Company Formation & Business Registration In Gambia
Setting up a company and starting a business in Gambia can be both exciting and rewarding, but it is also full of challenges.
We can advise on company formation, business registration, financial status, company & business laws, taxes, employment, permits, licenses and other commercial and legal issues that you will need to consider when setting up a business in The Gambia
Setting Up & Registering A New Business Or Company In Gambia
It is a requirement under the Business Registration Act 1973 to register and obtain a Certificate of Registration or where applicable, a Certificate of Incorporation before operating a business in The Gambia.
The Certificate or a certified copy must be displayed in a conspicuous position at the principal place of business. The Certificate is valid for the calendar year and must be renewed yearly.
Businesses in The Gambia may be registered as a company (with a maximum size of 50 members), a sole proprietorship, a partnership, or other forms of business (namely co-operatives, branches of foreign companies).
- Search for company name takes 1 day. The search is conducted manually at the registry
- Notarize company statutes takes 1 day.
- Payment of stamp duty and deposit of corporate tax with Commissioner of Income Tax takes 1 day.
- Register with the Commercial Registry takes 2 day and the registration fee varies depending on the share capital of the company based on a tariff published by the Finance ministry.
- Obtain operational license takes 1 day for the Banjul City Council or the biggest municipality (Kanifing Municipality). This license has to be renewed annually.
- Forward copies of the employment contracts to the labor department and in accordance with the Labor Act, copies of employees’ contracts must be sent to the Department of Labor.
- Register employees with the Social Security and Housing Finance Corporation. The employees contribute 5% of their monthly salary to the social security department; the employer pays 10% of the employees’ salary. Depending on the number of employees, this process takes maximum 7 days.
Setting Up & Starting A New Business In Gambia
The level of commitment that you will need should not be underestimated. The success of your business will partly depend on your attitude and skills. This means being honest about a range of issues – your knowledge, your financial status and the personal qualities that you can bring to your start up business in Gambia