Company Formation & Business Registration In Gambia
Embarking on the journey of setting up a company and starting a business in The Gambia can be an exciting and rewarding endeavor. However, it is important to be aware of the challenges that lie ahead.
At Gambia Property Sales, we provide guidance on company formation, business registration, financial status, business and company laws, taxes, employment, permits, licenses, and other commercial and legal considerations that you need to take into account when establishing a business in The Gambia.
Setting Up & Registering a New Business or Company in The Gambia
Under the Business Registration Act of 1973, it is mandatory to register and obtain a Certificate of Registration, or a Certificate of Incorporation where applicable, before commencing business operations in The Gambia.
The Certificate or a certified copy must be prominently displayed at the principal place of business. It is valid for the calendar year and must be renewed annually.
Businesses in The Gambia can be registered as a company (with a maximum of 50 members), a sole proprietorship, a partnership, or other forms of business, such as cooperatives or branches of foreign companies.
The process of registering a company involves several steps:
- Search for company name: This takes approximately 1 day and is conducted manually at the registry.
- Notarize company statutes: Allow 1 day for this step.
- Payment of stamp duty and deposit of corporate tax with the Commissioner of Income Tax: This also takes 1 day.
- Register with the Commercial Registry: Allocate 2 days for this process, and note that the registration fee varies based on the share capital of the company, according to a tariff published by the Ministry of Finance.
- Obtain operational license: This can be obtained from the Banjul City Council or the largest municipality, such as Kanifing Municipality. The license needs to be renewed annually and requires 1 day to complete.
- Forward copies of employment contracts to the labor department: According to the Labor Act, copies of employees’ contracts must be submitted to the Department of Labor.
- Register employees with the Social Security and Housing Finance Corporation: This process involves employees contributing 5% of their monthly salary to the social security department, while the employer pays 10% of the employees’ salary. Depending on the number of employees, this step takes a maximum of 7 days.
Setting Up & Starting a New Business in The Gambia
It is essential to acknowledge the level of commitment required, as it should not be underestimated. The success of your business will partly depend on your attitude and skills. This entails being honest about various aspects, including your knowledge, financial status, and the personal qualities you bring to your startup business in The Gambia.
If you are considering starting a new business in The Gambia, our team at Gambia Property Sales is here to support you throughout the process. We provide expert advice and assistance, ensuring that you navigate the complexities of company registration and business formation in The Gambia successfully. Contact us today to begin your entrepreneurial journey in The Gambia.