A STEP-BY-STEP PRACTICAL GUIDE TO COMPANY FORMATION, GOVERNANCE & COMPLIANCE UNDER THE COMPANIES ACT, 2009 AND THE COMPANY REGULATION 2015 (RESPECTIVELY) OF SIERRA LEONE.

A Step-by-Step Guide to Company Formation, Governance & Compliance in Sierra Leone (Under the Companies Act, 2009 & Regulation 2015)

  1. Simple & Fast Incorporation: Companies can be formed by just one person and registration typically takes 3–4 working days after submission of all documents.

  2. Types of Companies: Choose from private/public limited by shares, unlimited, guarantee, or register a foreign branch/subsidiary—each with distinct liability and governance models.

  3. Key Requirements: Secure name reservation, prepare statutory documents (MOA, directors’ details, share capital declarations), and comply with notarization/stamping formalities.

  4. Minimum Share Capital: NLe1,000 for private companies and NLe50,000 for public companies—25% must be initially subscribed.

  5. Compliance Obligations: File annual returns and audited accounts to avoid steep penalties; directors owe fiduciary duties and must meet eligibility standards.

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