Businesses in The Gambia may be registered as a company, sole proprietorship, partnership, or other forms of business (namely co-operatives, subsidiaries of other companies).
Investors wishing to seek GIPFZA support and assistance must first register their business ventures as legal entities operating in The Gambia.
REQUIREMENTS OF BUSINESS REGISTRATION
When registering a business, a tax deposit is made with the Gambia Revenue Authority. This deposit is paid together with a registration fee and stamp duty. The amount paid depends on whether the business is being registered as a company, sole proprietorship, or partnership.
The process of registering a business in The Gambia has been simplified and requires the filing of the following documents with the Registrar of Companies:
- Memorandum of Association - includes the name and registered place of business of the company, its objectives and authorized share capital subscribed by each shareholder.
- Articles of Association - provides information on the organizational structure and operational rules of the company.
- Receipts of payment of Stamp Duty & Business Registration fees - from the Gambia Revenue Authority.
- Tax Identification Number (TIN) - this is the unique reference number used by the Central Revenue Department to identify an individual’s tax record.
Guidelines of business registration requirements, costs and responsible institutions
COST OF DOING BUSINESS
| Registration requirement |
Domestic Cost |
Foreign Cost |
Responsible Institution |
| Memorandum of Association. |
Range between US$ 373 - US$ 653 |
Private Law Firms |
| Articles of Association |
Range between US$ 373 - US$ 653 |
Private Law Firms |
| Income Tax deposit |
US$ 333 |
US$ 667 |
GambiaRevenue Authority |
| Business Registration |
US$ 17 |
US$ 35 |
GambiaRevenue Authority |
| Stamp Duty |
US$ 33 |
GambiaRevenue Authority |
| Payment of Share Captial |
Registrar of Companies |
| Up to D1,000,000 |
US$ 167 |
Registrar of Companies |
| Above D1,000,000 to D10,000,000 |
US$ 834 |
Registrar of Companies |
| Above D10,000,000 to D20,000,000 |
US$ 1500 |
Registrar of Companies |
| Above D20,000,000 to D40,000,000 |
US$ 2167 |
Registrar of Companies |
| Above D40,000,000 to D59,999,999 |
US$ 2834 |
Registrar of Companies |
| D60,000,000 and above |
US$ 3334 |
Registrar of Companies |
For Renewal of business registration, an Income Tax Clearance Certificate issued by the Gambia Revenue Authority is required from all businesses.
Applicable Taxes
| Direct Taxes |
| Personal Income Tax |
Ranges from 10-35% on a graduated basis |
| Corporation Tax |
33% of computed/accepted net profit or
2% of turnover of audited accounts or
3% of turnover of unaudited accounts
(Whichever is higher) |
| Withholding Tax |
10% of gross receipts |
| Indirect Taxes |
| Captial Gains Tax |
15% of net gains or 5% of sales tax (in case of personal tax)
25% of net gains or 10% of sales tax ( in case of company tax) |
| Environmental Tax |
US$ 0.03 per person per month |
| National Education Levy |
Ranges from US$ 334 to US$ 667 depending on turnover |
GOODS AND CUSTOMS CLEARANCE PROCEDURES
Transported goods arriving in The Gambia by sea, land, or air can be cleared in a day, which is the fastest in the sub-region.
Goods clearance in The Gambia involves The Gambia Ports Authority (GPA), Customs and Excise Department, and shipping Agencies, all working in the same premises and offering One Stop services to importers and exporters.
The following documents are required/in the clearing of goods:
- Bill of Lading
- Certificate of Origin
- Delivery Order
- A Gate Pass
OTHER LICENCES
There are various licenses and permits required in establishing a business in The Gambia depending on the type of project. For instance, projects in the fisheries, tourism, Information Technology and mineral exploration require licenses to operate. However GIPFZA serves as the link between the investor and the responsible institutions and the Agency provides all the necessary facilitation and support to secure the required approvals and licenses.
Environmental Clearance issued by the National Environment Agency (NEA) is required of all projects that could have a negative impact on the environment. There are guidelines set out by the NEA as per the Environment Act 1994.
Investors wishing to employ expatriates whose skills are not available in The Gambia are required to obtain Residence and Work permits for each expatriate staff. The process is very simple and completed application forms can be sent directly to the Department of State for Interior or to GIPFZA for processing.