The state provides entrepreneurs with the opportunity to enter the largest markets of the world duty-free, tax incentives for investors, and support for innovation. One of the few countries on the African continent where you can register a business remotely.
Geographical location – West Africa with access to the Atlantic Ocean. The official language is English. The currency is the leone. The capital is Freetown. Population over 8 million people.
The country is rich in deposits of diamonds and bank metals. The main industry is the agro-industrial complex, the income from which forms more than 60% of GDP. Export crops: coffee and cocoa, sugar cane. The main crop is rice, other grains, citrus fruits, oil palms, and coconuts are grown. The industry is represented by raw materials processing (in the structure of the agro-industrial complex), and the production of footwear, alcoholic beverages, and tobacco products. Separately – a complex of mining enterprises for the production of bauxite, rutile, and gold. Foreign trade partners: USA, EU, India, China (Hong Kong), Great Britain, South Africa, Belgium.
Why is it profitable to open a company in Sierra Leone
- Favorable conditions for entering the world’s leading markets. Several international treaties allow companies registered in Sierra Leone to enter on preferential terms (no duties) in the US markets (the law on development and opportunities, the European Union (the agreement “Everything but weapons”). The country is a member of the international organization of African and Caribbean countries and the Pacific Ocean (79 states in total), the markets of these promising regions are also open to you.
- The government is interested in foreign investors. Supervises and coordinates the activities of capital investors Investment and Export Agency. You can count on several taxes and other incentives, especially in the areas of tourism, energy, and fishing.
- The cheapness of labor. More than two-thirds of citizens live below the poverty line, which guarantees relatively low labor costs and production costs in general.
Easy and simple company registration in Sierra Leone
The legislation provides for the following forms of business:
- LLC (LLC) is a limited liability company.
- Foreign investors prefer LLCs. The authorities have canceled the required amount of share capital for the legal registration of an LLC. But two are required: the manager and the shareholder. They can be both individuals and legal entities. The simplified registration procedure takes only one week with the possibility of remote control.
- POOH (PLC) is a public limited liability company. To open, you need a manager from two shareholders. Minimum capital from USD 11,300.
- Branch. One legal representative is required. An annual tax report is required. The company will be considered a resident of Sierra Leone.
- Representation. Allowed only in certain areas: market research and the withdrawal of products and services of the main company. Any commercial activity is prohibited.
To do business in Sierra Leone, buying a business is also an option that is permitted by local law. The standard deadline for registering a company in Sierra Leone is two weeks. Nominal expenses from USD 700.
- 50% of dividends of a foreign investor are not taxable,
- 0% duty for three years on the import of agricultural equipment, chemical products for the agro-industrial complex, machinery for processing,
- 3% on imports of raw materials,
- expenses for increasing export volumes are recorded in tax deductions,
- 30% for companies under audit,
- full exemption from import duties on building materials for the construction of the hotel.
Register a company in Sierra Leone: list of documents
To start a business in Sierra Leone, you will need the following documents:
- A copy of your passport;
- Proof of your residential address;
- All signed registration documents for the company; and
- Checks for payment of all government fees.