Published
Sep 4, 2023
Updates:
Dec 3, 2024
Sierra Leone
Price:
Delivery:
Legal forms:
Payment methods:
6 weeks
SL, LTD, PLC
Document checklist:
1.Passport
2.Proof of Residence
Requirements:
Local legal address (Handled by B2B Hub)
Sierra Leone
$
700
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Registrar
Abbreviation
Phone
Office of the Administrator and Registrar General
OARG
+232 77 770570
Location
Capital
Official languages
Population
Currency
ISO 4217
Freetown
Sierra Leone
English
8,791,092
SLL
Leone
Delivery
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Certificate of incorporation
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Articles of association
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Meeting minutes
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Company stamp
Certificate of incorporation
Company stamp (By stempil.com)
Registration documents and guidance
FAQ for company formation in Sierra Leone
FAQ for Company Formation in Sierra Leone:
1. What are the legal forms of companies that can be formed in Sierra Leone?
- The legal forms of companies that can be formed in Sierra Leone are a limited liability company (LLC), a sole proprietorship, a partnership, and a public company.
2. What are the requirements for company formation in Sierra Leone?
- To form a company in Sierra Leone, you must have at least two shareholders and two directors. There is no minimum share capital requirement for a limited liability company (LLC).
3. What are the tax implications of forming a company in Sierra Leone?
- Sierra Leone has a corporate tax rate of 30%, and there is also a value-added tax (VAT) of 15%. Dividends are subject to a 10% withholding tax.
4. How long does it take to register a company in Sierra Leone?
- It usually takes around two to three weeks to register a company in Sierra Leone.
5. Can foreigners own a company in Sierra Leone?
- Yes, foreigners can own a company in Sierra Leone.
6. What is the language of business in Sierra Leone?
- The official language of Sierra Leone is English.
7. What are the labor laws in Sierra Leone?
- Sierra Leonean labor laws protect the rights of employees, including minimum wage requirements, working hours, and benefits such as paid vacation and sick leave. Employers are also required to contribute to social security and health insurance for their employees.
"Sierra Leone is a small West African nation with a population of 7.9 million people and a GDP of $3.2 billion. The country has a largely agrarian economy, with agriculture accounting for about 40% of the GDP and employing about 70% of the labor force. The main agricultural products are rice, cassava, palm oil, cocoa, coffee, and peanuts. The mining sector is also an important contributor to the economy, with diamonds, gold, and rutile being the main minerals produced. The manufacturing sector is relatively small, accounting for only about 10% of the GDP.
The country has seen some economic growth in recent years, with the GDP growing at an average rate of 4.2% between 2015 and 2019. This growth has been driven by increased investment in the mining sector, as well as increased agricultural production. Inflation has been relatively low, averaging around 6.5% in 2019.
The government has implemented a number of reforms to improve the business environment, including the introduction of a new Companies Act and the establishment of a one-stop shop for business registration. These reforms have helped to attract foreign investment, with the World Bank ranking Sierra Leone as the second-most improved country in the world in terms of ease of doing business.
Despite these improvements, Sierra Leone still faces a number of challenges. Poverty remains widespread, with over half of the population living below the poverty line. The country also has a high unemployment rate, with an estimated 25% of the population unemployed. In addition, the country is vulnerable to natural disasters, such as floods and landslides, which can have a significant impact on the economy.
Overall, Sierra Leone has made some progress in recent years, but there is still much work to be done to improve the economy and reduce poverty."
Sierra Leone is a West African country, and its taxation system is governed by the National Revenue Authority (NRA).
Corporate taxation in Sierra Leone is levied on resident companies at a flat rate of 30% on their net income. Non-resident companies are taxed only on income generated within the country. There are also additional taxes, such as the Goods and Services Tax (GST), which is a value-added tax on most goods and services. Companies must file an annual tax return and pay their taxes by April 30 of the following year.
Personal taxation in Sierra Leone is based on a progressive tax rate system ranging from 0% to 30% on all income earned by residents. However, there are some exemptions and deductions available for certain types of income, such as employment income and retirement benefits. Individuals must file an annual tax return and pay their taxes by April 30 of the following year.
In addition to income tax, Sierra Leone also has a Goods and Services Tax (GST) of 15%, which is levied on most goods and services. Registered businesses are required to collect GST from their customers and remit it to the government. GST returns and payments are due monthly or quarterly, depending on the size of the business.
Taxpayers in Sierra Leone can file their tax returns and make payments online through the NRA's website. The tax calendar in Sierra Leone runs from January to December, with tax returns and payments due by April 30 of the following year for both corporate and personal taxes. GST returns and payments are due monthly or quarterly, depending on the size of the business.
It's important to note that Sierra Leone has penalties for non-compliance with tax laws, including fines and imprisonment for individuals, and revocation of business licenses for companies. The NRA has implemented measures to improve tax collection and combat tax evasion, such as the introduction of electronic tax payment systems and tax education programs.
Application without registration
The first director
The second director
The third director
The first shareholder
The second shareholder
The third shareholder
Articles
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