Business Reforms in Sierra Leone
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Starting a Business: Sierra Leone made starting a business easier by combining multiple registration procedures.
Trading across Borders: Sierra Leone made trading across borders easier through a series of initiatives, including the elimination of export permits and the implementation of pre-arrival processing.
Starting a Business: Sierra Leone made starting a business easier by reducing registration fees.
Getting Electricity: Sierra Leone made getting electricity easier by eliminating the need for customers to submit an application letter inquiring about a new connection before submitting an application—and made the process faster by improving staffing at the utility.
Registering Property: Sierra Leone made registering property easier by introducing a fast-track procedure.
Getting Credit: Sierra Leone improved its credit information system by beginning to distribute both positive and negative data and by increasing the system’s coverage rate.
Paying Taxes: Sierra Leone made paying taxes more complicated for companies by introducing a capital gains tax.
Registering Property: Sierra Leone made registering property easier by computerizing the Ministry of Lands, Country Planning and the Environment.
Getting Credit: Sierra Leone improved access to credit information by establishing a public credit registry at its central bank and guaranteeing borrowers’ right to inspect their personal data.
Getting Credit: Sierra Leone improved its credit information system by enacting a new law providing for the creation of a public credit registry.
Trading across Borders: Sierra Leone made trading across borders faster by implementing the Automated System for Customs Data (ASYCUDA).
Enforcing Contracts: Sierra Leone made enforcing contracts easier by launching a fast-track commercial court.
Resolving Insolvency: Sierra Leone established a fast-track commercial court in an effort to expedite commercial cases, including insolvency proceedings.
Dealing with Construction Permits: Sierra Leone made dealing with construction permits easier by streamlining the issuance of location clearances and building permits.
Registering Property: Sierra Leone lifted a moratorium on sales of privately owned properties.
Paying Taxes: Sierra Leone replaced sales and service taxes with a goods and service tax.
Starting a Business: Sierra Leone made starting a business easier by establishing a one-stop shop for company registration.
Registering Property: Sierra Leone made transferring property more difficult by reinstating a moratorium on the authorization of property transfers by the director of surveys and lands.
Getting Credit: Sierra Leone strengthened its secured transactions system through a new company act that allows the use of fixed and floating charges and automatically extends a security interest to the products, proceeds and replacements of the collateral.
Protecting Minority Investors: Sierra Leone strengthened investor protections through a new company act enhancing director liability and improving disclosure requirements.
Paying Taxes: Sierra Leone made paying taxes easier for companies by improving training and equipment at the tax authority, publishing a consolidated income tax act and introducing a value added tax system that replaces 4 different sales taxes.
Trading across Borders: Sierra Leone made trading across borders more costly through an increase in some fees, though it also reduced the time required for trade.
Resolving Insolvency: Sierra Leone improved its insolvency process through a new company act that encourages financially distressed companies to first try to reorganize rather than going straight into liquidation.
Starting a Business: Sierra Leone reduced the time, cost and number of procedures to start a business by making the use of a lawyer optional and abolishing other registration formalities, including paying taxes up front and obtaining exchange control permission from the central bank.
Dealing with Construction Permits: Sierra Leone made dealing with construction permits easier by better enforcing the rules and regulations on risk-based inspections during construction and by issuing a schedule of inspections together with the building permit.
Registering Property: Sierra Leone reduced the time needed to transfer property by lifting a ban on obtaining the director of survey’s signature on the cadastral map—a ban that had been imposed to prevent a common scam in which the same property would be sold several times over to different people.
Trading across Borders: Sierra Leone made trading across borders easier by eliminating the requirement for an export license for coffee.
Paying Taxes: Sierra Leone made paying taxes less costly for companies by reducing the sales tax rate.