Located on the west coast of Africa, Liberia consists of 43.000 sq. miles between Sierra Leone, Guinea and the Ivory Coast, just north of the equator.
The state of Liberia was founded in 1847 by immigrants of African descent who returned from the US to their native continent. Liberia has remained an independent nation and is the oldest republic with a President, Senate and Lower House, although in recent years, there has been considerable domestic upheaval resulting in a revolution in 1990.
Primary exports include quality iron ore and natural rubber. Diamonds, coffee, cocoa, palm oil, gold and timber are also exported, generating foreign exchange. The Liberian population is around 2.5 million, with 300.000 living in the capitol, Monrovia. English is the official language, although there are 16 indigenous languages are used throughout the country. Direct dial overseas telephone, fax and telex services are available. Monrovia and the newer port of Buchanan are amongst the most modern ports on the west coast of Africa and are regular ports of call for major steamship lines operating between Europe, the US and the Far East. There are direct scheduled flights from both Europe and the US to Roberts International Airport on the outskirts of Monrovia. Airmail services are good and the international courier services are well established. Liberian law was based on that of the United States of America and can be found in the Liberian Code of Laws of 1956.
Liberia has income tax treaties (double taxation agreements) with Germany and Sweden, avoiding double taxation. A treaty with Canada has been signed but is not in effect while a treaty to avoid double taxation on shipping and aircraft income is in force with New Zealand. In 1982 Liberia and the United States also signed a treaty exempting shipping and aircraft earnings from double taxation. This exemption applies to the operation of ships and aircraft registered in the signatory countries. Since its beginnings in 1948, the Liberian corporate program has operated without interruption of any kind. Political intrusions have never interfered with this continuity of law. Liberian corporate domicile offers:
Advantages for international operations.
Privacy of ownership and operation.
Flexible financial structures.
Convenient formation and maintenance requirements.
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Located on the West coast of Africa and to the East of Sierra Leone, South of Guinea and West of the Ivory Coast, and is situated just north of the equator. The Liberian climate is tropical with a rainy season from May to October and a dry season from November to April. The annual rainfall is approximately 430 cms.
The population of Liberia is approximately three million.
The state of Liberia was founded in 1847 by immigrants of African descent who returned from the United States of America to their native continent. Liberia has remained an independent nation and is the oldest republic in Africa.
Liberia has suffered from political upheaval in recent years (including the 1990 - 1993 civil war). However, there is renewed hope for peace and stability following democratic elections in 1997.
INFRASTRUCTURE AND ECONOMY
Although the civil war and its aftermath damaged the economy, Liberia has remained home to one of the worlds largest shipping registries, which has over 60 million gross tons of shipping flying its flag.
A country richly endowed with water, mineral resources, forests and a climate favourable to agriculture, Liberia has the opportunity to rebuild the economy and infrastructure, and make the most of new international investment brought about by the changed political situation.
English is the official language of Liberia although there are sixteen indigenous languages, which are used throughout the country.
Liberian Dollar - US Dollar
TYPE OF LAW
Dual system of statutory law based on American/Anglo Common Law for the modern sector, and customary law based on unwritten tribal practices for the indigenous sector.
PRINCIPAL CORPORATE LEGALISATION
Liberian Associations Law, which incorporates the Business Corporation and Partnership Acts.
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
PROCEDURE TO INCORPORATE
The Liberian Government has an exclusive franchise with one company, who are licensed to incorporate all non-resident companies. Companies are incorporated after receipt of name approval by submission of the proposed Corporations Articles of Incorporation.
RESTRICTIONS ON TRADING
Cannot undertake trade within Liberia or own Liberian real estate. Cannot undertake banking or insurance business.
POWERS OF COMPANY
A Company incorporated in Liberia has the same powers as a natural person.
LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS
REGISTERED OFFICE REQUIRED
Yes, must be maintained in Liberia at the address of the only licensed Trust and Management Company.
SHELF COMPANIES AVAILABLE
TIME TO INCORPORATE
Two days, but a further two days is required for delivery of documentation from the Registry.
Cannot be similar or identical to an existing company. The following words and their derivatives may not be used: bank, foundation, chartered, insurance, partnership and establishment.
LANGUAGE OF NAME
Can be in any language using the Latin alphabet. The Registrar may however require an English translation if a foreign language name is used to satisfy him that the proposed name is not a restricted.
SUFFIXES TO DENOTE LIMITED LIABILITY
Limited, Corporation, Incorporated, Aktiengesellschaft, Gesellschaft mit beshränkter Haftung, Sociètè Anonyme, Sociedad Anónima or the relevant abbreviations.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
AUTHORISED AND ISSUED SHARE CAPITAL
The standard authorised share capital is 500 shares with no par value, or a capital with a stated par value up to US$ 50,000. The authorised share capital may be expressed in any currency. The minimum issued share capital is either one share of no par value or one share of par value.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, preference shares, redeemable shares, shares with or without a par value and shares with or without voting rights.
BEARER SHARES PERMITTED
Non-Resident Liberian corporations do not incur tax liabilities in Liberia if the income is derived from non-Liberian sources.
DOUBLE TAXATION AGREEMENTS
Liberia has treaties with Germany and Sweden. Although these treaties do not extend to the Liberian Non-Resident Company.
US$ 150 per year.
FINANCIAL STATEMENT REQUIREMENTS
There is no requirement to file financial statements, but records should be maintained to reflect a company's financial status.
The minimum number of directors is dependent on the number of shareholders. If the number of shareholders is three or more, then the minimum number of directors is three. If there are fewer than three shareholders then there must be one director per shareholder.
Directors may be natural persons or bodies corporate, and need not be residents of Liberia.
A Liberian company must appoint a company secretary who must be a natural person. The company secretary may be of any nationality and need not be resident in Liberia.
The minimum number of shareholders is one.
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