The Ghana Investment Promotion Centre organized the 2018 Edition of the Economic Counsellors Dialogue on the 17th of May 2018. The Dialogue, being the fifth in a series organized by the Centre, aimed at bringing together the economic, trade and commercial attaches of various foreign missions located in Ghana, as well as foreign businesses associations and relevant government agencies.
The event held on the theme “Improving the Investor Experience in Ghana: Incentives Regime, Business Licensing and Taxation” had notable speakers in persons of the Deputy Finance Minister- Hon. Kwaku Kwarteng, Mrs Jemima Oware- Registrar General of Ghana, Mr Francis Ashinyo- Assistant Commissioner for Large Tax Payers Office GRA, Mr Emmanuel Asiedu- Senior Tax Partner at KPMG and Chief Executive Officer of the Ghana Investment Promotion Centre- Mr Yofi Grant.
Mr Grant indicated that the dialogues were to educate the Diplomatic Community about the GIPC’s programmes and investment policies so that the information could be passed down to potential and existing investors from their respective countries interested in doing business in Ghana.
“Few of the Missions consistently offer that advice to their nationals who want to invest here, but of course, we at the GIPC want the numbers to increase through the assistance from the various embassies,” he said.
In his opening remarks the Deputy Minister of Finance, Hon. Kwaku Kwarteng, reiterated the government’s commitment to expanding the economy so as to bridge the expenditure and revenue gap. He also stated that the private sector was a catalyst for the development agenda of the country, adding that the existing cooperation between the diplomatic communities would help accelerate inclusive economic growth.
Senior Tax Partner at KPMG Mr Emmanuel Asiedu in his presentation spoke referring to his experience dealing with regulators and tax authorities. He commended the Centre for effective service delivery and quick turnaround time when engaging with investors.
The Registrar General, Mrs Jemima Oware showcased the Business Regulatory Reforms being implemented by the Registrar General’s Department. These included:
• Segregation of final approval of Business Registration: Previously attorneys gave final approval for all registrations; businesses, companies, marriages industrial property as well as administration of estates. All these activities increased their workload resulting in longer processing time for business registration. To support the attorneys, selected company inspectors have been authorized to give final approval for registration of businesses (such as sole proprietorships and subsidiary business names). This has contributed immensely to the turnaround time which is now two to three days for business registration of a company.
• Direct Commencement of business: In the past Incorporation and Commencement Certificates were completed at different times. Presently, Incorporation and Commencement Certificates are issued on the same day for businesses that do not require any license to commence business.
• One Stop Shop (TIN, AMA, SSNIT): A GRA desk has been created within the premises of RGD to facilitate the generation of Tax Identification Number (TIN) which is a prerequisite for business registration. The TIN and registration documents are submitted at one point and clients who do not have TIN can have this generated within a day. Desks for the Accra Metropolitan Assembly (AMA) and Social Security and National Insurance Trust (SSNIT) have also been established within the premises of RGD to issue business permit license and register with these agencies after business registration is completed.
• e-Certificate and e-Shop: the RGD said that the e-portal platform had been introduced for e-registration, the network tax offices hence filing returns can be done in any of the offices in the country. eRegistrar portal is a system designed to provide clients with the ability to transact business online with the Registrar General’s Department.
The Registrar General further stated that RGD’s Business Regulatory Reforms aim to eliminate obstacles impeding the process of starting up a business, economic development and improving Ghana’s performance in the World Bank’s Doing Business ranking.
The forum concluded with a Q&A session for participants to engage speakers and other government agency representatives present.
Source: GIPC, Corporate Affairs