Policies & Initiatives
The investment climate in Liberia has improved in recent years. Please find below a summary of some of the key initiatives that the Government of Liberia has undertaken to ensure that doing business in Liberia is easy.
Liberia has climbed 21 places in the World Bank's Doing Business report since it first appeared in 2008, and was designated one of the "top 10 global reformers" in 2010.
- Liberia Business Registry (LBR): Launched in 2011, this state-of-the-art, semi-autonomous government agency operates as a one-stop-shop to formalize or register all enterprises and provide information services to the public. This means that anyone wishing to register a business will have only one interface with the government of Liberia. It takes approximately 48 hours to register those registering and doing business in Liberia. The LBR also offers online services at www.lbr.gov.lr.
- Investment Act of 2010: The Act updates the Investment Incentives Act of 1973; it strengthens investment protection by (1) providing guarantees against unfair expropriation; (2) ensuring the ability of investors to repatriate capital and profits; (3) obliging the government to protect intellectual property; and (4) providing access to internationally recognized dispute resolution mechanisms. For a copy of the Act, please click here.
- Governance Reforms: In July 2010, Liberia successfully completed a set of 12 rigorous economic and governance reforms, enabling the International Monetary Fund (IMF), World Bank, and other bilateral lenders to write-off the country's just under USD 5 billion debt.
- New Investment Incentive Code and New Revenue Code: The incentive code introduces a clear, standardized, and transparent system for awarding incentives; provides guarantees against unfair expropriation; ensures the ability of investors to repatriate capital and profits; obliges the government to protect intellectual property; and provides access to neutral, internationally recognized dispute resolution mechanisms. Revisions in the revenue code have lowered the maximum corporate and personal tax rate from 35 percent to 25 percent. For a copy of the Incentive Code, please click here; and for the Revenue Code, please click here.
- Micro, Small and Medium-sized Enterprises (MSMEs) Policy: The Policy focuses on the four elements of the investment climate that are of primary importance to MSMEs everywhere: (1) the legal/regulatory framework; (2) access to finance; (3) access to markets; and (4) skills and knowledge. To view the Ministry of Commerce and Industry's report, Rationale, Policy, and Implementation Framework for MSME Development, please click here.
- Liberia Better Business Forum (LBBF): The government and private sector, in 2007, launched this initiative to facilitate dialogue on investment climate issues with the explicit objective of achieving measurable enhancement of the enabling environment for private-sector activity. For more information, please visit www.lbbf.org.
- Business Reform Committee (BRC): This cabinet-level committee works in partnership with the private sector and international institutions to reduce unnecessary regulations, simplify processes, and generally make it easier to do business in Liberia. The BRC's efforts have been instrumental in Liberia's ranking improving in the World Bank's annual Doing Business Report.