The Republic of Gambia is a small country in West Africa with a rapidly rising economy that draws foreign investors because of its flexible tax system and government backing. Gambia’s capital is Banjul, and English is the official language. The Gambian Dalasi is the local currency. In The Gambia, business registrations are handled by the Registrar of Companies. The Registrar issues international corporations certificates of compliance, local companies certificates of incorporation, and sole proprietorship and partnership certificates of registration. It takes roughly two to three weeks to register a company in The Gambia. The standard registration steps are as follows:
- Create a unique business name.
- Create a firm charter and have it notarized.
- At the tax office, obtain an identification number. The Gambia Revenue Authority (GRA) is in charge of taxpayer registration.
- Pay the stamp duty.
- If you hire others, you must register with the Social Security Administration. According to the Social Security Act 2010, businesses must register as employers with the National Provident Fund. Employers contribute 10% of employees’ basic salaries, while employees contribute 5%.
- Register the company at the Banjul Commercial Registry.
- Depending on the type of business, certain professions and vocations require a license to operate, a Trade License should be obtained from the appropriate Licensing Authority.
- Make a business print (if necessary)
Categories of businesses in the Gambia
The following are the several broad categories of businesses that can be registered under Gambia’s laws, as well as their specific requirements:
One-person business
- Provide a photocopy of the proprietor’s identification card or passport;
- If you don’t already have a Tax Identification Number (TIN), apply for one;
- Fill out the D500 Business Registration Form (SWR3) at the Registrar of Companies.
- Obtain GRA’s Income Tax Clearance;
- The Registrar of Companies at the Ministry of Justice will provide you with a Business Registration Certificate.
Business Partnership
- For a fee of D500, you can reserve a name;
- Hire a lawyer to draft a partnership agreement (costs range from D10,000 to D20,000);
- Register the Partnership Deed at the Ministry of Justice’s Registrar General’s Office for D500;
- Provide photocopies of partners’ ID cards/passports as well as their phone numbers;
- Obtain a TIN for the partnership business at GRA and pay D1,000 in stamp duty;
- Fill out Business Registration Forms (SWR7) for free at the Registrar of Companies.
- Pay D5,000 for a general partnership and D10,000 for a limited partnership to the Registrar of Companies;
- Obtain GRA’s Income Tax Clearance;
- After presenting the Tax Clearance Certificate, TIN, and Registered Partnership Deed at the Registrar of Companies Office at the Ministry of Justice in Banjul, you will be awarded a Business Registration Certificate;
- Obtain a Municipal Trade License from the municipality where your business is located.
Limited Liability Corporation (LLC)
- Apply for a D500 name reservation; a photocopy of shareholders’ identity cards or passports; and telephone numbers. If any of the shareholders or directors is a non-resident, include details of an agent acting on his or her behalf in the Gambia.
- Prepare your Memorandum and Articles of Association with the help of a lawyer. The costs range from D10,000 to D20,000;
- If you don’t already have one, get a Tax Identification Number from GRA;
- Complete the Business Registration Form (SWR7) and pay the D1,000 registration cost to the Registrar of Companies;
- Pay the following fees for incorporation: Up to D500,000 in share capital pays D10,000, D500,000 to D1,000,00 pays D15,000, and D1,000,000 and beyond pays D25,000. D5,000 is paid by a corporation limited by guarantee;
- Obtain a Certificate of Incorporation from the Ministry of Justice’s Registrar of Companies in Banjul;
- Obtain a Municipal Trade License from the right local municipality.
Associations
- Make your constitution with the help of a lawyer or a development expert. Members of the Executive Board and their specimen signatures should be listed here;
- Obtain a Department of Community Development letter;
- Obtain a TIN from GRA and make a D100 Stamp Duty payment;
- Pay the D1,000 incorporation fee to the Ministry of Justice’s Office of the Registrar of Companies in Banjul;
- Obtain a Registration of Incorporation Certificate from the Registrar of Companies at the Ministry of Justice in Banjul for your association;
- Obtain a Municipal Trade License from your local municipal government.
