Once you decide to push your company across borders and into Sierra Leone, you need to prepare to either establish a subsidiary or outsource. Choosing to set up a Sierra Leone subsidiary involves many moving parts. You could spend weeks or months setting up your subsidiary before you’re ready to hire employees, add them to your payroll, and give out compensation and benefits.
Globalization Partners will use Sierra Leone subsidiary outsourcing services to help your expansion become more productive and less time-consuming. You won’t have to set up a Sierra Leone subsidiary when you work with us. We’ll act as the Employer of Record, using our existing subsidiary to make sure you stay compliant, making your life a little easier in the process.
How to Set Up a Sierra Leone Subsidiary
When you’re trying to figure out how to set up a Sierra Leone subsidiary, you need to start by discussing your company’s goals. We suggest choosing a physical location for your office first. Different regions or areas in Sierra Leone can operate under separate laws and regulations, which may make it easier or harder to incorporate in certain spots. Always research your desired location before deciding to officially incorporate there.
You should also discuss your operating goals in the country. Sierra Leone offers several different entities that all have their own laws and restrictions, including a limited liability company (LLC), public limited liability company (PLC), branch, and representative office. Many businesses choose to incorporate as an Ltd, but you should find the option that works best for your company.
The steps to set up a Sierra Leone subsidiary as an LLC include:
- Preparing a memorandum and articles of association
- Choosing a company name
- Submitting statutory declarations
- Submitting other necessary documents, including members’ and directors’ IDs, statements, and letters of consent
Sierra Leone Subsidiary Laws
Sierra Leone’s subsidiary laws vary based on what entity you choose. LLCs require at least one shareholder and one director who can be any nationality and either individuals or corporate bodies. They do not have to live in Sierra Leone. The country also recently eliminated its minimum share capital requirement, so you don’t have to set aside this capital to incorporate.
The Companies Act 2009 and subsequent amendments outline more Sierra Leone subsidiary laws that you need to follow to stay compliant. For example, your memorandum of association needs to be in the right form and get authenticated by each subscriber. Your articles of association should then outline how your company will be run, governed, and owned. It needs to contain the name of your company, your registered office, the nature of your business, and the structure of your subsidiary.
Benefits of Setting Up a Sierra Leone Subsidiary
The biggest benefit of navigating the Sierra Leone subsidiary setup process is that it allows you to operate legally within the country. An LLC also benefits your parent company, as they will have limited liability from the subsidiary and won’t have to worry about any costly litigation. Plus, the subsidiary is free to choose the best way to operate in Sierra Leone that matches the country’s culture and regulations.
Globalization Partners provides even more benefits through Sierra Leone subsidiary outsourcing. We understand the hassle of trying to juggle an expansion and handle all matters of compliance. That’s why we use our existing subsidiary in Sierra Leone to help you start working faster. As the Employer of Record, we also shoulder all the compliance, so you can focus on growing your company instead of worrying about this factor.
Other Important Considerations
When you’re ready to incorporate in Sierra Leone, we recommend setting aside the time and money you’ll need to make your subsidiary successful. You’ll have to travel back and forth to Sierra Leone multiple times throughout the process. If that travel time doesn’t fit in your schedule, you should appoint another company executive to handle the incorporation process. We also recommend working with your accounting team to determine how much money to set aside for your Sierra Leone subsidiary setup process. Then you won’t be surprised by any hidden or unexpected fees.
Let Globalization Partners Help With Your Expansion
Globalization Partners will help make your expansion a breeze through Sierra Leone subsidiary outsourcing. Contact us today to learn more.