MONROVIA, April 5 (LINA) - The Liberia Business Registry (LBR) has disclosed that it generated more than L$33 million and US$1.6 million in revenue from business registration and related activities in 2013.

According to the statistics captured in its 2013 annual report, the LBR contributed the amounts generated to the general revenue of Liberia.

The LBR statistics indicated that categories of businesses registered included, Limited Liability Corporations, Not-for-Profit Corporations, Partnerships, Limited and Trusts, according to the Liberia News Agency.

Others are Foundations, Foreign Corporations, Foreign Maritime Entities (in consultation with the Liberia Maritime Authority), Business Corporations, Sole Proprietorships, and Reservation of Business Names.

As part of its mandate, the LBR also ensures that all business establishments conform to the domestic trade regulations of Liberia as it relates to formalization and also regulates, controls, coordinates, promotes and develops the domestic business of Liberia.

The LBR is a One-Stop-Shop established in partnership with other Ministries and Agencies that have been involved in enterprise formalization processes and functions.

The LBR works under the supervision of the Inter-Ministerial Oversight Committee, comprising the Ministers of Foreign Affairs, Finance, Commerce and Industry and the Director of the National Social Security and Welfare Corporation.

The LBR is also responsible for the coordination and implementation of the processes of enterprise formalization in Liberia.

Accordingly, it performs the authorization, incorporation and registration of every domestic corporation, re-registered corporation or re-domiciled corporation and every foreign corporation seeking authority for a place of business within the territorial borders of Liberia.

LINA RD/TSS/PTK