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Liberia Report

Entrepreneurial Missions Index

34.3

General Information

Population

3,994,122 (118th most populous country in the world)

Religions

Languages

Christian 80% Sesotho
Indigenous Beliefs   20% English
Zulu
Xhosa

Industries

Food, beverages, textiles, apparel assembly, handicrafts, construction, tourism

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Liberia, visit https://www.cia.gov/library/publications/the-world-factbook/geos/lr.html.

Business Information

The World Bank ranks Liberia as 0 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Liberia.

The World Bank ranks Lesotho as 130th out of 183 economies in terms of ease of doing business.  The country ranks as 131st (of 183) in terms of ease of starting a business.

It requires 7 procedures, takes 40 days, and costs 27% of income per capita to start a business in Lesotho.

In order to start a business in Lesotho, one must follow these procedures:

  1. Hire a registered legal practitioner, who prepares all documents and registers the company in the Deeds Office
  2. Have land lease stamped and pay the stamp duty
  3. Receive an inspection by the Public Health Inspector with the Maseru City Council
  4. Apply for manufacturing or trading license and register for taxes with the OSS at the Ministry of Trade and Industry
  5. Open a bank account and pay the required initial capital in a bank
  6. File for workman’s compensation with an insurance company
  7. Request for a post office box or private box

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Liberia, visit http://www.doingbusiness.org/.

 

The World Economic Forum (WEF) was founded in 1971 by Klaus Martin Schwab at the University of Geneva in Switzerland.  It is a non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss both economic and social issues facing the world.  The WEF also serves as a think tank, and publishes a wide range of reports focusing on issues of concern and importance to Forum communities. In particular, Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness, global risks and scenario thinking.  The Global Competitiveness Report measures competitiveness of countries and economic competitiveness among a wide range of factors such as corruption, tax rates, work ethic, and many others.

 

Liberia Economic Freedom

The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period

Their measure of economic freedom is based on that the following standards:

  • Personal choice rather than collective choice,
  • Voluntary exchange coordinated by markets rather than allocation via the political process,
  • Freedom to enter and compete in markets, and
  • Protection of persons and their property from aggression by others.

A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.   

 

Liberia Summary

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Entrepreneurial Missions Index

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General Information

{tr_flag}Population

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Religions

Languages

Christian 40% English 20%
Muslim 20% 20 Ethnic Languages    80% 
Indigenous Beliefs   40%

Industries

Rubber processing, palm oil processing, timber, diamonds

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Business Information

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The World Bank ranks Liberia as 149th out of 183 economies in terms of ease of doing business.  The country ranks as 57th (of 183) in terms of ease of starting a business.

It requires 5 procedures, takes 20 days, and costs 52.9% of income per capita to start a business in Liberia.

In order to start a business in Liberia, one must follow these procedures:

  1. Reserve company name and file Articles of Incorporation at the Ministry of Foreign Affairs desk at the Ministry of Finance
  2. Pay fees at the Ministry of Finance annex of the central bank
  3. Obtain TIN
  4. Submit registration application to Ministry of Commerce (MOCI) and pick up payment slip
  5. Register with Social Security

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1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project