1. Doing Business in Sierra Leone
Republic of Sierra Leone
Doing Business in Sierra Leone
(Investment and Export Facilitation Guide)
Presented by:
Mrs. Sally Sulaiman-Gassama

2. His Excellency President Julius Maada Bio – May 2018
‘ My administration will promote competitive, fast-growing and liberal economy led by the Private sector…..’
His Excellency President Julius Maada Bio – May 2018

3. ABOUT SLIEPA
The Sierra Leone Investment and Export Promotion Agency (SLIEPA) is the Government Trade Promotion and Trade Support agency created by the SLIEPA ACT of Parliament in 2007 and supervised by the Ministry of Trade and Industry responsible for the co-ordination, promotion and generation of foreign and domestic investments, and also the development of traditional and non-traditional exports diversification, and value addition
To promote investment opportunities in Sierra Leone and provide information to potential investors on matters relating to investments;
To facilitate registration of business enterprises and assist investors in obtaining permits, licenses, certificates or clearances needed for the commencement of business (that is, acting as a “one-stop” center);

4. To assist potential investors in identifying joint venture partners in Sierra Leone. To develop relationship between public and private sector for the growth of investment;
To offer Export development services like Market intelligence for exporters, Market linkages, and Export facilitation and special services; and
To provide relevant information soft and hard copy and frequent website update on general information, Taxation, business licensing and registration, and Manage Investor visits to Sierra Leone and offer aftercare services.

5. Sierra Leone at a glance
Population- 7, 396,190 Million
GNI Per Capita (US$)- 490 (The World Bank)
Inflation rate %
Doing Business out of 189
Starting A Business- 83 out of 160
Protecting Minority Investors 81 out of 160
Paying Taxes – 85 out of 160
Independence 27th April & Democracy is alive and thriving
The investment climate is being transformed

6. REASONS TO INVEST IN SIERRA LEONE
There are many reasons investors should consider Sierra Leone as their destination for investment.
First mover advantage – 5.4 million hectares of arable land
Attractive fiscal and non-fiscal incentives
Significant Hydro and irrigation potentials
Easy access to land with smooth facilitation process
Significant untapped mineral deposits
6.1% Projected real GDP growth rate – 2018
Strong privatization and divestiture program scheduled

7. Strategic access to markets
Natural deep water harbour at nexus of global trade routes
Closest African country to Latin America
Duty-free & preferred access to:
AfTCA- 55 countries of the AU
ECOWAS – 225 million people
EU via EBA
USA via AGOA
2hrs from Lagos
4hrs Sea route to Brazil
6hrs From Europe
8hrs from the Americas

8. Tax Incentives
Sierra Leone provides the following deduction, reduction or exemption from a tax liability as
An enticement:
To encourage economic diversification through the promotion of specific sectors and
goods;
2. To encourage investors to invest in the key priority sectors;
3. To encourage value addition; and
4. To support social policy.
Tax incentives relate to Income Tax-including Corporate Income Tax , Personal Income Tax &
Capital Gains Tax- and Customs Duties, Goods and Services Tax.

9. AGRICULTURE INCENTIVES
Agricultural activity involving rice farming and tree crop farming such as cocoa, coffee, oil-palm, poultry, livestock and ruminants, cashew, ginger, chilli, vegetable, and tubers,
1- INCOME TAX
For an Individual-The income of an individual derived from any agricultural activity
for a period of ten years from the commencement of the agricultural activity
For a Company- The income of a company incorporated in Sierra Leone derived
for a period of ten years from the commencement of that agricultural activity and fifty percent of any dividend paid in that period provided the company maintains full records of all transactions relevant to the agricultural activity. .

10. 2- CUSTOMS DUTY
a. Duty-free import
Entities engaged in agricultural production shall be entitled to duty-free import of agricultural inputs for a period of five years from the date of first registration .
Agricultural inputs means
(a) Fertilizers
(b) Pesticides
(c) Insecticides
(d) Seeds and seedlings
(e) Hybrid tree seeds
(f) Seed animal for feeding purpose
(g) Day-old-chicks; and

11. INFRASTRUCTURE INCENTIVES
1. INCOME TAX
a. Income tax-exempt income
Income derived from any undertaking under the Public-Private Partnership Infrastructure Projects in excess of twenty million dollars shall enjoy a corporate tax relief for fifteen years
2. CUSTOMS DUTY
a. Duty-free import
During the period of construction of any undertaking under the Public-Private Partnership Infrastructure Projects in excess of twenty million dollars, subject to the provision of an approved bill of quantities, the importation of plant, equipment and other inputs, excluding petroleum products, shall be duty-free.

12. HEALTH INCENTIVES
1. INCOME TAX
a. Income tax-exempt business
Any new business-
(a) manufacturing drugs, medical devices, and other health-related items according to the guidelines of the World Health Organization; and
(b) investing a minimum of $500,000, and
(c) employing a minimum of fifty persons for that purpose;
shall be eligible for a corporate tax relief not exceeding ten years in addition to other incentives the business may be eligible for.

13. a. Duty-free importation
Any new business-
(a) manufacturing drugs, medical devices, and other health-related items according to the guidelines of the World Health Organization; and
(b) investing a minimum of $500,000, and
(c) employing a minimum of fifty persons for that purpose;
shall import duty-free raw materials for drug manufacturing by the business for a period of ten years
Reduced-duty rate importation
Any new business manufacturing drugs, medical devices, and other health-related items according to the guidelines of the World Health Organizations, and investing a minimum of $500,000, and employing a minimum of fifty persons for that purpose shall import intermediate goods for drug manufacturing by the business at the rate of 3% for a period of ten years

14. Investment Opportunities

15. Agriculture Contribution to Total Economy
Agricultural Sector
Agriculture is a priority for Sierra Leone and is a fundamental component of the “New Direction”
Agriculture Contribution to Total Economy
 Main crops are rice (staple crop), cassava, Maize, sweet potato, oil palm, cocoa and coffee

16. Agriculture: Opportunities
Commodity
Brief Description
Rice
Good growing conditions and much uncultivated land
Suitable areas for mechanical cultivation include TormaBum Rice Fields (51,300 ha in Bonthe District) and Gbondapi Rice Fields (41,000 ha in Pujehun District).
Oil Palm
Production of Palm and Kernel Oil (PKO) and other ancillary products including soap, bio-fuel, cooking oil, etc.
Opportunities for integrated production & refining of ethanol (sugar, Cassava) & biodiesel (oil palm)
Sugar and Ethanol Production
Excellent growing conditions
Opportunity to satisfy local consumption demand (currently 50% local demand met through imports) as well as import to EU & West Africa

17. Agriculture: Opportunities
Commodity
Brief Description
Cocoa, Coffee
and Cashew
Processing
Large areas under cultivation but require rehabilitation, replanting, new planting, value addition
Sierra Leone has enormous potential for improvement and growth - improved quality afforded Sierra Leone a 10% premium on world prices
Carbon Trading
The Gola Forest and other Protected areas offer significant potential for carbon credits, Wild life, Flowers
Cassava
Many opportunities for processing cassava flour, flakes, ethanol, etc,
Meat
Processing,
Poultry and
Dairy Products
High Potentials, yet to be fully explored

18. Infrastructure Sector
A number of positive strides have been taken by the Government in the various sub-sectors, with a view to improving the overall conditions and to provide a solid foundation for wider economic activities.
Some of these developments range from:
Airports
Ports
ICT Infrastructure
 Roads and RailTransport
Real Estate development

19. Infrastructure: Opportunities
Project Description
Project Type
Status
Freetown Estuary Transport Development Project
PPP
Detailed data available.
Construction of Lungi – Freetown Bridge
PPP/BOT
Ministry data available
Expansion of Lungi International Airport
EOI and feasibility study being conducted
Deep Sea Mineral Port & Rail
Detailed data available

20. Infrastructure: Opportunities
Project Description
Project Type
Status
Development of passenger Jetty terminals and Logistic Depot for Oil Exploration including development of a Tank Farm.
PPP/BOT
Ministry data available
Queen Elizabeth II Quay Port Expansion
Bollore had a deal which ends in September Opportunity still open.
Rehabilitation of Domestic Airports

21. Energy Sector
Sierra Leone is blessed with plentiful rainfall and sufficient topographic relief that creates substantial potential for hydro-power generation throughout the country.
The country also has abundant sunlight, which is seasonal complementary to hydropower sources, thereby creating strong opportunities in solar power generation.
The country’s bourgeoning bio-fuels sector has also received foreign direct investments. The Government of Sierra Leone has also demonstrated strong commitment and dedication to the establishing and expanding the sector, through a set of transparent policy measures.

22. Energy: Opportunities
Sierra Leone’s energy sector offers a number of investment opportunities in terms of direct investments and public-private partnerships. The following are some unique opportunities
Bikongor Feasibility Studies and Development
Bikongor is one of the largest potential sources of hydro power in Sierra Leone; with energy generation potentials of up to 160MW when fully exploited.
The Government of Sierra Leone, within the context of its PPP Framework, welcomes private sector interest in initially conducting technical feasibility studies on the potential generating capacity of the source
Mini-Hydros
Sierra Leone also has proven sources for hydro-power generation in various parts of the country. Many of the sources have generating potentials of between 2 MW and 12 MW.

23. Energy: Opportunities
Solar Power Generation
Sierra Leone’s sunshine offers opportunities for solar power generation, for specific aspects of energy.
The national energy generating potentials significant solar power potential with 2,187 hours of sunshine a year with generation potentials estimated at between 1,460‐1,800 GWH per annum.
Biomass Energy
Agricultural biomass waste is expected to be significantly high over the next 3 to 5 years as a result of on going and new large scale agriculture projects in oil palm, rice, etc
The waste collected from these farms can serve as major inputs in the generation of biomass energy.

24. Investment and Export Incentives
Fiscal and Financial Incentive and Special Zones Although Sierra Leone is an attractive market in its own right, the government is currently reviewing offers, added fiscal and financial incentives to investors. Many of them are sector specific. Including the establishment of the first special economic zone operated by First Step at Newton near Freetown and the creation of more economic zones to enhance trade and investment in the country,
Government under the ‘New Direction’ policy prioritises export diversification projects as a means of broadening the export portfolio and enhancing sustainable economic growth

25. Thanks