Published
Sep 4, 2023
Updates:
Sep 16, 2024
Gambia
Price:
Delivery:
Legal forms:
Payment methods:
6 weeks
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Document checklist:
1.Passport
2.Proof of Residence
Requirements:
Local legal address (Handled by B2B Hub)
Gambia
$
1500
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Registrar
Abbreviation
Phone
Gambia Investment & Export Promotion Agency
GIEPA
(00220) 4377377
Location
Capital
Official languages
Population
Currency
ISO 4217
Banjul
Gambia
English
2,773,168
GMD
Dalasi
Delivery
-
Certificate of incorporation
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Articles of association
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Meeting minutes
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Company stamp
Certificate of incorporation
Company stamp (By stempil.com)
Registration documents and guidance
FAQ for company formation in Gambia
Q: What is the process for company formation in Gambia?
A: The process for company formation in Gambia involves the following steps:
1. Choose a company name and get it approved by the Registrar of Companies.
2. Draft the company's Memorandum and Articles of Association, which sets out the company's objectives and rules for running the company.
3. Complete the registration forms and submit them to the Registrar of Companies.
4. Obtain a business license from the Ministry of Trade and Industry.
5. Register for taxes with the Gambia Revenue Authority (GRA).
6. Obtain any necessary permits and licenses for the specific industry or sector of the business.
Q: What types of companies can be formed in Gambia?
A: The types of companies that can be formed in Gambia include private limited companies, public limited companies, partnerships, sole proprietorships, and non-profit organizations.
Q: What is the minimum capital requirement for company formation in Gambia?
A: There is no specific minimum capital requirement for company formation in Gambia, but the company's capital must be sufficient to achieve its objectives.
Q: How long does it take to form a company in Gambia?
A: It typically takes 3-4 weeks to form a company in Gambia, although this can vary depending on the complexity of the company's structure and the processing times of the relevant government agencies.
Q: What taxes will my company be subject to in Gambia?
A: Companies in Gambia are subject to corporate income tax, value-added tax (VAT), and other taxes such as payroll taxes and withholding taxes. The corporate income tax rate is 27.5% for resident companies and 35% for non-resident companies.
Q: Are there any incentives for foreign companies to invest in Gambia?
A: Yes, Gambia offers a range of investment incentives to foreign companies, including tax holidays, duty-free imports of capital equipment, and repatriation of profits and dividends. The Gambia Investment and Export Promotion Agency (GIEPA) can provide further information and assistance to foreign investors.
The Gambia is a small West African nation with a population of 2.2 million people and a GDP of $1.7 billion. The Gambian economy is largely dependent on agriculture, which accounts for about 40% of the country’s GDP. The Gambia also relies heavily on foreign aid, which accounts for about 20% of the country’s GDP. The Gambian government has implemented a number of economic reforms in recent years, including the introduction of a new currency, the Dalasi, and the liberalization of the banking sector. These reforms have helped to improve the country’s economic outlook, with the IMF forecasting a growth rate of 4.5% in 2021. The Gambia also has a relatively low unemployment rate of 4.2%, and the country’s inflation rate is currently at 4.3%. The Gambia has also made significant progress in reducing poverty, with the World Bank estimating that the poverty rate has fallen from 60% in 2000 to 40% in 2018. Overall, the Gambian economy is showing signs of improvement, and the country is well-positioned to continue its economic growth in the years ahead.
The Gambia is a small West African country that operates under a progressive tax system for both individuals and corporations.
Corporate Taxation:
Companies in Gambia are subject to a corporate tax rate of 27.5%. However, certain industries, such as agriculture and tourism, may qualify for reduced tax rates. Additionally, companies may also be subject to other taxes such as value-added tax (VAT), withholding tax, and capital gains tax.
Personal Taxation:
Individuals in Gambia are subject to a progressive income tax system, which ranges from 0% to 35% depending on their income level. The tax rate starts at 0% for individuals earning up to GMD 208,333 annually and gradually increases up to 35% for individuals earning over GMD 1,000,000 annually.
Tax Payment Process:
The tax year in Gambia runs from 1st January to 31st December of the same year. Both individuals and corporations are required to file their tax returns annually, with the deadline for filing being in March of the following year.
Taxpayers can make their payments at any authorized bank or online through the Gambia Revenue Authority (GRA) website. In addition to income tax, taxpayers may also be subject to other taxes such as property tax, stamp duty, and customs duties.
In summary, the tax system in Gambia is based on a progressive tax system for both individuals and corporations. Corporations are subject to a corporate tax rate of 27.5%, while individuals are subject to a progressive income tax system ranging from 0% to 35%. The tax year runs from January 1st to December 31st with the deadline for filing tax returns being in March of the following year. Taxpayers can make their payments at any authorized bank or online through the Gambia Revenue Authority (GRA) website.
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