Specificity of the registering
Hire at least one director and a secretary of any nationality; there are no nationality restrictions. Write an application of the company’s establishment to the Ministry of Industry and Commerce. The letter should be in the ministry’s letterhead; you can get the letterheads at the ministerial offices at a fee. There are restrictions on non-citizens to operate in the banking, insurance, gaming, and stock sectors. The corporate charter should include the company name, the owners’ names, capital size, and the activities of the company.
Benefits of registering the company
A company establishing in Liberia enjoys the following merits:
The profits of an organization operating outside the borders of Liberia, and does not own real estate, are not subject to taxation;
The company is not subject to stamp duty and currency control;
The company can have directors, owners, and management from any nationality;
Companies are allowed to practice nominal service;
There is no need to make the annual reports public;
There is no ceiling for share value;
A company can hold a shareholders meeting in any country of their choice;
There is no law compelling a company to disclose asset information and beneficiaries of businesses outside Liberia. The directors and shareholders can remain private unless the company wants to disclose the information.
Legal Forms and Registration Process: a corporation where the number of shareholders is equal to or more than the number of directors, a partnership where liabilities are limited, a company with one owner. They can get equity from other corporations that will have limited participation, liability, and shareholding. And a marine enterprise with offshore capital. Non-residents choose partnerships and corporations. There is no lower threshold for share capital. However, 50000 USD or 500 shares are enough for registration.
Complete all the necessary payments before you apply to establish a company. In any case, you fraudulently run a company; it will be liquidated. Recovering such a company will need you to pay and transfer the fine. In some cases, you will need to change the company’s name, which is a whole new process.
Ensure you have a legal address and a local agent. Have all the necessary legal certificates complete with signatures from local authorities.
Have a ministry official to handle your company’s registration process. The official will submit your application. Make sure you have attached all the receipts of payment and information about your agent.
You will wait for about 2-5 business days before the ministry issues you with a registration certificate.
You can start your operations after the certification.
Shipowners enjoy many benefits. They pay a fixed fee for all water transport which is not subject to tonnage. Liberia’s merchant fleet is among the largest fleets in the world. Only registered legal entities can be ship owners. All maritime companies are recognized as non-resident organizations. More information on vessel registration might be obtained here.
Would you require more information on company formation in Liberia or an assistance with company set up, please contact our specialists!