The Republic of Ghana is a country in West Africa. Entrepreneurs, who want to take their business to the African market, need to know that each Free Economic Zone in Chana has its own regime. If you want to start a business in Ghana FZ, this material will be useful for you.
WHAT IS A FREE ECONOMIC ZONE?
FEZ is a limited area, in which favorable conditions have been created for solving foreign trade, social, scientific and technical problems. Free trade zones, industrial, technological, financial and complex, are defined in modern world practice.
Ghana FEZ program includes attracting investors, who can use the FZ as a base for the production of goods and services.
If you are interested in more detailed information about the activities, that are actively developing in the Ghana FZ, personal advice on the registration of the company in Ghana from the competent experts of our company will clarify for you the smallest details of this process.
FEZ give investors the right to acquire property, engage in construction, develop infrastructure and services, and invest in other sectors of the economy. In addition, FZ exempts foreign investors and employees from double taxation. Individuals and legal entities have the right to establish the enterprises in the Free Economic Zones of the Republic of Ghana for the production of goods and services for domestic consumption and export, provided that the investor has registered an open/closed company or limited partnership in this country. Ghana FZ also exempt goods moving between the Free Zones and other countries from import-export laws and direct and indirect taxes and charges. FEZ allows up to 30% of goods, produced in the FZ to be sold on the local market with appropriate import duties. In addition, FEZ exempts enterprises from income tax for 10 years, guarantees a maximum tax of no more than 15%, and exempts shareholders from paying dividends tax, and also give foreign investors 100% ownership. But this is not the limit of the possibilities of FEZ in Ghana. FEZ allow investors:
- to open foreign exchange accounts in Ghana;
- to guarantee the unrestricted transfer abroad of profits, interest on investments, payment of trade transactions, credits and technology sales agreements without any conditions or restrictions;
- to determine the procedure for settlement of investment disputes;
- to give investors the right to directly settle labour disputes with hired forces.
FEZ IN GHANA
Tema Export Zone is the largest and most popular FZ in Ghana. It is located in Tema, Ghana’s main industrial city. Those, who wish to establish an enterprise in Tema Export Zone should know, that in this FZ favourable conditions are offered for business, including:
- A number of different types of property: factories, office space, land, etc.
- Public utilities: water, electricity, telecommunications.
- A large reservoir of water, providing a constant and adequate supply of water.
- A powerful station, providing local companies with a continuous power supply.
- High-level telecommunications services.
- A security for equipment, buildings and manpower.
Our company’s employees, during individual advice on a business registration in FEZ in Ghana, will give detailed information what you need to establish a company in Tema FZ.
OBTAINING A LICENCE IN GHANA
A license from the Ghana Free Zones Authority (GFZB) is required to open a business in the FEZ in Ghana. Within 28 working days, GFZB issues a license for a company. The investor has to start work within 6 months after obtaining a license in Ghana.
Enterprises, wishing to develop new products in the FZ, must obtain a Developer License in Ghana, as well as a down payment and subsequent annual contributions.
Investors, wishing to start a business in manufacturing in Ghana, or in services or commerce must also obtain an Enterprise Licence in the FZ of Ghana and pay a down payment, the amount of which depends on the activity.
After obtaining a licence, a residence permit is issued with the right of employment for each foreign employee. There are no restrictions on the number of foreigners hired. This permit is valid for 24 months, may not be transferred to another person and is not reimbursed. You will receive other information during qualified advice on registering enterprises in the FEZ of Ghana from our experts.
YB Case can provide detailed advice on the establishment of a company in Ghana. To call us, use the contacts listed on the site.