Home » » Guide to Starting Business in Gambia

Guide to Starting Business in Gambia

Staff Reporter | 3:29 PM |

Formal registration of companies has many immediate benefits for the companies and for business owners and employees. Legal entities can outlive their founders. Resources are pooled as several shareholders join forces to start a company. Formally registered companies have access to services and institutions from courts to banks as well as to new markets. And their employees can benefit from protections provided by the law. An additional benefit comes with limited liability companies. These limit the financial liability of company owners to their investments, so personal assets of the owners are not put at risk. Where governments make registration easy, more entrepreneurs start businesses in the formal sector, creating more good jobs and generating more revenue for the government.

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Gambia. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.
This information was collected from World Bank: Doing Business 
No.ProcedureTime to CompleteAssociated Costs
1Search for company name1-2 daysGMD 100
2Notarize company statutes1 dayGMD 150
3Obtain tax identification number (TIN) from the Gambia Revenue Authority1 dayGMD 25
4Payment of stamp duty and deposit of corporate tax with Commissioner of Income Tax1 daysee comments
5Register employees with the Social Security and Housing Finance Corporation2 daysno charge
6Register with the Commercial Registry2 days6% of total share capital
7Obtain operational license1 dayGMD 5000
8Make a company seal18 daysUSD 200