Registering of Sole Proprietorship business in Ghana is fairly simple and easy. On average, 70,000 sole proprietorship businesses are registered in Ghana yearly at the Registrar General's Department. Registration of a sole proprietorship business takes about 7 days to get done. It is sometimes informally called ' one-man-business' in Ghana.
Below are some summary statistics you may need to know about sole proprietorship registrations in Ghana.
For individual Ghanaians who want to start their business, this form of business is most ideal. The statutory costs for registration of sole proprietorship business is much less compared to a company limited by shares. All things being equal they equally have less taxes as well.
What is a Sole Proprietorship Business ?
A sole proprietorship is a business that is owned and controlled by an individual. There are no partners in the business. It is not a separate legal entity from the business owner. The liabilities of such a business is not limited. In other words, the assets of the business owner may be used in the event of business collapse or bankruptcy to defray business costs.
Individuals that trade or do businesses of such nature must register with the Registrar General's Department.
Who is Eligible to Register a Sole Proprietorship Business ?
Only Ghanaians above the age of 18 years are eligible to register sole proprietorship businesses.
Requirements for Registration of a Sole Proprietorship Business
The procedure for registering a sole proprietorship business in Ghana is fairly easy. Here are the steps to follow in registering a sole business name.
Step 1 – Business Name Search
A business name is the name by which people know your business. Therefore, it is important to choose a name that is unique and relevant to your business. After choosing the business name you intend to use, the next step is to conduct a business name search. There is a need to embark on a business name search to ensure that no other person is using the proposed business name.
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