Right to incorporate company or transfer registration of foreign company. This comes after the leadership of the country have come under some pressure, and following news of the leak of the panama papers and the ripples and. Ghanas premier resource for news, sports, business, opinions and entertainment. Provided that where a company or body corporate, which is a. Steps to registering a company limited by shares in ghana step 1 company name search at rgd. The new companies act of ghana firstcode management.
Reservation of name for later use part b incorporation and legal status of companies. Ghana gets new companies act after a long wait graphic online. Who can register a company under the companies act 2019, act 992. Directors duties under the 2019 ghanaian companies act. This act regulates the organization of companies, including mutual funds, that engage primarily in investing, reinvesting, and trading in securities, and whose own securities are offered to the investing public. At the time of sending articles of incorporation of a company to the registrar, the incorporators must send him, in the prescribed form, a notice of the names of the directors of the company.
Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. Act 612 bank of ghana act, 2002 4 the six hundred and twelfth act of the parliament of the republic of ghana entitled bank of ghana act, 2002 an act to amend and consolidate the law relating to the bank of ghana and to provide for related matters. Aug 14, 2019 company law in ghana recent developments. Ghanas companies act 2019 is the latest of ghanas companies act. The companies act 20 is an act of the parliament of india on indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. Although some provisions of the repealed companies act, 1963 act 179 have been retained, there are completely new provisions that will make an interesting read for the public. As its former name, ie companies code, indicates, it codifies and is indeed the primary source of company law in ghana. Ghana has amended the 1962 law on registeration of companies in july 2016 the companies act 1962, and the amended law includes a clause on beneficial ownership. Ghana has a new companies act the companies act 2019 act. Companies act of ghana legal documents constitutional law. Ghanas new companies act 2019 passed, this is what to. Rgd regulation of a private company limited by shares. The securities issued are backed by a component of the energy sector levy act esla receivables which has been assigned to the company for the settlement of coupons and principal repayments arising under the securities that are issued.
Ghanas companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. The companies code, 1963 act 179 hfc bank ghana limited. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. While introducing the bill in the lok sabha, the honble finance and corporate affairs minister, nirmala sitharaman said, the bill seeks to. Final income tax act, 2015 gnbcc ghana netherlands. Nov 02, 2016 ghana has amended the 1962 law on registeration of companies in july 2016 the companies act 1962, and the amended law includes a clause on beneficial ownership. All you need to know about the new companies act article. With company secretarial and compliance as our key service lines, firstcode management services welcomes the new companies act which was given assent by the president of the republic of ghana nana addo dankwa akufoaddo on 2nd august 2019. Where the law of a country requires a person who marries a citizen of that counry to renounce the citizenship of his own country by virtue of that marriage, a citizen of ghana who is deprived of his. Key changesimprovements in the new companys act, 2019. At a very high level, the new act seeks to introduce improved corporate governance standards for companies operating in ghana. The new companies act, act 992 is expected to reform company practice in ghana. Prior to ratification by a company the person or persons who purported to act in the name or on behalf of the company shall, in the absence of express agreement to the contrary, be.
The requirements for the incorporation of a company in ghana are as follows. African union import levy bill, 2017 laid on 06102017 by ken oforiatta minister responsible for finance. A company cannot be registered as a public company unless it has a minimum allotted share capital of. The new companys law enhances protection of minority shareholders. Income tax act, 2015 8 act 896 act of the parliament of the republic of ghana entitled income tax act, 2015 an act to provide for the imposition of income tax and for related purposes. A mastery of the three pillars of company law in ghana is essential.
Section 391 section 93 of the companies code all pages. Pdf directors duties under the 2019 ghanaian companies act. Some of the provisions of the act have been implemented by a notification published on 12th september, 20. Pursuant to section 24 of the companies code, 1963 act 179 the. Part i imposition of income tax imposition of income tax 1. Be it enacted by parliament in the seventieth year of the republic of india as follows. Companies code, 1963 act 179 report of the commission of enquiry into the working and administration of company law in ghana 1961 gowers report paul davies, gowers principles of company law 6th edition robert r. Ghana homepage, resource for news, sports, facts, opinions. Pursuant to section 24 of the companies act, 1963, act179 the company has, for the furtherance of its authorised businesses, all the powers of a natural person of full capacity except in so for as such powers are expressly excluded by these regulations.
A new company law framework, to replace the 1963 act, was placed before parliament last year. On 2 august 2019, the president of the republic of ghana nana addo dankwaakufoaddo announced that the long awaited ghana companies act, 2019 had been assented into substantive law. On friday 2nd august 2019, president nana akuffoaddo, gave his assent to the new companies act, act 992, replacing the old companies act of 1963. Rgd regulation of a private company limited by shares origional. Where the law of a country requires a person who marries a citizen of that counry to renounce the citizenship of his own country by virtue of that marriage, a citizen of ghana who is deprived of his ciship of ghana by virtue of that marriage shall, on the dissolution. Ghana enacts new income tax act ey global tax alert library access both online and pdf versions. This is the second part of the major changes to company law in ghana. Prof gatsi who focused on regulatory issues called on the appropriate stakeholders to ensure the immediate implementation of ghanas new company act. The new companies act of ghana firstcode management services. Under the companies act 2019, act 992, any one or more persons may register a company section 6, act 992 as long as said person. Highlights of the companies amendment act, 2019 the companies amendment act, 2019 received the assent of the president on the 31st july, 2019. Definition of the act for the purposes of these regulations 3.
On friday 2nd august 2019, president akuffoaddo, gave his assent to the new companies act, act 992, replacing the old companies act of 1963. Ghana water company limited was established on 1st july, 1999 following the conversion of ghana water and sewerage corporation into a stateowned limited liability company under the statutory corporations conversion to companies act 461 of 1993 as amended by li 1648. Aug 26, 2019 this is the second part of the major changes to company law in ghana. President nana addo dankwa akufoaddo has given assent to the new companies act replacing the 1963 version. Creation of the office of the registrar of companies the companies act, 2019. Banks and special deposit act, 2016 act 930 date of assent. The new ghanaian companies act, 2019 act 992 was passed into law by. Construction of references in other acts to companies registered under the companies consolidation act, 1908. After almost six decades in use, ghanas companies act of 1963 will finally be replaced with the new companies act, 2019 which awaits presidential assent. The companies code 1963 act 179 regulations of hfc bank ghana limited 1 the name of the company is hfc bank ghana limited 2 the businesses which the company is authorized to carry on are. The provisions of companies act, 1956 is still in force. Checklist for incorporation in ghana a nonghanaian who wishes to invest in ghana must first incorporate a company in ghana if the investment is not being made in an already existing company. Where shares are issued upon the terms that any part of the price payable therefore is not payable at a fixed time the board of directors may from time to time make calls upon the shareholders in respect of any moneys unpaid on their shares, provided that no call shall be payable less than twentyeight days from the date fixed for the payment of the last preceding. This paper measures the trajectory of the regulation of directors duties under ghanaian company law from the companies act, 1963 act 179.
Implement the new ghana company act 992 prof gatsi. The companies act, 2019 act 992 has been in the works since 2018 and replaces the companies act, 1963 act 179. The bill was finally passed by parliament on thursday, may 2 after so many failed attempts. This was after the new act was brought to him from parliament on friday, 2 nd august, after it was passed in may this year. Arrangement of sections section part i preliminary 1. The companies code, 1963 act 179 ghana western christian. Companies code, 1963 act 179 as amended arrangement of sections section chapter ipreliminary 1. Sep 24, 2019 on friday 2nd august 2019, president akuffoaddo, gave his assent to the new companies act, act 992, replacing the old companies act of 1963.
Companies act 71 of 2008 english text signed by the president assented to. Section 66 of the principal act is amended by deleting subsection 1 and substituting the following. The act consolidates and amends the law relating to companies. The departments mission is to ensure efficient and effective administration of entities interalia the registration of businesses, industrial property, marriages, administration of estates and public trust, provide friendly services and accurate data for national and economic development. Directors duties under the 2019 ghanaian companies act by. The companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. Banks and special deposit act, 2016 date of assent. A company cannot be registered as a public company unless it has a minimum.
Conduct your company name search in ghana to ensure the availability of the proposed business name for the company. Consolidate the laws relating to income tax simplify the income tax law provisions and make it user friendly address various forms of tax base erosions on employment income, gift tax and interest paid on residential mortgages 30 november 2015 global tax alert ghana enacts new income tax act ey global tax. Factories, offices and shops act 1970 act 328 section 1register of factories the chief inspector shall keep a register of factories in which he shall cause to be entered such particulars in relation to every factory required to be registered under this act as he may consider necessary or desirable. However, in 2008 there were only minor changes with the focus on the reduction of corporate income tax rate on income derived from providing credit. Section 3application of act 1 except where otherwise provided, the provisions of this code shall apply to all companies formed in ghana, whether before or after the commencement of this code, under the provisions of the companies ordinance, cap.
Passed by parliament and assented to by the president. Provisions supplementing definitions of parent undertaking and subsidiary undertaking part iicompanies and company. On 2 august 2019, the president of the republic of ghana nana addo dankwaakufoaddo announced that the long awaited ghana companies act, 2019 had. The companies act, 20 has been notified in the official gazette on 30th august, 20. Ghana has a new companies act the companies act 2019.
On 2 august 2019, the president of the republic of ghana nana addo dankwaakufoaddo announced that the long awaited ghana companies act, 2019 had been assented into law. In line with ghanas commitment to use transparency as a tool for fighting corruption. The nature of the business which the company is authorised to carry on are. This act may be cited as the companies amendment act, 2019. The amendment to the bill would establish a new office of the registrar of companies out of the existing registrargenerals department. May 07, 2019 20190507 after almost six decades in use, ghanas companies act of 1963 will finally be replaced with the new companies act, 2019 which awaits presidential assent. The companies code, 1963 act 179 ghana western christian heritage limited copy of a special resolution registered pursuant to section 176 of the companies code, 1963 at a general meeting of the abovenamed company held at office on the. Company promoters may after the name search apply to have their business name reserved for a period of 30 days.
Here is what to expect company law in ghana recent developments. The companies act the act is the first pillar of company law in ghana. Criminal code, 1960 act 29 consolidated up to 1999. Sep, 2019 implement the new ghana company act 992 prof gatsi. The ghana investment promotion centre act, 1994 act 478 provides as. Company law article index company law commencement of business. Parliament on thursday evening passed the new companies bill, 2018, which replaces the companies act of 1963, to deal exclusively with company registration and regulation in the country. Customs and excise petroleum taxes and petroleum related levies repeal bill, 2017 laid on 17082017 by hon. Directors duties under the 2019 ghana companies act. The companies amendment act, 2019, companies amendment act 2019 pdf, companies act 20 amendments 2019, companies amendment act 2019 mca, the companies amendment act, 2019, companies amendment act 2019 pdf, companies act 20 amendments 2019, companies amendment act 2019 mca. Ghanas new companies act 2019 passed, this is what to expect.
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