Doing Business in Liberia
Photo include far left, National Investment Chairman Richard Tolbert, right Mrs. Madina Wesseh and in the middle Aliko Dangote, Nigerian Business tycoon.
Photo Credit: NIC
Photo Credit: NIC
The National Investment Commission (NIC) is mandated to promote and co-ordinate all investment related activities in all sectors of the Liberian economy.
To facilitate this, the Commission has adopted the “One Stop Shopping Center” concept to process and conclude investment documents; by removing the bureaucratic bottleneck of an investor moving between agencies of Government, the NIC saves investors considerable time and resources.
The NIC, in collaboration with other Government agencies provides an investor-friendly atmosphere with the belief that the growth opportunities in the Liberian economy can only reach their true potential with foreign direct investments. Therefore, the Government of Liberia provides a wide range of investment incentives and strong legal protection to the existing and would-be investors; these include a wide range of inducements (tax incentives and protection for infant industries). The trade and investment climate is positive. Liberia welcomes partnership for progress in industry, trade and technology.
The government’s economic policy centers on the principle of the Free Enterprise System with the market as the principal determinant. Liberia’s official policy is minimum government involvement in the economy. The Government’s direct involvement is limited to participation through joint venture to achieve national goals and to stimulate the private sector. The policy places major reliance on individual and private initiatives.
Foreign capital and technical expertise are indispensable factors, which enable Liberia to transform its natural wealth into the resources needed for implementing broad programs of socio-economic development. Thus, the principal policy measures for investment in Liberia will continue to be the adoption of a free enterprise policy.
As Liberia meets the challenges of the new millennium and globalization, the NIC stands ready to provide a conducive business atmosphere for all investors. The Commission welcomes all investors irrespective of sectoral interest and looks forward to working with them.
Steps to Obtaining an Investment Incentive Contract
To facilitate this, the Commission has adopted the “One Stop Shopping Center” concept to process and conclude investment documents; by removing the bureaucratic bottleneck of an investor moving between agencies of Government, the NIC saves investors considerable time and resources.
The NIC, in collaboration with other Government agencies provides an investor-friendly atmosphere with the belief that the growth opportunities in the Liberian economy can only reach their true potential with foreign direct investments. Therefore, the Government of Liberia provides a wide range of investment incentives and strong legal protection to the existing and would-be investors; these include a wide range of inducements (tax incentives and protection for infant industries). The trade and investment climate is positive. Liberia welcomes partnership for progress in industry, trade and technology.
The government’s economic policy centers on the principle of the Free Enterprise System with the market as the principal determinant. Liberia’s official policy is minimum government involvement in the economy. The Government’s direct involvement is limited to participation through joint venture to achieve national goals and to stimulate the private sector. The policy places major reliance on individual and private initiatives.
Foreign capital and technical expertise are indispensable factors, which enable Liberia to transform its natural wealth into the resources needed for implementing broad programs of socio-economic development. Thus, the principal policy measures for investment in Liberia will continue to be the adoption of a free enterprise policy.
As Liberia meets the challenges of the new millennium and globalization, the NIC stands ready to provide a conducive business atmosphere for all investors. The Commission welcomes all investors irrespective of sectoral interest and looks forward to working with them.
Steps to Obtaining an Investment Incentive Contract
- A simple application in the form of a Letter Of Intent followed by a detailed project proposal shall be simultaneously submitted to The Chairman of the NIC and the relevant Government Ministry responsible for the sector in which the Approved Investment Project is to operate.
- After the analysis of the project is completed, a draft of the evaluation report is reviewed by an in–house screening committee to ensure that the project is in accordance with the guidelines established by the Commission.
- Copies of the final evaluation report are then circulated to the Commission members and other related government agencies to facilitate the final review of the report by these commissioners as the basis for a final decision to accept or reject the application for investments.
- Cases where the investment is above $10, 000 000 USD dollars, the contract requires the approval by the President and ratification by the National Legislature.
Address of the Chairman of the NIC:
The Chairman
National Investment Commission (NIC)
P.O box 9043
Monrovia, Liberia
info@nic.gov.lr
The project is then assigned to an analyst at the NIC for initial review analysis and the preparation of an evaluation report.
NIC in Pictures
