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Sierra Leone

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Sierra Leone is a country on the southwest coast of West Africa. It shares its southeastern border with Liberia, and the northern half of the nation is surrounded by Guinea. Covering a total area of 71,740 km2 (27,699 sq mi), Sierra Leone has a tropical climate, with diverse environments ranging from savanna to rainforests. The country has a population of 7,092,113 as of the 2015 census. Freetown is the capital and largest city. The country is divided into five administrative regions, which are subdivided into 16 districts.

Starting (Registering) a Business in Sierra Leone
Starting a business, or company, in Sierra Leone takes approximately 12 days as compared to about 46 days for the Sub-Saharan Africa region. This piece outlines the general technical procedures for starting a company in Sierra Leone, according to the Doingbusiness.org database by the World Bank. It includes details and requirements to be in good standing with all relevant agencies beyond the company registrar like social security agencies.
Technical Procedures
The steps involved in registering a company(Limited Liability Company) in Sierra Leone are:
Check the uniqueness of the company name and pick up a company registration form.
Register with the Registrar of Companies at the Office of the Administrator and Registrar General (OARG).
Obtain tax clearance with the National Revenue Authority.
Request a business license with the municipality.
Register with the Ministry of Labor and Social Security.
Make a company seal.
Why business people should give Sierra Leone a second look
Sierra Leone has come a long way since the civil war it experienced between 1991 and 2002. However, while the violence did negatively affect the economy and business environment in terms of the development of physical infrastructure, Sierra Leone’s reputation as a war torn economy remains one of the greatest hurdles for business today.
Procedures to Open a Company in Sierra Leone
1. Check the uniqueness of the company name and pick up a company registration form
Agency: Administrator and Registrar General
The company name search is conducted by the applicant and with the assistance of an officer from the Office of the Administrator and Registrar General (OARG).
The company must have a Memorandum and Articles of Association. Standard articles are available at OARG. If the standard documents are considered insufficient, a solicitor can be consulted to prepare one.
Register with the Registrar of Companies and Obtain Tax Identification Number (TIN) from the single window at the Office of the Administrator and Registrar General (OARG)
Agency: Office of the Administrator and Registrar General
2. Submission of the company’s documents to the OARG officer starts the incorporation process. The officer examines the documents and issues a payment slip to settle incorporation fees. Registering an LLC costs no more than SLL 60,000 (one time fee) + stamp duty ranging from SLL 75,000.00 to SLL 495,000 depending on the share capital which does not have to be paid up. In addition, a written statement fee of 50,000 for new business registration was enforced by the Finance Act 2015. The TIN number can be obtained from the same single window. The officer issues the Certificate of Incorporation upon submission of the payment receipt.
Pay the fees and obtain the certificate of incorporation from OARG
Agency: National Revenue Authority at OARG
3. The company submits the payment slip and pays for the incorporation and stamp duty fees. With the receipt of payment, the Certificate of Incorporation is issued to the new company.
Request a business license from the Municipality of Freetown
Agency: Municipality of Freetown
4. Once a TIN number is assigned, the business license and registration certificate is obtained from the desk of the Freetown City Council located at the one-stop shop within the Office of the Administrator and Registrar General (OARG).
Register with the National Social Security and Insurance Trust (NASSIT)
Agency: Ministry of Labor and Social Security at OARG
5. It is required to register native workers with the National Social Security and Insurance Trust (NASSIT).
Make a company seal
Agency: Seal maker
6. According to the Companies Act, the company must make a formal seal and a common seal. For documents used outside Sierra Leone, the formal seal is used for sealing company documents. This seal is usually embossed on documents with a metal device on which the company’s name, crest, and the like are engraved. For documents to be used in Sierra Leone, an impression is made with a common seal, which is usually made in ink with a wooden (or rubber) block.

How we can help you

If you are considering forming a business or you need expert help with company registration in Sierra Leone, MagickFormations™ is ready to assist you with its skilled team of lawyers, consultants and tax experts. We are committed to making the process as stress-free and streamlined as possible for you, and we will take care of all your document preparation and administrative tasks regarding the registration forms, payment of government fees, local address registration, banking support, etc., whilst always keeping your exact objectives and unique vision in mind throughout the process.

Please use our Company Wizard if you would like to set up your registered company in Sierra Leone or if you would like to know the costs involved prior to proceeding with our exceptional services. For other queries and special requests for complex or customised company formation services, please contact us at connect@magickgroup.com

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