An International Business Company (IBC) is the term commonly used for a company which has foreign shareholders. An IBC can either be resident in Ghana (provided its management and control is in Ghana) or it can be non-resident (if its management and control is outside Ghana).
Further an IBC can either operate from a fully-fledged office with permission to employ expatriate staff or it can have its registered office at the office of a local accountant or lawyer (our office address can be used for this purpose).
Whatever the type of IBC, the application procedure is basically the same. The basic steps and information required for the formation of an IBC are outlined below:
Our application form / questionnaire must be completed and either sent back to us by e-mail or fax. We submit the proposed company names to the Registrar of Companies for approval. This usually takes 2-3 working days (In order to save time one of the approved company names from our list can be selected).
Once approval for the company name is obtained, the memorandum and articles of association of the company are prepared and submitted for registration to the Registrar of Companies.
Some important points to note are:
A brief description of the main activities of the company is required to enable the drafting of the memorandum and articles of association. There must be a minimum of one shareholder. If anonymity is required, the shares may be held by a nominee or trustee.
There must be at least one director who may be foreign or local . A company secretary must be appointed and a registered office address in Ghana must be specified (required by law).
Full know-your-client information is required for all beneficial owners such as passport copies, proof of address, bank references and short CV.
Our firm can provide nominee directors and shareholders. The company secretary is always from our office for purposes of administrative convenience. These services are provided at a small annual fee.
The registration procedure for an IBC can usually be completed within a period of eight working days (five working days if an approved company name is selected).
The audit and assurance department of Peter & Associates ensures that companies Financial Statements are in compliance with the International Financial Reporting Standards (IFRS’s) and provide accurate and financial information to shareholders and other stakeholders.
The methodology followed by our office is in line with the International Financial Reporting Standards (IFRS’s), International Auditing and Assurance Standards as well as Ghana Companies Law.
Audit and assurance services include:
- Preparation of Financial Statements in accordance with the International Financial Reporting Standards (IFRS’s).
- Statutory and regulatory audit and issuance of an independent audit opinion on the Financial Statements of a company or non for profit organizations in accordance with the International Standards of Auditing (ISA’s).
- Assistance to clients for filing and submitting the required under the Law documents to Ghana Government Authorities and other Regulators, such as the Registrar of Companies, Ghana Revenue Department, and VAT authorities etc.
- Audits of consolidated Financial Statements.
- Evaluation of internal controls.
- Internal audit.
- Due Diligence services.
- Independent Accountants reports.
Our firm’s accounting department can assist clients with the proper maintenance of their accounting records and ensure compliance with VAT and tax legislation. Accounting services include:
Preparation and submission of quarterly VAT returns
Preparation and submission of monthly VIES returns
Arranging payment of temporary and final taxes.
Our firm has a wealth of experience in offering advice on both corporate and personal tax matters designed to suit the needs, of both local and international clients.
Ghana offers a favourable tax system and a wide network of double tax treaties. Whether a client wants to expand internationally or set up a tax resident base in Ghana, we can offer advice both at local level and through the CITA-UK alliance worldwide.
For more details about the taxation system in Ghana please visit TAX FACTS 2020.
Our firm offers expertise in the preparation of corporation tax computation and returns, ensuring compliance obligations are met.
Further, our team of experts can offer advice on personal tax, VAT and employment taxes
Payroll services are offered to companies which employ staff in Ghana and abroad and are available for Ghana and international business companies.
Payroll services include:
Preparation of payroll.
Preparation of monthly pay slips.
Submission of Company’s Employer’s Return.
Submission of personal Income Tax returns for individuals.
Liaison with local tax authorities.
Arrangement for the issue of Income Tax certificates.
Administration for monthly payments to Income Tax (PAYE).
Assistance in registering and de-registering employers and employees at the Social Insurance Department in the Republic.
Assistance with performing the monthly contributions to the Social Insurance Department for employers, employees and self employed individuals.
Obtaining clearance certificate from the Social Insurance Department for expatriate employees for the purpose of renewal of their work permit.
Throughout a business lifecycle, business owners need a dependable, knowledgeable and objective partner to help them negotiate the challenges they face.
And they do not just need advice, they need a partner to stand by their side and address their business needs and challenges as if they were their own.
Budgets and cash-flow projections
Due Diligence assignments
Mergers and Acquisitions
Design and review of internal controls
We've found that providing a full back-office team of specialists tends to be more beneficial than hiring a person internally with the wrong skill set.
Our team structure allows you to get the right information from the right people as you scale.
- T2 Corporate tax returns
- GST/HST filings
- Tax planning
- CRA audit support
- Complex tax (reorganizations/M&A)
- Reconciliations of bank/credit card accounts
- Deferred revenue/expense tracking
- Accurate Stripe, Paypal, Shopify and Amazon reporting
- Departmental bookkeeping
- Processing payroll
- Unlimited support by Payroll Compliance Practitioners
- WSIB/EHT filings
- Year-end T4
- And much more...
- Cashflow planning
- Variance Analysis
- Board reports
- Vendor payments
- FX optimization (get the best rate possible)
- Bank cash management tools, TransferWise or Plooto
- Salary vs. Dividend tax planning
- Reserved for the owners of our corporate customers only
Fill out the contact form and
our expert in Tax Acounting,
Prof Twumasi, will respond
same day to discuss
Scalable workflows that make your team enjoy accounting again.
We've completed over 1,000 system conversions and have a fool-proof system to ensure accuracy.
Fast, same-day responses to your tax, accounting and tech questions.
Bookkeeping for domestic for online Seller & Vendor systems.
Feel confident that your Stripe and Paypal transactions will be recorded accurately.
We'll walk you and your team through everything they'll need to do their job properly.
Our diverse portfolio of clients has helped us gain an understanding and expertise in the following industries:
Holding and Investment Companies
Construction and Development Companies
Beauty and Health Care
Leisure and Hospitality Companies
Internet Based Companies
Government owned enterprises
Payment Service Providers
Goil Petrol Station, Basket Junction Spintex Road, Accra Ghana
Land Line: +233 302818409 Mobile: +233 244748915
9:00 am - 19:30 pm Monday to Friday
9:00 am - 2:00 pm Saturday