A new and modern business registry launched in Liberia will reduce the time, cost and compelexity associated with registering a business.

The project, a partnership between the government of Liberia and Investment Climate Facility for Africa (ICF), aims to reduce the number of procedures required to register a business from 12 to five, the time needed from 68 to 20 days and the cost from US$819 to US$119.

The project was achieved with technical assistance from the International Finance Corporation (IFC). Manual registration and past paper records are now fully digitalised and the focus will continue to be on capacity building.

'The government believes that enterprise formalisation will create a catalytic effect to private sector development, job creation and poverty alleviation and to achieve this, we have prioritised several reforms,' said the Minister of Commerce and Industry, Miata Beyslaw.

Modernising the business registry will benefit small and medium businesses, enlarge the private sector and improve access to credit, according to the ICF.