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Ease of Doing Business in

Sierra Leone

Sierra Leone Download Profile (1728.9KB, pdf)
Region Sub-Saharan Africa
Income Category Low income
Population 6,453,184
GNI Per Capita (US$) 630
City covered Freetown

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 148 145 down
3
50.23 50.14 down
0.09
Starting a Business 87 99 up
12
86.48 84.73 up
1.75
Dealing with Construction Permits 132 134 up
2
62.06 61.73 up
0.33
Getting Electricity 176 176
-
33.58 34.66 down
1.08
Registering Property 163 163
-
43.47 43.38 up
0.09
Getting Credit 157 152 down
5
25.00 25.00
-
Protecting Minority Investors 87 85 down
2
53.33 53.33
-
Paying Taxes 87 84 down
3
72.63 72.86 down
0.23
Trading across Borders 169 169
-
42.07 42.07
-
Enforcing Contracts 100 99 down
1
55.92 55.92
-
Resolving Insolvency 148 149 up
1
27.76 27.69 up
0.07

Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

DB 2017 Rank: 87

DB 2016 Rank: 99

Change in Rank: up12

DB 2017 DTF (% points): 86.48

DB 2016 DTF (% points): 84.73

Change in DTF (% points): up1.75

Standardized Company
Legal form: Limited Liability Company
Paid-in minimum capital requirement: SLL 0
City: Freetown
Indicator Sierra Leone Sub-Saharan Africa OECD high income
Procedure – Men (number) info_outline 6.0 7.8 4.8
Time – Men (days) info_outline 10.0 27.3 8.3
Cost – Men (% of income per capita) info_outline 30.3 54.0 3.1
Procedure – Women (number) info_outline 6.0 7.9 4.8
Time – Women (days) info_outline 10.0 27.5 8.3
Cost – Women (% of income per capita) info_outline 30.3 54.1 3.1
Paid-in min. capital (% of income per capita) info_outline 0.0 33.1 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    Check the uniqueness of the company name and pick up a company registration form

    Agency: Corporate Affairs Commission

    The company name search can be conducted electronically or at the Corporate Affairs Commission (CAC) office. Currently entrepreneurs prefer to conduct the name search in person at the CAC office. If done at the office, Form 28 is completed by the applicant providing 3 name options. Then a search is done by a staff member and the desired name availability is confirmed.

    The company must have a Memorandum and Articles of Association. Standard articles are available at the CAC. If the standard documents are considered insufficient, a solicitor can be consulted to prepare one.
    1 day no charge
    2

    Register the company and obtain the Tax Identification Number (TIN)

    Agency: Corporate Affairs Commission

    Submission of the company's documents to the CAC officer starts the incorporation process. The officer examines the documents and issues a payment slip to settle incorporation fees. Registering an LLC costs SLL 250,000 (one time fee). The TIN number can be obtained from the same single window. The officer issues the Certificate of Incorporation upon submission of the payment receipt.
    2 days on average SLL 250,000
    3

    Pay the fees and obtain the certificate of incorporation

    Agency: National Revenue Authority at OARG

    The company submits the payment slip and pays for the incorporation fees. With the receipt of payment, the Certificate of Incorporation is issued to the new company.
    1 day no charge
    4

    Request a business license from the Municipality of Freetown

    Agency: Municipality of Freetown

    Once a TIN number is assigned, the business license and registration certificate is obtained from the desk of the Freetown City Council located at the one-stop shop within the Office of the Administrator and Registrar General (OARG).
    2 days SLL 750,000
    5

    Register with the National Social Security and Insurance Trust (NASSIT)

    Agency: Ministry of Labor and Social Security at OARG

    It is required to register native workers with the National Social Security and Insurance Trust (NASSIT).
    2 days no charge
    6

    Make a company seal

    Agency: Sealmaker

    In practice, the company typically makes a formal seal and a common seal. Under Section 17 of the Companies (Amendment) Act of 2014 this is no longer legally required, however it is still frequently done in practice. For documents used outside Sierra Leone, the formal seal is used for sealing company documents. This seal is usually embossed on documents with a metal device on which the company’s name, crest, and the like are engraved. For documents to be used in Sierra Leone, an impression is made with a common seal, which is usually made in ink with a wooden (or rubber) block.
    2 days SLL 50,000