Frequently Asked Questions (FAQs) – National Investment Board
1. What is the National Investment Board (NIB)?
The NIB is the central government agency mandated to promote, coordinate, and facilitate private sector investment in Sierra Leone.
2. When was the NIB established?
The NIB was established under the National Investment Board Act of 2022.
3. What is the mission of the NIB?
To create a competitive investment climate that drives sustainable economic development.
4. What services does the NIB offer investors?
One-stop-shop facilitation, aftercare services, policy advocacy, and investor protection support.
5. How do I register a business in Sierra Leone?
Visit the NIB One-Stop Business Registration Centre or register online through the NIB portal.
6. What types of investments are encouraged by the NIB?
NIB encourages investments in agriculture, mining, manufacturing, tourism, ICT, and infrastructure.
7. How can foreign investors benefit from the NIB?
Foreign investors receive support in permits, incentives, aftercare, and protection under bilateral investment treaties.
8. What incentives are available for investors?
Tax holidays, customs duty exemptions, repatriation of profits, and access to special economic zones are among the incentives.
9. How long does business registration take?
Typically, business registration takes 3-5 working days, depending on document completeness.
10. Is online business registration available?
Yes, the NIB offers an online business registration portal for convenience and speed.
11. What documents are needed for business registration?
Valid ID, business name approval, completed application form, tax identification number (TIN), and payment receipt.
12. Can I register a business as a sole proprietor?
Yes, sole proprietorships are recognized and can be registered through the NIB portal or office.
13. What sectors does the NIB prioritize for investment?
Priority sectors include agriculture, mining, energy, tourism, manufacturing, and ICT.
14. Does NIB assist with land acquisition for investors?
Yes, NIB facilitates land acquisition through coordination with relevant government agencies.
15. How can I apply for investment incentives?
Submit a formal application through the NIB investment portal or office with your business plan and registration documents.
16. What is the role of the NIB Board?
They oversee policy direction, strategic guidance, and governance of the Board’s activities.
17. How can I contact the NIB for support?
Contact us via our website contact form, call our office at +232 739 52144, send us an email at info@nib.gov.sl, or visit us at 3 Jomo Kenyatta Road, Freetown.
18. Are there any fees for business registration?
Yes, registration fees vary by business type and size; check the official fee schedule on the NIB website.
19. Can I update my business information after registration?
Yes, changes to business details can be submitted through the NIB portal or office with supporting documents.
20. What is the process for dispute resolution involving investors?
NIB provides mediation services and refers unresolved cases to the appropriate legal authorities.
21. Does the NIB collaborate with international investors?
Yes, NIB works closely with international investors and organizations to promote investment opportunities.
22. Can I access market research through NIB?
Yes, NIB provides investors with market data, reports, and economic analysis to support decision-making.
23. How does the NIB support small and medium enterprises (SMEs)?
Through targeted incentives, capacity building programs, and facilitating access to finance and markets.
24. Is the NIB involved in public-private partnerships (PPP)?
Yes, NIB promotes and facilitates PPPs to drive infrastructure and development projects.
25. What are the tax obligations after business registration?
Businesses must register with the National Revenue Authority and comply with tax filing and payment requirements.
26. How do I renew my business registration?
Renewals can be done annually online or at the NIB office before the expiry date.
27. Are there any environmental regulations for investors?
Yes, investors must comply with Sierra Leone’s environmental laws and may require environmental impact assessments.
28. How does NIB ensure investor protection?
Through legal frameworks, dispute resolution mechanisms, and advocacy for fair treatment.
29. Can I invest in multiple sectors through one registration?
You can register multiple business activities, but each sector may require specific licenses.
30. What are the benefits of investing in Sierra Leone?
Strategic location, natural resources, supportive policies, and government incentives attract investors.
31. How does NIB support export-oriented businesses?
Through facilitation of export permits, trade information, and connecting businesses to international markets.
32. Are there any restrictions on foreign ownership?
Most sectors allow 100% foreign ownership, but some sectors require local partnership as per law.
33. Can I transfer my business ownership?
Yes, ownership transfers must be registered with the NIB to update official records.
34. Does NIB provide aftercare services to investors?
Yes, NIB offers ongoing support including problem resolution and expansion facilitation.
35. How can I stay updated with NIB news and opportunities?
Subscribe to the NIB newsletter, follow us on social media, or visit our website regularly.