Free economic zones (FEZ), free economic territories (FETs), or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries.
Below are the Benefit Of Free Zone Companies In Ghana
What are the benefits of a free zone?
100% foreign ownership.
100% repatriation of capital and profits.
100% import and export tax exemption.
100% exemption from income and corporate taxes.
100% exemption from payment of direct and indirect duties and levies on all imports for production and exports from free zones.
Relief from double taxation for foreign investors and employees where Ghana has a double taxation agreement with the country of the investors or employees.
How does a free zone work?
A free trade zone is a geographical area within a country and can be designated or located anywhere within a country. Equally, a company could move their production facilities to another country and import the resulting goods to the free zone without paying customs duties or tax.
What Are Free Zone companies in Ghana?
The Ghana Free Zones Authority (GFZA) has granted licenses to 16 new companies with a combined investment value of $183 million to operate under the free zones programme.
They include Gold Coast Refinery, Juaben Oil Mills, Regency Salt Limited, Ramec Limited, Nurevas Food Ghana Limited, and Karma Distillery Limited.