How To Launch A Startup In Accra

Accra, the capital city of Ghana, is one of the most exciting places to be in Africa right now. It’s brimming with entrepreneurial energy and digital innovation so if you’re looking to launch a startup in Africa, this is one place to consider.

It’s a unique environment where tradition meets tech. As you walk down the streets, you’ll encounter food vendors on the roadside just steps away from co-working spaces filled with founders working on their next big project. So how does one get started here with a business? Let’s get into it.

 

Why Start A Business In Accra?

 

Ghana is home to some of the most innovative startups and scale-ups in the African region. But why does Accra stand out as a startup location? There are a couple of reasons.

Young population: Accra’s population has a median age that is under 22, meaning that there are plenty of tech-savvy youngsters who are keen to innovate especially in the digital space.

Good location: The city is well-connected to the rest of West Africa. If you have plans to expand regionally, that would be a great place to start.

Supportive culture: Ghana is known for its hospitality and friendliness towards foreigners.

Growing infrastructure: The city’s infrastructure has drastically improved in the last decade including access to Internet and mobile banking.

 

Industries With High-Growth Potential

 

Some sectors in particular have seen steady growth in Accra, offering plenty of opportunities to tap into. So if you’re an entrepreneur eyeing this city for your next venture, here are some industries worth looking at.

Agritech: Agriculture forms a large part of Ghana’s economy and there is a major need for storage, crop tracking and logistics.

Healthtech: A lot of the clinics and hospitals are usually stretched quite thin. As a result, online platforms for telemedicine and diagnostics are really taking off.

Clean energy: Both solar energy and eco-friendly products are gaining momentum with both the government and the public wanting to push sustainability.

Edtech: With such a young population who want an education, there is a need for digital learning platforms and resources.

 

Accelerator And Incubator Programmes

 

The number of accelerators and incubators in Accra are growing, all to help startups with support, mentorship and even funding. Here are some of the most noteworthy ones.

Impact Hub Accra: A co-working space that offers events and guidance for startups who are innovating in sustainability and social impact.

Innohub Ghana: An accelerator that supports early-stage ventures with high-growth potential.

iSpace: Provides co-working spaces and training for startups in tech and creatives.

Kosmos Innovation Centre: Offers seed funding and training to agritech startups.

 

Funding Opportunities For Startups

 

Securing funding is usually the biggest challenge for new ventures, but also the most critical thing to do. Fortunately in Accra, there are several sources of capital that founders could tap into.

Venture capital: Some of the top VC firms in Accra are Oasis Capital and Wangara Green Ventures.

Angel investors: Accra Angels Network and the Ghana Angel Investor Network connect early-stage startups with angel investors.

Government programmes: The National Entrepreneurship and Innovation Programme as well as the Ghana Enterprises Agency are known for running funding schemes for small-to-medium size enterprises (SMEs).

 

 

Visa And Residency Requirements For Foreign Entrepreneurs

 

If you are not a residence of Ghana, then you will need to apply for a visa to be able to live and run a business in Accra. Let’s take a look at a few of the options.

Business Visa: This can be valid for up to 30 or 90 days when visiting for the short-term. You can apply for it either through Ghana’s embassies or their online visa portal.

Residence Permit: After your business has been set up, you will need a Residence Permit to stay in the country for longer. To apply for this, you will need to show registration of your company.

Work Permit: Foreign nationals are required to apply for a Work Permit. This can be done with the Ghana Immigration Service with your proof of company registration and employment.

 

How To Start A Business In Accra

 

If you are considering launching a startup in Accra but not quite sure how to get started, here is a simplified step-by-step guide on what to do.

 

Register The Company

 

You can register your business with the Registrar General’s Department. In terms of business structure, you can choose from a Sole Proprietorship, Limited Liability Company (LLC) or External Company which is a popular choice for foreigners.

For this step, you will need copies of your passport, an application form and to pay the registration fees.

 

Get Your Tax Identification Number

 

A Tax Identification Number (TIN) is mandatory for your company and any individual directors. This is issued by the Ghana Revenue Authority.

 

Open A Corporate Bank Account

 

You can then open a business bank account at any local bank such as Fidelity or Ecobank. To do this, you’ll need your registration documents and your TIN.

 

Should You Launch A Startup In Accra?

 

If you want to be part of an environment that is working to shape Africa’s future, then Accra may be the location for you. With a growing market and startup support, it’s a great place for both seasoned entrepreneurs and new founders alike.

So whether you’re creating the next big fintech or creating a solution to take the agricultural sector by storm, you’ll be entering a market that is just beginning to hit its stride.

Good luck!