Hilary Spilkin.
Hilary Spilkin is an international tax attorney and alumna of the Thomas Jefferson School of Law Master of Laws program. As Managing Director of the Liberian Corporate Registry, Hilary oversees the development and administration of the non-resident domestic business registry, while also being responsible for reviewing and recommending changes and providing policy determinations on the Liberian Associations Law and other legal provisions affecting Liberia’s non-resident domestic business entities. Hilary also is part of the Liberian advisory panel to the Organization for Economic Cooperation and Development (OECD).
The Country
Liberia is one of the oldest corporate jurisdictions and has provided corporate registration services internationally for more than 60 years.
The West African nation is Africa’s oldest republic with its statutorylaw based on United States common law. The Republic ofLiberia has maintained a stable position as a constitutional republic and representative democracy, free from political and financial risk, and accessible to businesses, entrepreneurs and investors.
The country recently celebrated a ten year milestone of peace. In 2005, Ms. Ellen Johnson- Sirleaf, a Harvard University graduate and former World Bank economist, was elected President of Liberia and became the first elected female to lead an African nation.President Johnson-Sirleafwas re-elected to a second term in 2011 and was jointly awarded the Nobel Peace Prize this same year.Among recent other accomplishments:
• Liberia was elected to the United Nation’s International Maritime Organization (IMO) Council
• Liberia was White Listed with the Organization for Economic Cooperation and Development (OECD) Global Forum
• Liberia operates one of the world’s largest and most active shipping registers, which has more than doubled in size over the past 10 years with more than 4,000 vessels aggregating more than 135m gt.
The Law
The Liberian Associations Law, which closely resembles United States Delaware Corporate Law, allows for the formation of Corporations, Limited Liability Companies (LLCs), Limited Partnerships and Private Foundations, both resident and non-resident. The non-resident corporate registry is administered exclusively by a United States based, private company, LISCR, LLC. Moreover, all non-resident entities are provided with an exclusive registered agent within Liberia for service of process only. LISCR, LLC, the United States based company, headquartered near Washington D.C., operates and maintains full service regional offices throughout the world for the administration of the Liberian Ship Registry and the non-resident Corporate Registry.
The Liberian Ship and Corporate Registries maintain full-service offices in Cyprus, Dubai, Hamburg, Hong Kong, London, New York, Piraeus, Shanghai, Seoul, Singapore, Tokyo, Virginia and Zurich. The global infrastructure of the Registry, coupled with its technologically advanced computer and electronic systems, allow for same day formation of business entities, prompt issuance of certificates and receipt of filings, 24 hours a day, 7 days a week.
The Entities
Liberian Associations Law provides for several legal entities commonly utilized forinternational tax planning, wealth and asset protection. These legal entities include:
• Corporations – also known as IBCs - International Business Companies (based on United States and Delaware Law);
• Limited Liability Company (LLCs)(modeled on Delaware Law);
• Partnerships and Limited Partnership (LLPs)(modeled on Delaware Law);
• Private Foundations (based on the modern Austrian model); and
• Foreign Maritime Entities (FMEs) (used exclusively for shipping purposes).
Advantages of using Liberian non-resident business entities
There are several reasons why Liberia stands out among its competitors as the jurisdiction of choice when seeking offshore corporate services:
• Same day incorporation and first class service. The Liberian Registry is unique in its state of the art technological platforms and offers same day service through its electronic register known as eCorp. eCorp provides clients with a secure, web-accessible data network which facilitates prompt and efficient formation of entities and the filing and issuance of documents on a global basis in real time.
• Global network of regional offices. The Registry is operated exclusively through a privately owned United States company,with headquarters near Washington, D.C., and with regional offices located worldwide which ensure prompt service 24 hours a day, 7 days a week.
• The world’s oldest corporate jurisdiction. The Liberian Registry has provided corporate services to the international business community since 1948 without interruption.
• Business entities require no local management or presence in Liberia.An exclusive registered agent for service of process is provided by the LISCR Trust Company at no additional cost. This provides flexibility and freedom for entities to operate and be managed in any countryexcept Liberia.
• Committed to protecting confidentiality. There are no mandatory filing requirements for information such as names of Directors, Officers and Shareholders.Filing of information is voluntary and may beconducted in one of two ways; either for public access or not for publicaccess through the process of recordation with the registered agent, The LISCR Trust Company.
• Statutorily exempt from Liberian income and withholding taxes.Non-resident entities are exempt from all forms of taxation in Liberia and thus are not required to file financial statements or submit tax returns to the Government of Liberia.
• Quality Reputation. The Liberian Ship Registry is recognized as the world’s largest quality registry, and the world’s second largest registry in terms of fleet size. Liberia has earned international respect for its dedication to flagging the world’s safest and most secure vessels. The Liberian Registry is recognized at the top of every industry “white list” including the International Maritime Organization and the major Port State Control authorities around the world. The Liberian Ship and Corporate Registries are administered exclusively through the same privately owned organization, LISCR, LLC.
Liberia surpasses the competition
Liberia is well respected and recognized in the international community, having been a founding member of the United Nations in 1945 and a founding member of the Economic Community of West African States (ECOWAS) in 1975.
Liberia is also a member of the Organization for Economic Cooperation and Development (OECD) Global Forum. In March 2011, Liberia was recognized as White Listed by the OECD and the country received a congratulatory remark from the Director of the OECD’s Center for Tax Policy and Administration, stating that “Liberia has made great progress in a short period. They (the Liberians) are clearly committed to this process and are setting a good example in Africa”.
Moreover, the International Monetary Fund (IMF) has listed Liberia has a jurisdiction which does not have significant offshore activities, and the International Narcotics Control Strategy Report (INCSR) published annually by the United States Department of the Treasury, does not place Liberia on its list of jurisdictions of prime concern for money laundering and terrorist financing.
In April 2012, France correctly removed Liberia from its national Blacklist of tax havens, and now considers Liberia to be among the list of countries recognized for its cooperation in tax matters.
Furthermore, the Financial Action Task Force (FATF) hasevaluated Liberia as being compliant with their recommendations as the country has shown its commitment to anti-money laundering by way of enacting the appropriate legislation and by establishing a Financial Intelligence Unit (FIU).
