The FINANCIAL — The Government of Liberia, with support from the Investment Climate Advisory Services of the World Bank Group and the Investment Climate Facility in Africa, openson April 18 new one-stop business registries in the country’s three main cities, Monrovia, Ganta and Buchanan.
The one-stop business registry system will greatly simplify and speed up the process of starting a business, allowing Liberian entrepreneurs to register their business in 48 hours instead of 99 days, according to the International Finance Corporation.
With these changes, the Liberia Business Registry becomes state of the art on the African continent. Under the former system, a prospective business had to interact with several ministries and follow lengthy administrative procedures. The one-stop business registry means that all transactions linked with registering a business will take place under one roof.
“It is a new day for businesses in Liberia,” said Abu Kamara, head of the new Liberia Business Registry office in Monrovia. “It will ease enterprise formalization and facilitate enterprise growth through improved access to information and finance.”
“This one step taken by the Liberian Government is a giant leap for Liberian businesses,” said Jumoke Jagun-Dokunmu, IFC Resident Representative in Liberia. “IFC is proud to support the Government of Liberia through these simplification steps which together are creating an environment truly conducive to doing business in the country.”
The benefits associated with enterprise formalization are many, including access to finance for business development, elimination of risk of government penalties, and increased protection for employees.
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