Have you registered your company with the GIPC? Renew your GIPC registration with ease by following this step by step guideline that shows you what you need to know, the key requirements and common mistakes investors make.
According to section 24 of the GIPC Act, all businesses with foreign participation are required to register with the GIPC. After a successful registration with Ghana Investment promotion Centre, a certificate will be issued which is valid for two years. After two years, applicants are to renew the certificate with the Centre.
The Ghana Investment Promotion Centre (GIPC) is a Government agency, responsible under the GIPC Act, 2013 (Act 865): to encourage and promote investments in Ghana, to provide for the creation of an attractive incentive framework and a transparent, predictable and facilitating environment for investments in Ghana.
The following are the documents that are required by applicants to complete the renewal process.
- Application Letter
- Complete Ghana Investment Promotion Centre renewal form
- Official fee- ¢2730
- Status Report
- Last Audited Accounts
- Evidence of any change made at the Registrar General’s Department
- Valid Tax Clearance Certificate
- Evidence of SSNIT payment and SSNIT schedule or list
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Complete GIPC Registration Renewal form
The GIPC renewal form must be completed as part of the renewal process. The forms are downloadable via http://www.gipcghana.com/press-and-media/downloads/forms.html
Key information requirements for completing the GIPC Registration Renewal Forms
Applicants are required to provide the following information;
- PART I : Enterprise Data
- Name of the company (if the company has changed its name, applicants must add the changed profile documents from the Registrar General’s Department that confirms the changes).
- The current postal address, location, street and telephone number of the company.
- If the company has any other branch aside its registered office, applicants must provide details.
- The equity structure – This refers to the shareholding structure of the company. If there have been share transfer in the course of the two years, applicants must provide both the old and new structure and include the documents that confirms such changes from the Registrar General’s Department.
- PART II: Project data
- If the company has changed or amended their business activity, it must specify and provide relevant documents.
- Under Investment Trend, if there has been an increase in the initial investment capital at the time of registration, applicants must state and provide relevant documents.
- Applicants are required to state the initial and current number of Ghanaian and foreign employees at the managerial levels, both skilled and unskilled.
- If employers intend to train the employees, a section is provided on the form to elaborate and attach documents to assert the claim.
- Applicants are required to list the challenges facing the company and also give suggestions to improve the operation of the company
- After completion of the filling of the form, applicants must sign, provide the date and place of submission of documents.
Do you want to register an External Company/Liaison or branch office in Ghana? Click here
What documents do you need to file your GIPC Registration Renewal?
- Status Report.
- Last Audited Accounts
- Evidence of any change made at the Registrar General’s Department
- Evidence of PAYE payment
- Evidence of SSNIT Payment
- Valid Tax Clearance Certificate (TCC)
Status Report
Status report is a summary report that gives an update on the operations of the company. It includes recent and current development of the company since its last registration or renewal with the agency.
Financial Report
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand.
Change Profile from Registrar General’s Department
Applicants are required to attach the documents for any changes made at the Registrar General’s Department after its initial registration or last renewal with GIPC if any. The changes may include, share transfer, change of company’s name, activity, address, change of directors, etc.
Income Tax (PAYE) Receipt & Tax Clearance Certificate
Applicants must submit the most current monthly income tax receipt showing the list of employees, designation and salaries. It is important to note that, all expatriate persons who have previously been granted automatic quotas by GIPC must be on the list employees whose income taxes have been dully paid.
The company must obtain a valid tax clearance certificate as evidence of taxes paid and submit same, together with the application.
SSNIT Receipt
Applicants must attach the most current SSNIT monthly receipts as evidence of having paid the monthly pension contributions for employees.
After submission of all documents, GIPC will check to ensure the documents are complete and in order. Without any queries, applicants will be given not more than 2 weeks for processing of application. After a successful registration, a certificate of renewal which is valid for two years will be given to the applicant.
Why is it important to renew your GIPC Registration?
Companies that are registered with Ghana Investment Promotion Centre must renew their registration to remain compliant and to keep enjoying the incentives that come with registration with GIPC.
Investment incentives include;
- Automatic immigrant quotas based on your investment threshold
- Exemption from payment of import duties on core machinery, equipment for the project
- Tax rebates and tax holidays depending your business activity
- Locational incentives
Enterprises that are fully Ghanaian owned are eligible to access all the investment incentives and benefits.
ALSO READ: Registering a new company limited by shares in Ghana
Key Takeaways – Renew your GIPC Registration with ease
- Accurate PAYE, in line with employment requirements stipulated by the GIPC Act.
- PAYE schedule must tally with the list of Ghanaian workers on SSNIT
- Detailed Status report
- Valid Tax clearance certificate.
- Accurate information to complete forms
- All persons on Quota should be on the PAYE
- Expatriate on PAYE who are not on quota
There are instances where the PAYE schedule may have expatriates who are not on the quota list granted by GIPC. In such instances, when filing your GIPC renewal registration, you will be required to add evidence (copy) of the work and residence permits of those persons to the application.
- Amendments, changes in company shareholding or objects (Add necessary documents of amendments.)
- Confirmation of Departure Letter
Confirmation of departure letters issued by the Ghana Immigration Service, is a requirement by GIPC in the event that an expatriate on quota has resigned from the company and departed from Ghana. To avoid application delays, apply for departure confirmation letters when expatriates leave.
ALSO READ : GIPC Quota
Conclusion
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