Free zones business entities eligible to operate as free zone developers or free zone enterprises are companies registered under the companies code, 1963 act 179 or a partnership registered under the incorporated private partnership act, 1962 act 15. Free zone companies in ghana including accra, and more. The companies act, 2019 act 992 has been in the works since 2018 and replaces the companies act, 1963 act 179. Also featured are a practice writing test, a sample answer document, answer keys, and selfscoring instructions. Subject to the foreign exchange act, 2006 act 723 and the regulations and notices issued under the foreign exchange act. An act to enable the establishment of free zones in ghana for the. Aug 14, 2019 under the ghanas new companies act, a person may not be appointed as a company secretary unless that person. The ghana investment promotion centre act, 20 act 865, provides guarantees including prohibition against discrimination and expropriation to all enterprises. Free zone amendment act 2002 free zones act 1995 free zone act no. Free zones board, referred to in this act as the board. A person in ghana, however, may apply to obtain insurance from a foreign company for specific instances such as where the required insurance policy cannot be obtained in ghana. Amendment to the free zones act, 1995 act 504 the parliament of the republic of ghana has passed an amendment to the free zones act, 1995 act 504 by issuing a legislative instrument l.
It also deals with the procedures to be used by exporters of services, the recipients of imported services and with goods entering and leaving the free zone. Our application and registration forms are available for download in pdf format. New free zones act expected to be ready by third quarter. Free zone enclaves and enterprises can be located anywhere in ghana upon the approval of the ghana free zones authority gfza. Gfzb ghana free zones board established under the free. 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. Ghana free zones board if you are looking beyond the horizon for where to locate your business, then you are at the right place ghana free zones board gfzb. Gfzb is responsible for planning, regulation, and promotion of the free zones, as well as for packaging of sites for development through. Customs and exercise and the commissioner of customs, excise and. Pricewaterhousecoopers ghana limited 1 october 2010 this edition of on point, our abridged tax newsletter, focuses on recent amendments to the ghanaian tax laws and general updates regarding tax issues in ghana. The authority and any approved enterprise shall be entitled to import into a zone, free of customs duty, any capital. Typically, these zones offer advantages to investors in terms of infrastructure, special customs regimes such as duty free import and export, special regulatory regimes, and a range of fiscal incentives.
Jul 31, 2015 the ghana free zones board, gfzb, has as part of its corporate social responsibilitycsr presented an amount of ten thousand ghana cedis, ghc. Bank of ghana amendment act, 2016 act 918 banks and specialised deposittaking institutions act, 2016 act 930. Dec 29, 2014 the ghana free zones board takes its mandate from the free zones act 1995, act 504 of the parliament of ghana. Ghana free zones board is being destroyed by corruption the campaign by media watch research associates. There is established by this act a board to be known as the free zones board. The ghana free zones authority gfza was established on 31st august, 1995 by an act of parliament1995 act 504, to enable the establishment of free zones for the promotion of economic development. Nigerian free zones offers a multitude of incentives for. In return, the government expects companies operating in the epzs to boost national exports, create jobs and help in diversifying the nigerian economy by bringing in new activities. These laws are based on a framework of legislation relating to business activity, s, patents, trademarks, disputes and labour relations. In these zones, rules of business are different, and often more liberal, from those that prevail in the national territory. An investor may lease properties or propose properties heshe already owns for the development and or operation of a free zone. Ghana free zones board is being destroyed by corruption.
Free zone act has been amended and adopted by parliament. Project finance 2019 laws and regulations ghana iclg. The boards main role is to facilitate, regulate and monitor activities in the free zones. Pdf the guidelines of corporate governance of ghana. Education act, 2008 act 778 or in lieu of the payment of the fine, to community service as determined by the court in consultation with the social welfare committee. Also, the income tax act, 2015 act 896 imposes a 5% withholding tax on insurance premiums paid by residents of ghana to foreign insurance companies. Gfzb is defined as ghana free zones board established under the free zone act, 1995 somewhat frequently. Ghana is located in west africa,on the greenwich meridian, and is fast becoming the. The ghana free zone board gfzb was established by the free. Work and resident permits shall be required for any foreign national who wishes to live in ghana and work in a free zone. Except free zone enterprises, companies enjoying tax holidays to pay tax at 1% individuals to suffer withholding tax of 1% on interest earned. The ghana free zones authority gfza may identify or make available land for zone creation and development. Mining laws and regulations ghana covers common issues in mining laws and regulations including the mechanics of acquisition of rights, foreign ownership and indigenous ownership requirements and restrictions, processing, beneficiation in 28 jurisdictions. Ceps is iso 9000 certified and gis is best practice in africa for.
Free zone enterprises shall comply with the factories, offices and shops act 1970 act 238 on health and safety requirements. The free zones authority is established by act 504 as amended by act 618. Justice daniel francis kweipe annan was the first speaker of the parliament of the 4th republic of ghana. The oil and gas free zones authority ogfza is the national regulatory agency superintending over the operation of the oil and gas free trade zones in the country. Free zone companies in ghana add your free listing. Commission of human rights act, 1993 act 456 ghana. Aug 29, 2017 the ghana free zones board gfzb on monday opened its maiden edition of investment week celebration to create the platform for local businesses to take advantage of its exportoriented programmes. There is establishment by this act a board to be known as the free zones board, referred to in this act as the board. The free zone program in ghana, under the authority of the autonomous ghana free zones board gfzb is a good example of a program which makes a clear separation of these roles. An act to enable the establishment of free zones in ghana for the promotion of economic development. Tema, far exceeding the targets set by the ghana port and harbour authority gpha. A free trade zone is normally established in a single country, although there are a few exceptions where a free zone may cross a national border, such as the syrianjordanian free trade zone. Each of the passages and statements in the reading test will be. This introduces a variant of a practice, which is common in some central.
Its important and expected role requires the board to be the channel through which the exportled development policy is achieved. Free zones living the west african gateway dream herald. The free zones programme in ghana offers you a conducive business environment to produce at minimum cost for export. Gfzb is responsible for planning, regulation, and promotion of the free zones, as well as. Free trade zones should be distinguished from free trade areas.
Laws applicable to the operation of business in ghana conform to international standards and best practice. Export processing zones epzs also known as free zones fzs are areas in which businesses are exempt from the normal regime applicable in nigeria, particularly with regard to customs duty and tax. The work permit application for holders of free zone licenses must be directed to the gis through gfzb. Its important and expected role requires the board to. Ghana has a new companies act the companies act 2019 act. Limits to free zones in the face of global competition92.
In exercise of the powers conferred on the minister responsible for trade and industry by sections 262 and 41 of the free zone act 1995 act 504, and after consultation with the minister responsible for customs and exercise and the commissioner of customs, excise and preventive service in accordance with section 262 of act 504, these regulations. How is ghana free zones board established under the free zone act, 1995 abbreviated. The act originally abbreviation of american college testing is a standardized test for high school achievement and college admissions in the united states produced by act, inc. It was first administered in november 1959 by everett franklin lindquist as a competitor to the college board s scholastic aptitude test. The free zones act 1995, act 504, was passed on 31st. The main idea of establishing the free zones is to develop ghana into a hub for manufacturing and processing through value addition for export. Ghana standards board food, drugs and other goods general labelling rules 1992 2 the importer of any goods detained under subrule i of this rule shall within twentyeight days of detention of such goods label the goods in the required manner or reexport the goods. Gfzb stands for ghana free zones board established under the free zone act, 1995. Ghanas new companies act 2019 passed, this is what to expect. A valid passport is the only acceptable identification for taking the act in ghana. The ghana free zones board gfzb on monday opened its maiden edition of investment week celebration to create the platform for local businesses to.
Board means the uganda free zones authority board established by section 7. The ghana free zones board gfzb was established on 31 st august, 1995 by an act of parliament. Amendment to the free zones act, 1995 act 504 the parliament of the republic of ghana has passed an amendment to. The ghana free zones board represents the principal catalyst for the exportoriented industrial development in ghana. The free zones is the primary agent for industrial development in ghana. At a very high level, the new act seeks to introduce improved corporate governance standards for companies operating in ghana. All the emerging countries are included in that list. Click on any tab to display forms related to the title, and click any of the buttons to opendownload that form. The ghana free zones authority participated in the 2nd ghana malta business forum on the 2nd march 2020 which took place at movenpick ambassador hotel in accra. Michael kofi baafi as he educates and informs ghanaians about the role of free zones in achieving the industrialisation agenda of npp. The ghana free zones board, which is the government agency responsible for the implementation of the programme, is achieving positive results. In ghana there is one act test center in accra and one act test center in kumasi. Ghana free zones board august 23, 2017 tune in to happy fm 98. The passages will contain material that will be from a variety of sources and on a number of different topics.
Ghana free zones board gfzb the gfzb is the regulator for all businesses that meet a 70% minimum export capacity of all production in ghana. Introduction timely provision of accurate and comprehensive information and life skills training regarding sexual and reproductive health and rights is essential for adolescents to achieve sexual health and rights and avoid negative health outcomes. Act admissions ticket and a valid passport are required for entry into test center. Ghana library board act ghanalegal legal portal for ghana. In addition, the recommendation to convert the free trade zones into multi facility economic zones has almost been fully implemented in the tema free trade zone and similar plans are underway for other zones. The ghana free zones board takes its mandate from the free zones act 1995, act 504 of the parliament of ghana. For foreignpracticing pharmacists who wish to work as pharmacists in ghana for a. Department of banking and finance, school of business and law, university.
In exercise of the powers conferred on the minister responsible for trade and. Establishment of the nigeria export processing zones authority and its governing board, etc. The ghana free zones board is to provide a onestop service center for free zone investors. If you are looking beyond the horizon for where to locate your business, then you are at the right place ghana free zones board gfzb. This year saw the promulgation of the ghana industrial free zones authority decree.
761 210 1497 517 1126 1309 1420 1129 821 1375 733 1080 1255 62 817 269 339 1212 1456 1234 1211 1119 1307 112 1480 234 1146 81 206 181 298 261 1414 845 1099 706 603 690 150 1441 43 126 1216