Liberia is a country located in West Africa. Monrovia is the capital, and the Liberian dollar is the official currency. English is the official language. Because of the usually favorable local business environment, forming a corporation in Liberia may appear to be a good idea. The jurisdiction has not established a bureaucratic structure for establishing and operating a business. It’s also on the OECD’s white list. The incorporation might take place on the same day as the set of registration documents is submitted. Corporations, limited liability companies, limited partnerships, non-profit corporations, maritime enterprises with foreign capital, and foreign firm branches are all legal entities in Liberia. The most popular type among non-residents is a Limited Liability Company (LLC).
How to start
In Liberia, any new firm must be registered with the Ministry of Industry and Commerce. For registration, you must apply and complete special forms. The Ministry’s payment office sells the forms. In the documentation, the name of the company being registered, the amount of charter capital, the names of the owners, the location, and the type of operation of the organization in Liberia must all be included. The charter of a Liberian corporation must not include any indication of the founders’ goals. It is simply necessary to state that the company will not engage in any activities that are prohibited by law. In Liberia, there are no limits on the citizenship or domicile of corporation officers, directors, or shareholders. Individuals and legal entities are both possible candidates.
Documents needed to start a business in Liberia
- Application to the Ministry of Industry and Commerce for company registration;
- The minutes of the Constituent Meeting of Shareholders;
- The Constituent Treaty
- The company’s charter (which includes the company’s name, the size of the share capital, the names of the owners, the location, and the type of operation);
- Certificate of registration;
- Shareholder and director register;
- Stamp.
The process of company registration in Liberia
The processes of registering a company in Liberia are explained below
Reserve a distinctive company name
Entrepreneurs must give their businesses distinct names. This is why a search of the company registration is required to ensure that the chosen name is not already in use by another company or corporation. The applicant can conduct a name search online or through the Liberian Business Registry (LBR) helpdesk. After then, the unique name should be reserved. The name reservation costs LRD 1,400 and is valid for 120 days. The online company name reservation method takes less than one day.
Register your business with the Liberia Business Registry
The entrepreneur files an application for company registration with the Liberia Business Registry (LBR). In the case of a company representative, the application must include the following documents: registration form (RF – 001), articles of incorporation, copy of ID documents, empowered person form (A) or registered agent form (B), incorporator(s) form (E), shares and shareholder(s) form (F), and information for TAX authority form (Q). Officers of the LBR review the application and obtain the entrepreneur’s ITIN and BPS from the Ministry of Finance on their behalf. This operation takes a day and happens at the same time as the prior one.
Pay the fees and get a receipt
The entrepreneur then heads to the bank to pay the associated registration expenses. The Bank official issues a flag receipt from the Liberian government as proof of payment when the fee is paid. This receipt must be returned to the officer who initially approved the application. This can be done in one day, in conjunction with the prior operation.
Get your Certificate of Business Registration
The entrepreneur goes back to the Liberia Business Registry office to show proof of payment. The officer then journals the dossier and issues the receipt sheet to the entrepreneur, indicating that the dossier is ready for processing. The entrepreneur can check the status of the application online, and the company will obtain a Business Registration Certificate after it has been approved. For business registration, a fee of LRD 4,000 is required. This operation takes two days to complete.
