A: Operating a business entity in Liberia is not unlike any other capitalist republic. The basic steps to establish a marketable entity are essentially the same as outlined below:

I. For the new business, certain procedures have to be completed before it can begin operations:

1. Submit a letter of application to the Minister of Commerce and Industry along with a recent passport size picture.
2. Submitted letter must include the proposed name of the business, the type of business, location of the business, cash flow analysis, and the nationality of the business owner.
3. The submitted application is then forwarded to the Assistant Minister of Commerce for categorization and approval.
4. A business registration form must be obtained and a fee paid by the owner; for Liberians the fee is paid in the local currency in the amount of $125.00 whereas non-Liberians must pay $100.00USD.
5. The business owner must then proceed to the Ministry of Finance’s Miscellaneous Tax Billing clerk for bill and BPS.
6. All registration fees must be paid at the Central Bank and a genuine GOL-flag receipt obtained by the business owner.
7. A site inspection report must be submitted as well.

II. For all businesses, there are also regulations that must be met.

1. All business entities must indicate specific nature of business such as textile, building materials, food supply, stationery, frozen food, used clothing, etc. Absolutely no entity is allowed to describe the nature of its business as "General Merchandise".
2. Existing businesses must present a tax clearance from the Ministry of Finance.
3. Informal sector payments and payments for forms must be made through the Ministry of Commerce.
4. Aliens must present work and resident permits from the Bureau of Immigration and Naturalization and the Ministry of Labor.
5. Professional entities are required to obtain a valid qualification document or clearance from the ministry or agency with oversight responsibility for such profession. Example: Clinics, pharmacies, and drug stores are required to obtain qualification documents, clearance or permit from the Liberian Medical and Pharmaceutical Boards which are part of the Ministry of Health.
6. Registered sole proprietorships will not be entitled to any branch; branches must be registered separately as required by law.
7. Any business with branches out of the capital will not be required to pay business registration fees for said branches, however, branches within the capital of Monrovia will be required to pay 50% of the mandatory fees.
8. Businesses are required to function as per the nature described on the business registration certificate.

III. Additional information and requirements for businesses are:

1. Corporation
   1. Article of incorporation, Ministry of Foreign Affairs
   2. License fee (BTL) Business Trade Levy for both Liberians and foreigners
2. Partnership
   1. Partnership Agreement - Probate Court, Temple of Justice, Republic of Liberia
   2. License fee for both Liberians and foreigners
3. Sole Proprietorship
   1. License fee / Business Trade Levy for both Liberians and foreigners

III. Fees for two major sectors are outlined below:

1. Fees for the formal sector (Companies)

   Category	Liberian	Non-Liberian
   Sole Proprietor	$2,000.00(LD)	$700(USD)
   Partnership	$3,000(LD)	$800(USD)
   Corporation	$4,000(LD)	$900(USD)

2. Fees for the informal sector (Petty Traders).
   1. Obtain petty trader’s form from the Ministry of Commerce and Industry:

      Liberian	Non-Liberian
      $50(LD)	$100(LD)

   2. Also..Obtain petty trader’s license from the Ministry of Finance. Payment of license will be done according to the type of busines listed below:

      Sole Proprietor	$400(LD)
      Partnership	$1000(LD)
      Corporation	$2000(LD)