly registered after the company's regulations have been submitted to the registrar of companies and a certificate of incorporation issued. A specified fee is paid on presentation of the regulations. The information required includes:
- The name of the company with the word "Limited" as the last word in the name
- The nature of the company's business
- The names of the first directors of the company
- A statement that the liability of the company is limited
- The share capital and its division into shares of no par value
- A statement that the company possesses all the powers of a natural person of full capacity
- Limitation on the powers of the Board of Directors in accordance with section 202 of the Companies Code
- Any other lawful provisions relating to the constitution and administration of the company
- The requirements for a public company limited by shares are similar to those stated above, except that the public can buy shares.
- Commencement of Business
- Before commencing business, further information on the company must be provided. This includes the particulars of the company and a declaration of compliance.
- The particulars of the company are given on Form No. 3 and signed by the directors and the company secretary. The information provided must include:
- Name of company
- Authorized business
- Particulars of directors (at least two) and a secretary
- Name and address of auditors
- Addresses of the company's registered office and principal place of business
- Address at which register of members is maintained
- Amount of stated capital; number of authorized and issued shares, amount paid (other than cash), and amount due for each class.
The declaration of compliance is made on Form No. 4. This states that the conditions of section 28 of the Companies Code pertaining to a minimum capital issue of 25,000 cedis (C) has been paid and signed by all directors and the secretary of the company. There is a stamp duty of 0.5 per cent of capital issue payable. Upon due completion and presentation of the forms, the registrar issues the company with a certificate of commencement of business.