Non-discrimination of foreign investors
The Investment Act of 2010 (available here) seeks to create a level playing field for foreign and domestic investors. In 2010 the GOL introduced a new investment law, which repealed and replaced the Investment Incentives Act of 1973 and the National Investment Commission Act of 1979. The new investment law was directed to incorporating international best practices for the attraction of foreign investment. In particular, the law set out a general prohibition of discrimination against foreign investors (section 6), ensuring that domestic and foreign companies have the same rights regarding licensing or permits for conducting business and are subject to the same obligations, like book-keeping requirements and taxation, as domestic firms. Importantly, the investment law provides that foreign investors may own, wholly or in partnership with Liberians, or control business in any sector of the economy of the country (section 6.3), save for a few specific exceptions discussed here.