Registration companies in Sierra Leone
The authorities recently simplified the process of starting a business in Sierra Leone, abandoning part of the procedures, previously required for registration of companies. Change driven by general trend in Africa, aimed at raising capital.
The most significant changes were the abolition of the practice of obtaining permission to incorporate and the requirement to pay taxes in advance.
A separate topic is investments in Sierra Leone., which we will touch on in one of our future offers, but we can state that, that most specifics, who scared away investors from this region, now fully leveled.
Company registration in Sierra Leone from 65 000 rubles
Republic of Sierra Leone - State in West Africa. Form of government - presidential republic. Head of State - President. The currency is the leon. The official language is English. Sierra Leone - Member of the Commonwealth of Nations, UN, African Union and other international organizations.
Republic of Sierra Leone not considered offshore and is not included in the so-called “black lists” of the OECD, EU and Central Bank of the Russian Federation. It is in the list of the Ministry of Finance and the Federal Tax Service of Russia of countries that do not exchange information with the Russian Federation for tax purposes.
The activities of commercial companies in Sierra Leone are governed primarily by the Companies Act, Business Name Registration Act.
Investments are attracted mainly in the energy sector., mineral resources, fishing, tourism, agro-industry.
ORGANIZATIONAL LEGAL FORMS OF LEGAL ENTITIES OF SIERRA LEONE
– Company limited by shares – компания, limited by shares.
– Company limited by guarantee – компания, limited warranty.
– Unlimited company - unlimited company.
ADVANTAGES OF JURISDICTION
Duty-free access to the markets of the European Union and the USA.
Benefits for investors in key development industries:
– exemption on 3 years from payment of import duty on aggregators, equipment and machinery;
– reduced duty to 3% for the import of raw materials;
– a large number of tax deductions for export promotion expenses.
Permission to import products is not required, excluding pharmaceutical and agricultural products.
COMPANY REGISTRATION IN SIERRA LEON INCLUDES THE FOLLOWING SERVICES
– Providing a legal address.
– Registration of a package of constituent documents of a company.
– Rated service.
– Company annual maintenance.
– Escort of professional lawyers.
The tax rates in Sierra Leone are as follows:
Corporate tax rate 30%.
Income tax rate 35%.
Sales tax 15%.
HOW TO OPEN A COMPANY IN SIERRA LEONE
If there is interest in jurisdiction, Bridges Wealth Management Solutions experts will advise, will help open a bank account and get a license to do business. Company registration takes on average 2-3 of the week.
Sierra Leone is a country in West Africa, which was discovered and got its name from Portuguese sailors in the fifteenth century. Centuries later, it became a colony of the British Crown, until it gained full independence in 1961 year. Now, after a protracted period of instability and internecine wars, Sierra Leone Heads For Prosperity, and its inhabitants show special vitality and are distinguished by a warm attitude towards visitors.
Registration companies in Sierra Leone
To organize a business in Sierra Leone, we offer this registration form, as a limited company or LLC. LLC registration requirements and our comment:
– At least two directors - individuals or legal entities, where both directors may be foreign enterprises or citizens of other countries. Wherein, we advise our clients to use the services of nominee resident directors. The presence of a resident director in the company allows our lawyer to quickly resolve bureaucratic issues without involving a foreign director, which saves time, which cannot be overestimated.
– The authorized capital of the company must be at least 1,000,000 Lear, which is approximately USD minimum 25% authorized capital should be distributed between the directors of the company.
– The company must have a secretary.
– The company must have a physical address.
Company registration takes about five business days, but there is no fixed term, and in practice, issuing documents can take up to seven business days.
Documents, required for company registration from a foreign founder or director - this is a certified copy of the passport and proof of address. The personal presence of a foreign director at the registration stage is not required.
Data on registered legal entities is stored in the register of companies and is publicly available upon request. Average, response to such a request takes twelve business days. Also, in sierra leone, a foreign legal entity may act as a director, but it is worth considering, that this may complicate the procedure for opening a bank account.