Ghana enacts new income tax act ey global tax alert library access both online and pdf versions. The companies code, 1963 act 179 hfc bank ghana limited. 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. 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. While introducing the bill in the lok sabha, the honble finance and corporate affairs minister, nirmala sitharaman said, the bill seeks to. The companies act, 20 has been notified in the official gazette on 30th august, 20.
Highlights of the companies amendment act, 2019 the companies amendment act, 2019 received the assent of the president on the 31st july, 2019. 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. 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. 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. The new companys law enhances protection of minority shareholders. Sep, 2019 implement the new ghana company act 992 prof gatsi. Customs and excise petroleum taxes and petroleum related levies repeal bill, 2017 laid on 17082017 by hon. 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. In line with ghanas commitment to use transparency as a tool for fighting corruption. 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.
Companies act of ghana legal documents constitutional law. Pdf directors duties under the 2019 ghanaian companies act. Part i imposition of income tax imposition of income tax 1. The ghana investment promotion centre act, 1994 act 478 provides as. Pursuant to section 24 of the companies code, 1963 act 179 the. On friday 2nd august 2019, president akuffoaddo, gave his assent to the new companies act, act 992, replacing the old companies act of 1963. 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. 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. Banks and special deposit act, 2016 date of assent. Ghana has a new companies act the companies act 2019 act. The new companies act of ghana firstcode management services.
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. The provisions of companies act, 1956 is still in force. The new companies act of ghana firstcode management. Definition of the act for the purposes of these regulations 3. Ghana homepage, resource for news, sports, facts, opinions.
Ghana gets new companies act after a long wait graphic. The companies code, 1963 act 179 ghana western christian. A mastery of the three pillars of company law in ghana is essential. 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. 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. 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.
Companies code 1963, act 179 as amended this document is part of the source library for nrgis 2017 resource governance index, a comprehensive measure of the quality of natural resource governance in 81 oil, gas and mineralrich countries. On 2 august 2019, the president of the republic of ghana nana addo dankwaakufoaddo announced that the long awaited ghana companies act, 2019 had. 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. Ghana gets new companies act after a long wait graphic online. 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. Directors duties under the 2019 ghanaian companies act by. 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. Company law article index company law commencement of business. The new companies act, act 992 is expected to reform company practice in ghana. Ghana has a new companies act the companies act 2019. 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. African union import levy bill, 2017 laid on 06102017 by ken oforiatta minister responsible for finance.
Directors duties under the 2019 ghana companies act. Aug 14, 2019 company law in ghana recent developments. The act consolidates and amends the law relating to companies. The companies act, 2019 act 992 has been in the works since 2018 and replaces the companies act, 1963 act 179. See the full text of the trust indenture act of 1939.
Ghanas new companies act 2019 passed, this is what to expect. Who can register a company under the companies act 2019, act 992. Some of the provisions of the act have been implemented by a notification published on 12th september, 20. Rgd regulation of a private company limited by shares. Companies act 71 of 2008 english text signed by the president assented to.
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. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. Ghanas premier resource for news, sports, business, opinions and entertainment. 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. Section 391 section 93 of the companies code all pages.
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. Aug 26, 2019 this is the second part of the major changes to company law in ghana. 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. As its former name, ie companies code, indicates, it codifies and is indeed the primary source of company law in ghana. A new company law framework, to replace the 1963 act, was placed before parliament last year. Final income tax act, 2015 gnbcc ghana netherlands. Government print department, 1963 corporation law 311 pages. The nature of the business which the company is authorised to carry on are. All you need to know about the new companies act article. Rgd regulation of a private company limited by shares origional. Ghanas new companies act 2019 passed, this is what to. 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. 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.
Criminal code, 1960 act 29 consolidated up to 1999. Here is what to expect company law in ghana recent developments. Company promoters may after the name search apply to have their business name reserved for a period of 30 days. 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. Right to incorporate company or transfer registration of foreign company. 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. Be it enacted by parliament in the seventieth year of the republic of india as follows. 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. This is the second part of the major changes to company law in ghana. Ghanas companies act 2019 is the latest of ghanas companies act. Banks and special deposit act, 2016 act 930 date of assent. Section 66 of the principal act is amended by deleting subsection 1 and substituting the following.
Key changesimprovements in the new companys act, 2019. 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. A company cannot be registered as a public company unless it has a minimum. 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. The requirements for the incorporation of a company in ghana are as follows. Creation of the office of the registrar of companies the companies act, 2019. 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. 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. The new ghanaian companies act, 2019 act 992 was passed into law by. Directors duties under the 2019 ghanaian companies act.
At a very high level, the new act seeks to introduce improved corporate governance standards for companies operating in ghana. Prof gatsi who focused on regulatory issues called on the appropriate stakeholders to ensure the immediate implementation of ghanas new company act. Construction of references in other acts to companies registered under the companies consolidation act, 1908. The companies act the act is the first pillar of company law in ghana. 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. The bill was finally passed by parliament on thursday, may 2 after so many failed attempts. A company cannot be registered as a public company unless it has a minimum allotted share capital of. Companies code, 1963 act 179 as amended arrangement of sections section chapter ipreliminary 1. Arrangement of sections section part i preliminary 1. 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. 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.
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 president akufoaddo made this known on saturday, 3 rd august, 2019, when he delivered the keynote address at the 1 st ghana association of restructuring and. 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. Implement the new ghana company act 992 prof gatsi. Provisions supplementing definitions of parent undertaking and subsidiary undertaking part iicompanies and company. 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. This paper measures the trajectory of the regulation of directors duties under ghanaian company law from the companies act, 1963 act 179. 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. 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.
Passed by parliament and assented to by the president. Ghanas companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. Conduct your company name search in ghana to ensure the availability of the proposed business name for the company. 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. President nana addo dankwa akufoaddo has given assent to the new companies act replacing the 1963 version. Steps to registering a company limited by shares in ghana step 1 company name search at rgd. Reservation of name for later use part b incorporation and legal status of companies. The companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. 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. Provided that where a company or body corporate, which is a.
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