A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.
Sole Proprietorship Registration In Ghana
Did you know you must register your business if you are trading under a business name?
Applicant may pick up a prescribed Form A from the in-house bank or download
Submit filled forms at the Business names Registration Counter for Verification and Capturing or via Online
Pay processing fee of GHS60.00 at the in-house bank or via Online
Registrar Examines, Approves and issues Business name Registration Certificate
CERTIFIED TRUE COPY(CTC) of Form A
Renewal each year at GH 25 cedis.
How much does it cost to register a sole proprietorship business in Ghana?
The registration fees are: ¢50 for a business name. ¢25 for filling the D form. ¢25 for annual renewal.
Is registration required for a sole proprietorship?
No, Sole Proprietorship Registration is not mandatory. It is optional on whether a person intends to register his sole proprietorship or not.
Although, banks insist on getting a sole proprietorship registered if you are intent to open a bank account in the name of your business, as per law – it is not mandatory.
What are the advantages of a sole proprietorship?
Less paperwork to get started.
Easier processes and fewer requirements for business taxes.
Fewer registration fees.
More straightforward banking.
Simplified business ownership.