Setting up a business in Sierra Leone now proves to be faster and easier than in years ago, thanks to reforms made by the government to attract new investment to the country.
Sierra Leone has the largest natural harbor in Africa. This jurisdiction is a member state of the following international organizations worldwide: IMF, World Bank, World Trade Organization, Commonwealth, and the Organizations of the United Nations system.
The types of companies available in Sierra Leone are Sierra Leone limited liability company (Ltd) can be incorporated with only 1 shareholder and 1 director of any nationality and that can be a natural or legal person. Both the director and the shareholder may be non-residents of Sierra Leone.
The government of Sierra Leone recently reduced the number of procedures for starting a business, thus shortening the registration period to at least 2 to 4 weeks and, in addition, eliminating the requirement of a minimum paid-up capital at the time of incorporation.
You can also create the Sierra Leone Public Limited Liability Company (PLC) is recommended for investors looking to establish large investments in Sierra Leone and with the possibility of listing the company on the stock market.
This entity requires at least 2 shareholders and 1 director who can be of any nationality and must not be resident in Sierra Leone.
Foreign companies wishing to do business in Sierra Leone can set up branches. The branch of a foreign company is considered a resident company and is therefore governed by the laws of Sierra Leone and its home country.
The branch must appoint at least 1 legal representative of any nationality to officially represent the company in Sierra Leone.
The Sierra Leone Companies Act allows foreign companies to establish permanent establishments in the form of representative offices. The scope of operations of a representative office in Sierra Leone is limited to conducting market research and promoting the activities and products of the parent company. A representative office in Sierra Leone is not authorized to engage in any commercial or lucrative activity.
The Ltd, the most common limited liability company
The most widely used available corporate vehicle by entrepreneurs in Sierra Leone is the limited liability company (Ltd.), it is the common choice for companies this modality provides limitation of personal liability, flexible corporate structure and platform for a sole proprietor.
Do you want to register a company in Sierra Leone?
Count on foster Swiss financial consultants who can advise you. We help you in practically everything: we provide advice from the moment you choose a corporate structure for your company until even one year after you have incorporated your company. And of course we take care of the whole process for you.
For more information on this topic or any requirement related to our services, you can contact directly through info@fosterswiss.com