GSL / Offshore and International Law / Offshore zones / Liberia / Legislation of Liberia

Legislation of Liberia

Service packages Legislation Tax System

List of laws and regulations

Act name
Scope of law
business corporations, limited liability companies, partnerships
registered trusts
private foundations
electronic transactions
commercial transactions
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Tax treaties entered

Germany

Tax Exchange Information Agreement (TIEA)

Netherlands
United Kingdom
Denmark
Ghana
Sweden
Norway
Iceland
France
Finland
Faroe Island
Greenland
Portugal

List of state regulatory authorities

Ministry of Commerce and Industry
Ministry of Finance
Ministry of Foreign Affairs
Liberia National Investment Commission
Revenue Department
Liberia Business Registry
Central Bank of Liberia

Corporate info

Legal system
common law
Types of entity
sole proprietorship; limited liability company; partnership; limited partnership; business corporation; non-resident corporation; trust; foundation
Shelf companies permitted
Yes
Incorporation timescale for a new company
1 day
Company suffix
Limited, Corporation, Incorporated, Aktiengesellschaft, Gesellschaft mit beschränkter Haftung, Société ANonyme, Sociedad Anónima or any other suffix indicating that the corporation is Not a natural person, or the relevant abbreviations
Sensitive words
“Chamber of Commerce”, “Building Society”, “Bank”, “Insurance”
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
address of record/billing address
Seal required, type of seal
not required
Redomiciliation (to, from) permitted
permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
No
Disclosure to public
No
Company secretary required
Yes
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
Yes

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No requirements
Disclosure to local agent
No
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
1 share
Minimum issued share capital
1 share
Minimum paid share capital
1 share
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
No requirements
Standard currency
US dollar
Standard authorized share capital
50000
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
Yes

Taxes

Personal tax
0-25%
Min. rate for corporate tax
25%
Corporate tax (in detail)
Income tax is levied at a rate of 25%. A minimum tax of 2% of the proceeds may also apply. For mining companies, companies in the oil sector - 30% (however, there are various benefits).
Capital gains tax
Regular rate
Capital gains tax. Details
Gains on the sale of assets are taxed at the normal corporate tax rate.
VAT
7%
VAT. Details
GST is levied at 7% and 10% rates, 15% applies to telecommunications services.
Withholding tax
15%/15%/15%
Other taxes
Social contributions, Property taxes
Exchange control
No
Government fee
Stamp duty
1-12,5%

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
No
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Western Africa
Total area
111.369 sq.km
Population
4.937.000 (2019)
Capital
Monrovia
National currency
Liberian dollar
Conditional reduction of currency
LRD
Against USD
0,0066 (2022)
Climate, average max and min t°
tropical, hot, humid; dry winters with hot days and cool to cold nights; wet, cloudy summers with frequent heavy showers; avg. temperature is over 24 C throughout the year
Time difference from Moscow
- 3 hours
Dialing code
+231
State language
English
Ethnic groups
20.3% Kpelle, 13.4% Bassa, 10.0% Grebo, 8.0% Gio, 7.9% Mano, 6.0% Kru, 5.1% Lorma, 4.8% Kissi, 4.4% Gola, 20.1% others
Literacy rate
48,3% (2017)
History
In 1822 the first American settlers founded here the colony of “free men of color” which was named Liberia, “the land of liberty”. In 1847 the Republic of Liberia declared its independence. The country suffered several territorial conflicts between Britain and France during its history, and just in 1911 the borders were officially established. Civil wars lasted from 1989 to 2003. Nowadays the Republic of Liberia is led by Ellen Johnson-Sirleaf, the first woman-president of an African country.
Credit rating
Government type
presidential republic
Executive branch
President
Legislative branch
bicameral parliament: Senate (30 members) and House of Representatives (73 members)
Judicial branch
Supreme Court; circuit and specialized courts, etc.
Unemployment
4,0 (2020)
GDP per capita rank
189 (2020)
Corruption perceptions index rank
29 (2021)

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