How To Become An Entrepreneur In Ghana

An entrepreneur is a person who sets up a business or business, taking on financial risks in the hope of profit.

Below is How To Become An Entrepreneur In Ghana

1.Develop a Business Plan from your ideas or goals

2. Get your Tax Identification Number (TIN)

How to get a TIN:

Provide a coloured copy of a National ID card

Secure your TIN in a Bank, any Ghana Revenue Authority branch or the Registrar General's Department.

3. Register your business at the Registrar General's Department

The following are required:

Name of your company

The kind of business that you intend to engage in

The company name, names & addresses of shareholders, their percentage shareholdings, respective occupation, and any directorships in any other company

The full names of the first directors of your company. A company must have a minimum of 2 directors and at least one director must be a resident in Ghana, must be of sound mind and of legal age which is not younger than 21.

The company secretary and auditors' full names and addresses.

The number of company shares that is to be registered and the stated capital

4. Open a Business Bank Account

The following will be required:

Company regulations

Certificate of incorporation

Certificate to commence business

Signatures of the authorized company representatives

Reference from Auditors

Proof of residence of Authorized Signatories

Completed account opening forms

2 passport-size photographs of Signatories

ID's and TIN of Directors/Signatories

Company TIN

5. Apply for Business Operating Permit from the Metropolitan /Municipal / District Assembly

Requirements:

Purchase application form from the Cash Offices of the various sub-metros

Complete in full the application form and submit it to the Revenue Mobilization Officer (RMO) at the Assembly's main office.

Must have registered with the Registrar General's Department and have been issued with Business Registration Certificate.

Registration Certificate from other recognized bodies as may be applicable.

Tax clearance Certificate from Internal Revenue Service (IRS).

Procedure:

• A joint team from Finance Department, Environmental Health Division and City Engineer's outfit will inspect the premises of the applicant within 5 business days of submission of application.
• The inspection team makes appropriate recommendations to the Assembly within 2 business days from the day of their inspection.
• Upon approval by the Assembly, license is issued to applicant at a prescribed fee.

6. Register for Social Security

How to register:

Book an appointment at the nearest SSNIT office.

Take the required documents to the nearest office.

Certificate to Commence business

Company's Regulations

Tax Identification Number for the company/ business entities

Profile of Directors or Local

Managers

Copies of the Directors' or Local Manager's valid ID (e.g. Voter's ID, passport, driver's license)

Directions to Taxpayer's Premises using the Ghana Post (GPS).

List of employees with their SSNIT numbers, basic salaries, and contributions.

The SSNIT officer will fill a form with the required details and examine the documents. 

The application will be processed once everything is in order.

After processing, SSNIT will send the following to the company:

A confirmation letter with the company's registration number; and

A certificate of membership to signify registration.

What are the 4 types of entrepreneur?

Coasting, opportunity comes to them (or it doesn't)

Conservative (very moderate use of resources, protecting existing resources)

Aggressive (proactive, all-in, actively seeks opportunity)

Innovator/Revolutionary (attains growth through innovation).

Which subject is best for entrepreneurs?

Business. One of the biggest advantages of a business degree for entrepreneurs is upward mobility. …

Finance. 

Marketing. 

Economics. 

Communications. 

Computer Science.

Environmental Science. 

Engineering.