Registration of Company in Liberia

Republic of Liberia is the country in West Africa with small population, which equals to about 2.8 million people. The country borders with the State of Sierra Leone in the west, with Guinea - in the north, and with Côte d'Ivoire - in the east.

The country's name is translated as "the land of freedom." Almost half of the population of Liberia lives in the cities. The capital of the republic is Monrovia. The official language is English. The followers of Christianity and Islam live in the country.

According to administrative arrange Liberia is divided into 13 counties. The climate is tropical, humid and hot. In summers, there are frequent rain showers. Liberian landscape mainly consists of plains, which pass into the hilly highlands with increasing distance from the coast. North-east of the country is occupied by low mountains.

Liberia is member of various international organizations (IMF, the UN, UNESCO, UNCTAD, WHO).

Foreign entrepreneurs prefer to register company in Liberia in one of the following forms:

• Private company (one owner);
• Corporation;
• Partnership.

Registration of business in Liberia. Peculiarities.

• Possibility of doing business in Liberia, as well as outside the country. The owners of the company in Liberia can be both foreigners and Liberians or foreign investors.
• Each new business in Liberia is subject to mandatory registration in the Ministry of Industry and Commerce. It is required to provide application and fill out special forms for registration. Forms are sold at the payment office of the Ministry.
• It is necessary to indicate the name of the company being registered, amount of charter capital, the owners’ names, location and type of activity of the enterprise in Liberia in the documents.
• Charter of Liberian company shall not contain indication of the objectives pursued by the founders. It is only important to stipulate that the company would not conduct the types of activities prohibited by law (in Liberia, there are such spheres as: banking, insurance, stock, gambling).
• There are no restrictions concerning citizenship and place of residence of officers, directors and shareholders of the company in Liberia. They can be individuals and legal entities.
• Registered and bearer shares are permitted to be issued. In case of issue of bearer shares it is necessary to stipulate the method of handing over notifications to the owners of the mentioned shares in the charter. They can be handed over in person or sent by registered mail to the previously indicated by the shareholders addresses.
• It is allowed to hold meetings of shareholders and directors in any country of the world.

Other features of company in Liberia

• The corporation in Liberia should have not less than three directors. At the same time the number of shareholders should be the same. If there is less than three shareholders, then the number of directors can be reduced. It is important that the number of directors does not exceed the number of shareholders.
• Each corporation should have secretary, president, treasurer. All of these offices may be combined in a single natural person.
• Entrepreneurial company in Liberia can have one shareholder and director, but the law precludes their functions to be performed by one and the same person.
• Limited liability company can have only one participant and manager.
• Liberian partnership can have one general partner with unlimited and one partner with limited liability.
• Privately-held securities company in Liberia is generally used in trust ownership of foreign offshore companies' shares, that is for ownership of vessel in Liberia.
• Foreign offshore companies are legal entities registered outside of Liberia. They manage vessels (or one vessel) which sail under the flag of Liberia. In the courts such enterprises have the rights of Liberian company, but they also do not lose legal status in the registration country. Liberian commercial fleet is one of the largest in the world, because the entrepreneurs from all around the world register their vessels in Liberia. The owner of Liberian vessel shall be Liberian corporation. Fixed administration fee (irrespective of tonnage) will be charged from each of the vessels. This fact attracts many owners of vessels.   
• Data on the beneficial owners, who are non-residents of the enterprises in Liberia should not be disclosed. Public register of directors and shareholders is not maintained.
• Liquidation of any offshore company in Liberia can occur for failure to pay annual fee, which is to be paid for renewal of registration. In order to re-establish the company it is required to pay all fees and fines. You may have to change the name of the company (in case the other company is registered under the same name during the time when the enterprise is in the status of liquidated one).

Taxation in Liberia.

Non-resident (offshore) companies in Liberia are exempt from any kind of taxes, provided that their profits are obtained outside the jurisdiction, and they do not own Liberian real estate and do not engage in prohibited activities.

Bookkeeping in Liberia.

• There is no need in registering annual and any other type of reports.
• Disclosure of assets is not required.

It is now simple and easy to register or buy company in Liberia. Company registration, as well as business registration in Liberia is a sure way to success today! Registration of companies (including offshore company in Liberia) in various countries of the world is one of the most important directions of our activity.