Business and Regulatory Environment

Description

The World Bank Doing Business Report (2013) ranked Liberia 144th out of 185 economies. Among the 10 categories analysed by this study, Liberia performs well in starting a business. In order to ease starting a business, the government has undertaken several business reforms since 2008. It established a one-stop business registry, reduced the waiting time for a business license from 6 days to, at most, 48 hours (2 working days), and eliminated the business license fee of 4,200 Liberian dollars. However, Liberia lags behind in registering property and enforcing contracts. With respect to property registration, the conflict between the statutory legal system and local customary law has resulted in land disputes and unscrupulous sale of falsified land deeds to multiple buyers whilst the civil war only aggravated the situation. The government has strived to resolve this issue by adopting alternative dispute resolution mechanisms and digitizing records at the land registry. However, so far, companies rather choose to make additional community-level payments to resolve competing land claims. With respect to contract enforcement, the Liberian judicial system lacks adequately trained officers, often leading to faulty proceedings and corruption. The Liberian judicial body has established a new commercial code and a specialized commercial court. Nevertheless, unlike its mandate to preside over all financial and commercial disputes, some cases go unresolved due to the lack of regulating legislation.

The Business Environment: Doing Business

Multilateral Trade Instruments

Abstract


The Trade Treaties Map tool is a web-based system on multilateral trade treaties and instruments designed to assist trade support institutions (TSIs) and policymakers in optimizing their country's legal framework on international trade

Instrument ratified :
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Weighted score : /100
    Ratification Rate Rank Weighted Score Rank
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