It’s a country in West Africa, on the Atlantic seacoast. The backbone of its economy is mining and expensive metals. By opening a corporation there, you get duty-free access to the US and European Union markets. Section 531 (2) concerning the Companies Act 2009 provides that every corporation after the start of the act shall apply to the Commission for a document of enrollment. Companies are anticipated to submit their operation and documents needed within the period specified in the submission schedule. Starting a business, or corporation takes roughly 12 days as compared to about 46 days for the sub-Saharan Africa region. This piece outlines the general specialized procedures for starting a corporation, according to the Doingbusiness.org database by the World Bank. It includes details and conditions to be in good standing with all applicable agencies beyond the company register like social security agencies.
Procedure for registering a company d
The procedure involved in registering a corporation (Limited Liability Company) is:
- Check the authenticity of the corporation name and pick up a company enrollment form.
- Register with the Registrar of Companies at the Office of the Director and Registrar General (OARG).
- Get duty clearance with the National Revenue Authority.
- Request a business license with the megacity.
- Make a company seal.
Sierra Leone Certificate of Incorporation
The Certificate of Incorporation is issued by the company’s registry when a corporation is incorporated and they can give a registry duplicate of an incorporation document which includes the name, number, date of incorporation, and state that a corporation is registered.
Sierra Leone Certificate of Good Standing
A corporation that’s registered with the registry is said to be in good standing if it has filed and continued to file all statutory forms and paid all periodic freights which are due. The Registry does issue documents of good standing and numerous companies fail to submit periodic returns of their operations to the registry.
Memorandum of Association
A corporation is supposed to file a request for a scanned duplicate of the Memorandum of Association for a listed Sierra Leone company.
The Memorandum of a Company in sierra leone:
- States the corporation’s name.
- That is the listed office where the corporation is located.
- Variety about the business or businesses in which the corporation is permitted to conduct
- Liability of its shareholders.
- If the corporation has a share capital the memorandum shall also state the quantum of share capital.
The memorandum of every corporation shall state, the corporation name, the listed office of the company, the nature of the business, and the restriction, No company shall be registered with share capital lower than Le1,000,000 in the case of a private company. All companies are needed to be registered and a document issued, that must be displayed in the top place of the business.
When a company is incorporated the following Statutory Notices are submitted: Registered Office, Partake Capital, Shareholders, Directors, and the Memorandum and Articles of Association.
Taxation for companies in Sierra Leone
Sierra Leone isn’t classically coastal governance and isn’t on the OECD blacklists. There’s a commercial income duty of 30 percent. Still, there are some bonuses for investors in the country’s major development diligence:
- Processing equipment, and agriculture machinery, are free from import duty for a three-time period.
- Reduced the quantum of duty to 3 percent on the significance of raw materials.
- A large number of tax duty deductions for import promotion costs.
The income duty rate is 35 percent. Sales duty-15 percent.
It offers favorable conditions for growing and recycling sugar cane, producing palm oil for food purposes, and making biofuels.
