Sierra Leone News

Archive for the ‘Sierra Leone Business’ Category

I’ve got good news today…well actually it happened on Tuesday: I finally received my Business Registration Certificate!! BRAVO!.  Feel like I’ve fought a real battle and WON but without any fanfare or trumpets! I’ll tell you why: in exchange for not succumbing to any shady tricks, I sacificed precious time.

In continuation, to my previous posts (read Part 1 and Part 2), I went to the OARG on Monday and I finally got the NRA personnel who was missingon Friday - to sign the written statement. My Business Registration was then printed but it had no signature and after waiting for an hour or so, I gave up and told Mr B. I’ll come back on Tuesday.
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OK today, I’ve calmed down following my fury at the Business Registration Bureau in town. Now as I write this entry, I’ve been to this place a total of 10 times since my initial post about regisitering a business in Sierra Leone (click here to read Part I) and till today I’ve not completed eveything!

Remember, I don’t know anyone in this office and I’m not paying an bribes to push through my application. I just want to see how long it will take me and ordinary Joe who is in a similar situation.

Officially, it should take 1-3 business day to register a company, so far it taking me 10 working days, and 2x I’ve been asked blatantly for money by Mr. B (not putting full name here) who’s been dealing with my application. I know for a fact that it shouldn’t take this long because I have friends who recently (within the last 6 months) registered and they didn’t have the problem I’m having because they admitted they paid their way.
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Errrrhhh…..well no! It takes more than a day and infact I’ll recount here my experience of registering a new business here in Sierra Leone - For those of you in the UK, it’s similar to setting up your company at companies house and getting a certificate for it. As write, I’m still in the process of getting the registration. This is my first post about it, will write

OK, I went to the Business Registration Center (NRA) on Tuesday the 26th Of January, 2010. First of all, there were so many people in front of the building, I wasn’t sure what they were doing there. When I entered, I wasn’t sure where to go: there wasn’t any obvious receptionist or any visible directions for those who want to set up. What was available, though, were posters on the wall stipulating the various costs involved. This is a good as it’ll cut down on a great deal of backhandedness. (”For lack of knowledge….”)
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The Business Bomba Finale took place at last! at Family Kingdom on Friday 15th Jan(it was postponed from the 18th December) and His Excellency The President, Earnest Bai Koroma graced the occasion with his presence in order to encourage entrepreneurship in Sierra Leone.

Other government officials present included the Prime Minister, Alhaji Sam Sumana and the minister of Trade, Mr David Carew. Also present were representitives of donors to the project: Mr Dominic O’Neil, Head of DFID Sierra Leone and Ms Jocelyn Songco representing the Soros Economic Development Fund.

The 20 finalists were palpably excited and I bet anxious too. Each went home with Le20million(approx $5,000)  plus Le5 million business vouchers.
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Yesterday all the shops were closed as business owners are protesting against the new GST tax the government has introduced. This was supposed to come effect last year September but was delayed until Jan 01, 2010. Now you’ll be wondering what exactly GST is….

The acronym stands for Goods and Services Tax and it’s levied on all goods and services. (A bit like VAT in England ) only it’s charged at 15%. From the explanation I’ve garnered, it replaces seven existing taxes, import sales, domestic sales tax, entertainment tax, restaurant tax and food tax, messages tax, hotel accommodation tax and professional services tax thereby simplifying and streamlining the present system of indirect taxation and reducing the cost of administration for the Government, the NRA and businesses.
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Although, the investment conference that took place in London is over, but there’s still a lot of interest in Sierra Leone as an investment destination.

I went to a conference on private investment yesterday (continuing today) and it was interesting to see that there are international investors that have plenty of money to invest. The question is are there viable business to invest.

In the past some have taken their money back as they found no businesses or indeed viable business plans worthy of their cash, but I hope not this time.

C’mon , Mama Salone, let’s show them that indeed this is a good place to invest!