Going Offshore - Crowe Horwath International

More documents

Recommendations

Info

Horwath MAK Member Crowe Horwath International 19. LIBERIA Geography, Location & General Information Liberia, officially the Republic of Liberia, is a country in West Africa. It is bordered by Sierra Leone on the west, Guinea on the north and Côte d’Ivoire on the east. Liberia’s coastline is composed of mostly mangrove forests while the more sparsely populated inland consists of forests that open to a plateau of drier grasslands. The country possesses 40% of the remaining Upper Guinean rainforest. Liberia has a hot equatorial climate, with significant rainfall during the May to October rainy season and harsh harmattan winds the remainder of the year. Liberia covers an area of 111,369 km2 (43,000 sq mi) Political Structure The government of Liberia, modeled on the government of the United States, is a unitary constitutional republic and representative democracy as established by the Constitution. The government has three co-equal branches of government: executive, headed by the president; legislative, consisting of the bicameral Legislature of Liberia; and judicial, made up of the Supreme Court and several lower courts. Audit | Tax | Advisory | Risk 38 © 2013 Horwath Mak
Horwath MAK Member Crowe Horwath International SN DETAILS LIBERIA 1 Types of company: Non-resident business entities; corporations, LLCs, LLPs, and Private Foundations. (a) Type of company preferred for international transactions: Any non-resident entity depending on purposes of corporation/ company and the jurisdictions in which the activities are to be conducred. (b) Shareless companies: Available 2 Capital requirements: No minimum share capital requirements. A Private Foundation requires an initial endowment of no less than USD 10,000. 3 Fees paid to authorities to incorporate: 4 Annual fees paid to authorities: 5 Taxation rates applied to companies generally: 6 Minimum number of members: Incorporation fee is a single inclusive fee of USD 713.50. USD 450 annual corporate maintenance fee (includes registered agent and government fees). (a) The taxation of companies in 2(a): Exempt from Liberian taxation. One shareholder or member. No requirement to ffle details of shareholders or members of corporations or LLCs. 7 Directors and secretary: Minimum of one director. Every corporation must have a president, secretary and treasurer, which may be the same person and may be corporate or an individual. Every LLC must have a manager. (a) Must there be a resident director/secretary? No requirement for a resident director/secretary in Liberia. (b) Are corporate directors allowed? Yes, as are corporate secretaries. 8 Annual meetings: Meetings can take place anywhere in the world and can be by telephone, electronically or by circulation of a resolution. Proxies are permitted and alternates if permitted by the articles. Requirement for annual general meeting may be waived by shareholders. 9 Is an annual return filed with details of directors and members? Not required for corporation or LLC, but a Certificate of Annual Return is required for Private Foundations. Audit | Tax | Advisory | Risk © 2013 Horwath Mak 39
Page 1 and 2: Horwath MAK Member Crowe Horwath In
Page 3 and 4: GOING OFFSHORE
Page 5: Horwath MAK Member Crowe Horwath In
Page 78: Horwath MAK Member Crowe Horwath In

Going Offshore - Crowe Horwath International

Create successful ePaper yourself

Delete template?

Save as template?