Those wishing to start a small and medium-sized business in the African market should consider such an option as registering a company in the Gambia and opening an account in a Gambian bank.
The Gambia is an independent West African state with semi-enclave status and washed by the waters of the Atlantic Ocean. The Gambia is the tiniest country on the African continent.
The closest neighboring country of the Republic of the Gambia is Senegal.
The economy of the state is based on: agriculture (peanuts, corn, vegetables, legumes), fishing and animal husbandry, extraction of natural resources (clay, sand), food industry (drinks), clothing, and footwear industry, woodworking industry.
The capital is Banjul. The largest cities are Bakau, Serekunda, Brikama and others.
National language: English. The population of the state is over 2.2 million people. The monetary unit is the Gambian Dalasi (GMD).
The climate of the state is sub-equatorial.
The Republic of the Gambia is a member of ECOWAS, WTO, African Union, OIC, and other international organizations.
Doing Business in The Gambia
If you are interested in the opportunity to register a company in the Gambia in 2021, we recommend that you carefully read the following business advantages of the jurisdiction:
- Smooth but stable economic development;
- Calm political environment;
- A positive attitude of the authorities towards foreign investment;
- Availability of broad prospects for business development;
- Available labor resources;
- Free economic zones;
- Flexible taxation system;
- The loyal pricing policy of the country;
- Availability of DTA agreements with European countries;
- Simple conditions for business registration.
For those who plan to open a company in the Gambia remotely, we recommend paying attention to these business areas: tourism (hotel business, restaurant business), IT technologies, transport, banking and insurance, light industry, construction, real estate.
Types of companies in the Gambia
When planning to open a company in the Gambia, first determine the most suitable form of economic activity. In the Republic of Gambia, you can register the following types of companies:
- Open / Closed Limited Liability Company (Public LC / Private LC);
- Unlimited Company (UC);
- Partnership (LP / GP);
- Individual entrepreneur (SP);
- Company limited by warranty (LBG company);
- Branch (B).
Those wishing to register a company in The Gambia are advised to opt for the following organizational and legal forms: Limited Liability Company (Public LC / Private LC), Limited Warranty Company (LBG company), and Unlimited Liability Company (UC).
Business registration conditions
Registration of a company in the Gambia will not take much time and will be as successful as possible if the following conditions of the local Regulator are met:
- Unique name (the selected OPF is indicated at the end);
- The allowable number of directors: 1 or more (individuals/companies);
- The allowable number of shareholders: from 1 or more (individuals/companies);
- The capital of the company: from 1 USD;
- Local registered office;
- The presence of an auditor;
- Obtaining a license for certain types of business activities;
- Submission of financial statements.
Tax system in Gambia
When intending to register a company in The Gambia, be sure to read the list of tax obligations of this jurisdiction provided for local and foreign businesses:
The base income tax rate is 27%;
Minimum alternative tax: 1% for audited and 2% for closed accounts;
Sales tax rate: 15%;
Personal income tax: 30%.
For registration of a company in the Gambia you are required:
- register a unique company name.
- notarize the charter of the company.
- pay stamp duty and income tax. Fees increase depending on the authorized capital of the company.
- get a tax identification number.
- register workers with the Social Security and Housing Finance Corporation. Send copies of employment contracts to the Department of Trade and Industry.
- register a company in the Gambia with the Commercial Register in Banjul.
Obtain an operating license and issue company seals either from the Kanifin Municipal Council or the Banjul City Council.
The local registration fee for businesses is 10,000 German dinars ($ 211).
If the books are kept in The Gambia, then reports that disclose the financial position of the enterprise must be sent to the Registrar General at least once every six months.
Every company must have an auditor who is a member of the UK accounting body, recognized by the Treasury and the Economy or an approved minister, except for private companies which are tax exempt. In addition, the auditor must not be an officer or employee of the company or a partner or employee of such person or legal entity.
