Liberia

Standard Time Zone

:

GMT

Official Language

:

English

Currency

:

Liberian Dollar (LRD)

Capital

:

Monrovia

Demonym

:

Liberian

Area

:

111,369 km2

Drives on the

:

Right

Calling Code

:

231

GNI per Capita

:

(US$) 240

Population

:

(m) 4.1

Country Category

:

Low Income

 
 
 

Key Investment Highlights

  • Maximum annual tax on net profits received by companies on income derived from their operations within Liberia reduced to 25 percent; down from 35 percent (The maximum for mining companies is 30 percent.) 
  • Income derived from sources outside Liberia is exempt if the majority of the voting power of a domestic company is held by foreigners or nonresidents.
  • Income tax is payable annually by all citizens and residents of Liberia on net income received from all sources, including capital gains. The maximum personal income tax rate was lowered from 35 percent to 25 percent.
  • Liberia is migrating to the ECOWAS common external tariff. Exemptions from import duties apply, among other things, to intermediate goods used in agriculture and some medical and fire-fighting supplies; imports granted by special contracts to the large concessionaires operating in Liberia; and imports granted to investors with an investment incentives contract.
  • Liberia has a dual legal system, with statutory laws based on Anglo American common law for the modern sector and customary laws based on traditional tribal practices for the indigenous sector. The legal framework for FDI is furnished by the Investment Act of 2010. The implementation of the Investment Act is primarily the responsibility of the National Investment Commission.
  • The country recently launched the Liberia Business Registry (LBR), which is a state-of-the-art, semi-autonomous government agency that operates as a one-stop-shop to formalize or register all enterprises and provide information services to the public. This means that anyone wishing to register a business will have only one interface with the government of Liberia. It takes approximately 48 hours to register those registering and doing business in Liberia.
  • Equipment and machinery, raw materials, capital spare parts, and other goods to be used in the project are exempted from import duty up to 100 percent of their dutiable value. A customs user fee of 1.5 percent plus ECOWAS trade levy of .5 percent is applicable.
  • Under the revised investment code, economically viable and strategically located investments up to USD 20 million are eligible for the incentives described below. Investments in excess of USD 20 million in priority areas are eligible for special incentive packages, through the government’s Inter-Ministerial Concessions Commission Committee, chaired by the NIC. 
  • The Government of Liberia values investors and aims to protect their rights by diligently enforcing the provisions from the Investment Act of 2010, which updates the Investment Incentives Act of 1973. The Act strengthens investment protection by:
        • Providing guarantees against unfair expropriation;
        • Ensuring the ability of investors to repatriate capital and profits;
        • Obliging the government to protect intellectual property; and
        • Providing access to internationally recognized dispute resolution mechanisms.
Source:Liberia National Investment Commission

  • The Government of Liberia has introduced reforms to reduce the factors that constrain private- sector development, manufacturing, trade and services in line with its poverty- reduction strategy.
  • Over the last 2 years, the Government of Liberia has started a one- stop business center, reduced construction permit fees, revised the revenue code and aligned import tariffs with the Economic Community of West African States (ECOWAS)’ common external tariffs.
  • There are no discriminatory laws against foreign persons or entities wanting to do business in Liberia.
  • Through the liberal Investment Incentive Code, Liberia offers several benefits to new and expanding business enterprises for approved investments projects in areas such as manufacturing, agriculture, forestry, fishing and mining. Incentives include exemption from custom duties, income tax, stamp duty fees and other benefits.
  • The Government of Liberia has recently introduced tax cuts and a US$ 2 million guarantee fund for Liberian entrepreneurs.

Source: Ministry of Commerce and Industry, Liberia

Note: US Dollars at current prices and current exchange rates in millions
Source: UNCTAD Stats

  • Potential investors may contact the National Investment Commission (NIC) for investment prospects, and the Ministry of Commerce for company registration and necessary approvals.
  • Companies interested in doing business in Liberia should consider hiring an agent, attorney or distributor to develop local partnerships. It would be imprudent to attempt to enter the market without doing thorough market research on Liberia to become familiar with the business environment.
Source: Ministry of Commerce and Industry, Liberia
Ease of doing business (rank) 151
Starting a business (rank) 35
Procedures (number) 4
Time (days) 6
Cost (% of income per capita) 68.4
Source : Doing Business 2012-IFC & WB  

Contact Info


Honorary Consulate General of India, Monrovia
Vai Town, Bushrod Island, PO Box No.10-3717, 1000, Monrovia, 10, Liberia. (R) India House, Mamba Pt., Monrovia
This email address is being protected from spambots. You need JavaScript enabled to view it. , This email address is being protected from spambots. You need JavaScript enabled to view it.
00-231-6-510144, 4-721721

Honorary Consul General, Republic of Liberia in India
Honorary Consulate Republic of Liberia, Dusit Devarana, New Delhi-110037, NH-8, Smalkha
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +91-11-30613488
Liberia National Investment Commission
12th Street, Sinkor, Monrovia
This email address is being protected from spambots. You need JavaScript enabled to view it.
+231-77-333222
Ministry of Commerce and Industry
PO Box 9041 Monrovia
www.moci.gov.lr
+231-6-681-911 (Commerce Hotline)
Liberia Chamber of Commerce
Capitol Hill, Monrovia, Montserrado
www.chamberofcommerce.org.Ir