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Businesses Registration Up 7% In 2013
Date Uploaded: Apr 02, 2014

The Registrar General of the Liberia Business Registry (LBR), Abu Kamara

 

 

Businesses Registration Up 7% In 2013
By Robert Dixon

MONROVIA, April 2 (LINA) -The Registrar General of the Liberia Business Registry (LBR), Abu Kamara, has disclosed that 6,765 businesses were registered in 2013 as compared to 6,266 in 2012.

He said of the businesses registered in 2013, 6,137 are Liberian-owned, while 628 are foreign-owned, while of the 6,266 businesses registered in 2012, 485 are non-Liberian owned.

Quoting the 2013 LBR annual report, Mr. Kamara said this statistics shows a growth of 7% in new business registration in 2013 over 2012.

Addressing reporters Wednesday at his Front Street office in Monrovia, Kamara said Liberia ranked 144 out of 189 countries studied by the “Doing Business Survey” Team of the World Bank Group.

The Team’s report for 2014 on 189 countries or economies looked at zero areas of business regulations, such as starting a business, resolving insolvency and trading across borders and other areas to arrive at the rank of each nation.

He said during the period under review, businesses continued to be registered at the Liberia Business Registry for within at most 48 hours, when all requirements are met and when there are no technological glitches with the LBR system.

Meanwhile, the Registrar General has cited insufficient funding as a major challenge confronting the registry.

Mr. Kamara also said the LBR is yet to get the system source code from the Norway Registers Development, SA (NRD) that designed and created the Business Registry, due to lack of the needed funds.

He said another major challenge confronting the business registry is that the Legal Department of the Ministry of Foreign Affairs continues to incorporate corporate entities, which is one of the functions of the LBR, as enshrined in the Inter-Ministerial Regulations.

He said the regulations were developed and agreed upon by the Ministries of Commerce and Industry, Foreign Affairs and Finance as well as NASSCORP on the coordinated operation and management of the LBR.

"We strongly believe that this will bring Liberia backward in the Doing Business Survey Ranking of the World Bank Group, if nothing is done to curtail this practice," Kamara emphasized.
LINA RD/TSS/PTK

 

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