Tentmaker Reports

Sierra Leone Report

Entrepreneurial Missions Index

44.47

General Information

Population

6,092,075 (100th most populous country in the world)

RELIGIONS
Muslim60%
Christian10%
Indigenous Beliefs30%
LANGUAGES
English
Mende
Temne
Krio

Industries

Diamond mining, small-scale manufacturing, petroleum refining, small commercial ship repair

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 Sierra Leone, visit https://www.cia.gov/library/publications/the-world-factbook/geos/sl.html.

Business Information

The World Bank ranks Sierra Leone as 140 out of 183 economies in terms of ease of doing business. The country ranks as 69 (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 Sierra Leone.

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

  1. Check the uniqueness of the company name and pick up a company registration form
  2. Registration with the Registrar of Companies at the Office of the Administrator and Registrar General (OARG)
  3. Obtain tax clearance with the National Revenue Authority
  4. Request a business license with the Municipality of Freetown
  5. Registration with the Ministry of Labor and Social Security
  6. Make a company seal

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 Sierra Leone, visit http://www.doingbusiness.org/.

 

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Sierra Leone Economic Freedom

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.
1A General government consumption spending as a percentage of total consumption 8.5
Area 1-A Data 11.2
1B Transfers and subsidies as a percentage of GDP 9.5
Area 1-B Data 2.3
1C Government enterprises and investment 6
Area 1-C Data 26
1Di Top marginal income tax rate 0
Area 1-Di Data 0
1Dii Top marginal income and payroll tax rates 0
Area 1-Dii Data 0
1D Top marginal tax rate 0
1 Size of Government: Expenditures, Taxes, and Enterprises 8
2A Judicial independence (GCR) 0
2B Impartial courts (GCR) 3.6
2C Protection of property rights (GCR) 0
2D Military interference in rule of law and the political process (CRG) 4.2
2E Integrity of the legal system (CRG) 5.8
2F Legal enforcement of contracts (DB) 1.6
2G Regulatory restrictions on the sale of real property (DB) 4.1
2 Legal Structure and Security of Property Rights 3.9
3A Money growth 7.3
Area 3-A Data 13.7
3B Standard deviation of inflation 8.8
Area 3-B Data 3.09
3C Inflation: Most recent year 7.7
Area 3-C Data 11.66
3D Freedom to own foreign currency bank accounts 5
3 Access to Sound Money 7.2
4Ai Revenues from trade taxes (% of trade sector) 3.3
Area 4-A(i) Data 10
4Aii Mean tariff rate 7.3
Area 4-A(ii) Data 13.6
4Aiii Standard deviation of tariff rates 6.3
Area 4-A(iii) Data 9.2
4A Taxes on international trade 5.6
4Bi Non-tariff trade barriers (GCR) 0
4Bii Compliance cost of importing and exporting (DB) 5.6
4B Regulatory Trade Barriers 5.6
4C Size of the trade sector relative to expected 0.9
4D Black-market exchange rates 10
4Ei Foreign ownership/investment restrictions (GCR) 0
4Eii Capital Controls 3.3
4E International Capital Market Controls 3.3
4 Freedom to Trade Internationally 5.1
5Ai Ownership of banks 2
5Aii Foreign bank competition 0
5Aiii Private sector credit 5.3
5Aiv Interest rate controls/negative real interest rates 9
5A Credit Market Regulations 5.4
5Bi Minimum wage (DB) 5.9
5Bii Hiring and firing regulations (GCR) 0
5Biii Centralized collective bargaining (GCR) 0
5Biv Mandated cost of hiring (DB) 7
5Bv Mandated cost of worker dismissal (DB) 0
5Bvi Conscription 10
5B Labor Market Regulations 5.7
5Ci Price controls 4
5Cii Administrative requirements (GCR) 0
5Ciii Bureaucracy costs (GCR) 0
5Civ Starting a business (DB) 8.9
5Cv Extra payments/bribes (GCR) 0
5Cvi Licensing restrictions (DB) 5.5
5Cvii Cost of tax compliance (DB) 5.5
5C Business Regulations 6
5 Regulation of Credit, Labor, and Business 5.7
SUMMARY INDEX 5.97
Rank c 114
 

Sierra Leone Summary

 

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

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