On Tuesday this week, Ministry of Commerce and Industry (MoCI) launched the free business registration for petty traders to increase their visibility and eligibility. 

The petty trader's registration center was completed in 2022, set up and equipped through United Nations Development Programme (UNDP) support under the Livelihood and Employment Creation programme to serve as a one-stop center for the registration and issuance of flag receipts to informal businesses with annual revenue of less than LD$200,000.

Speaking at the launch, minister Amin Modad thank UNDP for the support it has given the ministry and assured that the ministry will maintain and sustain the center as well as to provide support to petty traders to register their businesses.

He further noted that the ministry will do more awareness and sensitization on the importance and benefits of the petty trader's registration center.

Giving remarks at the launch, UNDP Resident Representative a.i. Louis Kuukpen noted that the establishment of a one-stop registration center at the MoCI and leveraging the participation of the Petty Traders Association can facilitate registration and encourage the formalization of small businesses.

He stated that registration of informal businesses provides a great opportunity to include them in the digital economy and link them to opportunities that can help them access technical and financial support.

Kuukpen reaffirmed UNDP’s support to the ministry using the data from the petty trader’s registration center to support and link them with digital tools and financial opportunities to strengthen their capacity.

Kuukpen said registering petty traders will help to grant legal status to informal businesses aligned with their needs and government objectives of raising revenue.  

The center is intended to be operated by the MoCI and the Liberia Revenue Authority (LRA).

UNDP Accelerator labs research reveals that the informal economy is the world’s biggest employer with 60% of workers worldwide and as many as 90% in the lowest-income regions, are informally employed.