Ghana has legalised sports betting and so many companies are looking to obtain a gaming license to operate in the country.
There is a three-step process to get the license that involves three legal bodies of Ghana.
Let’s take a look.
Registrar General’s Department
Any company, either private or public, can opt for this registration if it is a Limited Liability Company. Getting a license for sports’ betting is not that difficult and the following things need to be kept in mind:
Who will act as the first directors?
This is the first and most important decision and the company must appoint two directors who are above 21 years and one of them must be a permanent resident in Ghana.
Appointment of company secretary
The next step is to appoint a secretary who may be a person or a corporate body.
Choosing a name and registration
Choosing the name is an important part and is mandatory for registration. The company is also expected to register with Ghana Revenue Authority to obtain the tax identification number (TIN)
If the Registrar finds all of the above things satisfactory with supporting documents, only then a certificate will be issued and the company will be allowed to proceed further. All these protocols must be followed to the T if a company wants to get a license to operate a casino. For example, many casinos have been accepting credit cards as a valid payment method, however, there are certain formalities that must be completed in this regard before being able to offer such a payment facility to the players. Therefore all the legal and the financial structures of the company must be sound and the operations should be within the regulatory compliance.
Ghana Investment Promotion Centre
Once a company has obtained the certificate from Registrar General, the next step is to procure a compliance certificate from Ghana Investment Promotion Centre (GIPC). This certificate has some benefits as it provides guarantees against expropriation, transfer of capital etc. Some other incentives include tax benefits, investment guarantees and import duty exemptions.
According to the Gaming Act of Ghana, a Ghanaian must hold at least 10% of the share capital of sports betting business. The business is to be organized as a joint venture that would help to meet the requirement of the law governing the sports betting industry in Ghana.
The entire betting and bookmaking in Ghana are regulated and monitored by the Gaming Commission. Sports gambling is a rapidly evolving industry and there must be a regulatory body to overlook its activities. Some of the requirements to obtain a license from the Gaming Commission are as follows:
● Company should be an LLC with a registered logo and identifiable office.
● There is a required minimum capital which the company has to maintain either in cash or cash equivalents.
● It should have a tax clearance certificate and criminal clearance certificate.
● It should be completely or partially Ghanaian owned.
● Company must pay the required license fee to the Gaming Commission.
If a company wants to set up sports betting business in Ghana, all the above regulations must be followed. Once all the three authorities grant permission, only then can a company start its full-fledged operations.