Interested in registering small and medium-sized businesses in the African market? Why not establish a company in Gambia and open an account with a Gambian bank, then?
Being a small African country with an English-speaking population, Gambia is a member of the African Union, Non-aligned Movement, ECOWAS, OIC, Basin Development Organization of Gambia and many other international organizations.
Opening a business in Gambia
Registering a firm in Gambia in 2020 has a number of distinct advantages. Some of them include:
- a stably developing economy;
- investor-friendly legislation;
- cheap labour;
- existence of FEZs;
- flexible taxation system;
- DTA agreements with European countries;
- simple procedure for registering a business in Gambia.
Over the recent years, the Gambian government has been investing heavily in improving the country’s trade facilitation systems, placing the main emphasis on improving road infrastructure, developing an efficient road network, transit corridors, increasing the productivity of the Banjul seaport, facilitating the customs clearance of cargo and optimizing port services. Its ultimate goal is to help Gambia become Western Africa's powerful transit hub and transform the city of Banjul into the region’s main maritime trade hub.
In what industries is it profitable to open a business in Gambia?
Those who plan to set up a company in Gambia remotely should consider doing this in the following industries:
- Banking and Insurance;
- Real estate;
- Wood processing;
* Gambia is currently looking for investors who could help it develop its hotel and marketing infrastructure.
* Gambia’s Tourism Organization intends to bring the country’s tourism and business centers at par with international standards.
Please, keep in mind that launching an IT project in Gambia requires getting a license.
Establishment of a company in Gambia: legal forms
You can register a company in the Republic of Gambia as:
- Public/Private LC.
- Unlimited Liability Company (UC).
- Limited Warranty Company (LBG Company).
- Individual Entrepreneur.
- Partnership (LP/GP).
- You can also register a branch (B) in Gambia.
Registering a business in Gambia: terms and conditions
Registering a company in Gambia requires compliance with the following requirements:
- A unique name.
- No less than one director and shareholder (for individuals/companies).
- An authorized capital starting from $1.
- A Gambia-registered office and auditor.
- A notarized company charter.
- Paying a stamp duty and profit tax.
- Getting a TIN.
- Registering with the Commercial Registry in Banjul.
- Obtaining a business license in Gambia.
If you want to invest in Gambian strategic infrastructure, you should keep in mind this:
- The smallest amount of investment for access to preferential terms is $100,000.
- Investments should be made outside the Free Zones and in one of the priority sectors mentioned above.
- As part of the strategy to develop the country’s export potential, the Investment Promotion Agency is developing Business Parks in selected areas to assist investors in carrying out business activities there.
- Transactions in FEZ must be made in a foreign currency.
A taxation system
Those considering establishing a company in Gambia will be required to pay the following taxes:
- Basic income tax of 27%;
- Minimum alternative tax of 1% for audited and 2% for closed accounts;
- Sales tax of 15%;
- VAT of 30%.
You can open a corporate account in Gambia with:
- Standard Chartered Bank;
- Skye Bank Gambia Ltd;
- GT Bank, Zentralbank von Gambia;
- Zenith Bank;
- Arab Gambian Islamic Bank;
- BSIC Bank;
- Access Bank;
- Guaranty Trust Bank.
The national currency is Dalasi.
How to open a company in Gambia?
Opening a company in Gambia is easy if you entrust it to YB Case. Our experts can provide you with qualified advice on how to open an account with a Gambian bank and assist in obtaining a business license in Gambia. With us, registering a Gambian company will take no more than 2 or 3 weeks.