Key Insights into Gambia Company Formation
Africa holds a world of opportunities and advantages for entrepreneurs and investors everywhere. In this article, we will be covering the crucial steps of the Gambia Company Formation.
Located in West Africa, the country boasts a strategic location for trade, a growing tourism industry, and a government committed to economic growth via pro-business policies. Also, there’s a lot of potential for growth in sectors like agriculture, tourism, and renewable energy.
Starting Your Business Adventure in Gambia
Before starting Gambia company formation, a good rule is to outline your business objectives.
Then, browse the options below to choose a structure that aligns with your goals.
| Sole Proprietorship (Individual) |
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| Company |
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| Partnerships |
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Before starting, a useful rule of thumb is to keep a clear record of all your business details and documents because you will be referring to them throughout the entire process of Gambia company formation. Here is the step-by-step explanation of Gambia company formation:
Choose and Register a Business Name
As is customary in many countries, it’s essential to choose a name that is not only fitting but also culturally appropriate — in line with Gambia’s business naming regulations. You can do this manually by doing a name search at the Commercial Registry. This process is typically completed within a day.
Draft the Memorandum and Articles of Association
Sometimes abbreviated to ‘MOA’ and ‘AOA’, these documents contain crucial information about your company, such as:
- Company purpose
- Registered office address
- Management framework
- Shared capital
In Gambia, it’s obligatory for all shareholders to provide their endorsement for these articles. It’s worth mentioning that the Articles of Association must also be notarized by a public notary, a step typically completed within a day.
Establish Business Connections with the Authorities
To engage in business with the Gambia Revenue Authority (GRA) and other corporate entities, your must register for a Taxpayer Identification Number (TIN). For further information about GRA, please refer to this link.
Payment of Stamp Duty and Corporate Tax Deposit
Pay your stamp duty and deposit corporate tax with the Commissioner of Income Tax. The amount you need to pay depends on your company’s share capital. This takes one day to complete.
Registration at the Commercial Registry
Register your company with the Commercial Registry. According to Gambian law, one must file the Memorandum of Association and Articles of Association and provide receipts for Stamp Duty and Business Registration fees to the Gambia Revenue Authority. Again, the fees for registering will vary accordingly. It can be higher. Again, this is depending on the share capital of your company. This process should take you about two days.
Obtain an Operational Licence
As per the Business Registration Act of 1973, businesses are to register and get a Certificate of Registration before they are even allowed to operate legally. Additionally, a Certificate of Incorporation may be required as well. For businesses situated in Kanifing, its economic citadel or Banjul (the capital of Gambia), obtaining an operational licence from the respective municipal council is an additional requirement. This would take one day.
Forward Employment Contract Copies to the Department of Trade and Industry (DTI)
Businesses employing staff must provide copies of their employment contracts to the DTI. Do note that you cannot skip this step. At the DTI, these contracts undergo review to ensure you comply with government-established labour standards.
Enrol Employees with the Social Security Corporation
As an employer, do register your workforce with the Social Security and Housing Finance Corporation (SSHFC). This corporation is a government agency that offers social security benefits to employees in Gambia. Please note that this procedure typically takes a bit more time than others, with a potential duration of up to seven days.
If everything in your business setup goes according to plan, you can establish a company in Gambia anywhere from two to three weeks.
More Information That Can Be Useful to You
This information may come in handy for you.
| Visas | The following documents will be needed to apply for a visa:
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| Tax | Previously at 30%, Gambia’s corporate tax rate currently has been lowered to 27%. |
| Business Address | It is compulsory for you to have an official office address where all official messages and letters can be addressed in Gambia. |
| Special Investment Certificate (SIC) | Known better as ‘SIC’, this certificate serves as a reward for investors opting to invest in Gambia’s key sectors and regions. To qualify for a SIC, investors must commit a minimum of £248. These key sectors encompass agriculture, fisheries, tourism, energy, and more. As for priority regions, they include locations such as the Lower River Region and Upper River Region. |
| Residential Permits | This permit will expire on the 31st of December for the year. |
Ready to Start Your Journey in Gambia?
Starting a business in a new country is an exciting endeavour, but setting up your company might not be the same. It requires pouring hours into research, extensive paperwork and going through legal requirements. With that said, if you prefer to focus on building your business, do consider partnering with our seasoned team that will help you get everything from A to Z done.
At 3E Accounting, we specialise in assisting businesses at every stage of their journey. With years of experience and a team of multi-disciplinary experts, we’ve successfully launched thousands of successful companies worldwide. Our 24/7 support ensures that we’re there for you every step of the way. To kickstart your business venture confidently, reach out to us now for a swift and cost-effective solution!
