Liberian companies

The Republic of Liberia is a country on the west coast of Africa, bordered by Sierra Leone, Guinea, and Côte d'Ivoire. It has recently been afflicted by two civil wars (1989–1996 and 1999–2003) that have displaced hundreds of thousands of its citizens and destroyed the Liberian economy.

Official language English Capital Monrovia President Gyude Bryant Independence July 26, 1847 Currency Liberian dollar (United States dollar also in common use) Time zone UTC

Liberian Companies

Liberian Companies have been used as asset holding and trading vehicles by non Liberians in the same way as companies set up in other tax havens such as the Cayman Islands. Liberian Companies are noted for their simplicity and complete absence of any form of taxation provided there is no economic activity in Liberia. Liberian Companies were popular in the 1970s and 1980s, but have fallen out of favour in recent years due to the ongoing civil war.

Documentation

Liberian companies were very popular due to their very low foramtion costs and simple documentation, which is most importantly all in English.

Subscription Rights

The Articles and Memeorandum of incorporation typically carry the subscription rights issued to bearer. The holder of the subscription rights may thus issue shares, or appoint and remove directors. It is sufficient for the subscription rights to be produced for the holder to elect himself or any third party as director. Directors Shareholders and other officers do not need to be registered in Liberia and thus it is not possible to obtain from the public record any form of evidence of directors shareholders or officers. This particular feature makes the administration of a Liberian Company particularly simple for offshore Trust Companies. Unfortunately it can sometimes create difficulties if a Liberian company is to enter into a contract, since the Counter-Party must follow the paper trail to ensure they are dealing with duly elected officials of the Company.

History of Liberia

The history of Liberia as a political entity begins with the arrival of the black American settlers — the Americo-Liberians, as they were to be known — who established a colony of “free men of color” on its shore in 1822 under the auspices of the American Colonization Society. The historical roots from which a majority of present-day Liberians derive their identity, however, are found in the varied traditions of the several tribal groups of indigenous Africans whom the settlers confronted in their struggle to gain a foothold in Africa and, later, extend their control into the interior.

On July 26, 1847, the Americo-Liberians declared the independence of the Republic of Liberia. The settlers regarded the continent from which their forefathers had been taken as slaves as a “Promised Land,” but they did not intend to become reintegrated into an African society. They referred to themselves as “Americans” and were recognized as such by tribal Africans and by British colonial authorities in neighboring Sierra Leone. The symbols of their state — its flag, motto, and seal — and the form of government that they chose reflected their American background and immigrant experience. The social customs and cultural standards of the Americo-Liberians had their archetypes in the antebellum American South. These ideals strongly colored the attitudes of the settlers toward the indigenous African people. The new nation, as they conceived of it, was coextensive with the settler community and with those Africans who were assimilated into it. A recurrent theme in the country’s subsequent history, therefore, was the usually successful attempt of the Americo-Liberian minority to dominate people whom they considered “uncivilized” and inferior. They named the land "Liberia," which in European languages and Latin means "Land of the Free".

The founding of Liberia was privately sponsored by American religious and philanthropic groups, but the colony enjoyed the support and unofficial cooperation of the United States government. Liberia’s government, modeled after that of the United States, was democratic in structure, if not always in substance. After 1877 the True Whig Party monopolized political power in the country, and competition for office was usually contained within the party, whose nomination virtually ensured election. Two problems confronting successive administrations were pressure from neighboring colonial powers, Britain and France, and the threat of financial insolvency, both of which challenged the country’s sovereignty. Liberia retained its independence but lost its claim to extensive territories that were annexed by Britain and France. Economic development was retarded by the decline of markets for Liberian goods in the late nineteenth century and by indebtedness on a series of loans, payments on which drained the economy.

Two events were of particular importance in releasing Liberia from its self-imposed isolation. The first was the grant in 1926 of a large concession to the American-owned Firestone Plantation Company; that move became a first step in the modernization of the Liberian economy. The second occurred during World War II, when the United States began providing technical and economic assistance that enabled Liberia to make economic progress and introduce social change.

On 12 April 1980, a successful military coup was staged by a group of noncommissioned officers of tribal origins led by Master Sergeant Samuel Kanyon Doe, and they executed the President of nine years William R. Tolbert, Jr. in his mansion. Constituting themselves the People’s Redemption Council, Doe and his associates seized control of the government and brought an end to Liberia’s "first republic".

Doe made strong ties with the United States in the early 1980s, receiving more than $500 million for pushing out the Soviet Union from the country, and allowing exclusive rights for the US to use Liberia's ports and land (including allowing the CIA to use Liberian territory to spy on Libya).

Doe continued his authoritarian policies, banning newspapers, outlawing opposition parties and holding staged elections.

1989 and 1999 civil wars In late 1989, a civil war began, and in September 1990 Doe was ousted and killed by the forces of faction leader Yormie Johnson and members of the Gio tribe. The war ended in 1996, and a prominent warlord, Charles Taylor, was elected as President in 1997. Taylor's brutal regime targeted several leading opposition and political activists. In 1998, the government sought to assassinate child rights activist Kimmie Weeks for a report he had published on its involvement in the training of child soldiers. Taylor's autocratic and dysfunctional government led to a new rebellion in 1999. More than 200,000 people are estimated to have been killed in the civil wars. The conflict intensified in mid-2003, when the fighting moved closer to Monrovia. As the power of the government shrank and with increasing international and American pressure for him to resign, President Charles Taylor accepted an asylum offer by Nigeria, but vowed: "God willing, I will be back."

The Liberian economy depended heavily on the export of iron ore. Before 1990 Liberia also exported rubber. The long civil war has destroyed much of the country's infrastructure, and Liberia is dependent on foreign aid. The country currently has an approximate 85% unemployment rate.

The population of over 3 million comprises 16 indigenous ethnic groups and various foreign minorities. The Kpelle in central and western Liberia is the largest ethnic group. Americo-Liberians, who are descendants of freed slaves that arrived in Liberia early in 1821, make up an estimated 5% of the population. There also is a sizable number of Lebanese, Indians, and other West African nationals who make up a significant part of Liberia's business community. A few whites (estimated at 18,000 in 1999; probably fewer now) reside in the country.

Political upheavals and civil war have brought about a steep decline in living standards.