Starting a Business in The Gambia

This table summarizes the procedures and costs associated with setting up a business in Gambia, the.

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Legal Form: Private Limited Liability Company
City: Banjul

	Procedure	Time to complete:	Cost to complete:
1	Search for company name	1-2 days	GMD 50
2	Notarize company statutes	1 day	GMD 150
3	Obtain tax identification number (TIN) from the Gambia Revenue Authority	1 day	GMD 25
4	Payment of stamp duty and deposit of corporate tax with Commissioner of Income Tax	1 day	see comments
5	Register employees with the Social Security and Housing Finance Corporation	2 days	no charge
6	Register with the Commercial Registry	2 days	GMD 5000
7	Obtain operational license	1 day	GMD 5000
8	Make a company seal	18 days	USD 200

Procedure 2.: Notarize company statutes
Time to complete:: 1 day
Cost to complete:: GMD 150
Name of Agency:
Comment:: Although there are no set notary fees, GMD 100-150 is commonly charged.

Procedure 3.: Obtain tax identification number (TIN) from the Gambia Revenue Authority
Time to complete:: 1 day
Cost to complete:: GMD 25
Name of Agency:
Comment:: All businesses must obtain a tax identification number (TIN) before paying company tax and stamp duty and registering with the Central Registry. To obtain the identification number, the company must submit a form, the notarized articles and memorandum of association, and the founders’ proof of identification.

Procedure 4.: Payment of stamp duty and deposit of corporate tax with Commissioner of Income Tax
Time to complete:: 1 day
Cost to complete:: see comments
Name of Agency:
Comment:: The fee for the incorporation certificate is about GMD 500. Stamp duty is GMD 1000 for 3 copies of the company incorporation documents, one of which must be deposited with Companies Registry and one with the Commissioner of Income Tax. The deposit of corporate tax with Commissioner of Income Tax varies, starting from about GMD 5,000, payable before incorporation at the Companies Registry.

Procedure 5.: Register employees with the Social Security and Housing Finance Corporation
Time to complete:: 2 days
Cost to complete:: no charge
Name of Agency:
Comment:: Employees pay 5% of their monthly salary to the social security department. The employer contributes 10% of the employees’ salary. Depending on the number of employees, this process takes at most 7 days.

Procedure 6.: Register with the Commercial Registry
Time to complete:: 2 days
Cost to complete:: GMD 5000
Name of Agency:
Comment:: The registration fee varies depending on the company’s share capital. It is based on a tariff published by the Finance Ministry. In 2005, the tariff (stated in the national currency, the Dalasis) was as follows:
- GMD 5,000 to GMD 1 million: GMD 5,000.
- GMD 1 million to GMD 10 million: GMD 25,000.
- GMD 10 million to GMD 20 million: GMD 35,000.
- GMD 20 million to GMD 40 million: GMD 65,000.
- GMD 40 million to GMD 59 million: GMD 85,000.
- GMD 60 million and up: D 100,000.

Procedure 7.: Obtain operational license
Time to complete:: 1 day
Cost to complete:: GMD 5000
Name of Agency:
Comment:: The standard fee is GMD 5,000 for the Banjul City Council and the largest municipality (Kinifing Municipality). This license must be renewed annually.

Procedure 8.: Make a company seal
Time to complete:: 18 days
Cost to complete:: USD 200
Name of Agency:
Comment:: Although company seals are usually made in the United Kingdom, not locally in Gambia, certain accountancy firms in Gambia can make the arrangements. The cost depends on the quality and size of the seal.