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Starting a Business in

Gambia, The

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Gambia, The. It examines the procedures, time and cost involved in launching a commercial or industrial firm with between 10 and 50 employees and start-up capital of 10 times the economy's per-capita gross national income.

This information was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 190 economies. The most recent round of data collection was completed in June 2016.

Compare Gambia, The to 189 other economies.

  • No. Procedure Time to Complete Associated Costs
    1

    Reserve a unique company name

    Agency: Companies Registry

    The name search is conducted manually at the Commercial Registry.
    1-2 days GMD 500
    2

    Notarize company statutes

    Agency: Public Notary

    Although there are no set notary fees, the average cost is GMD 150. The statutory declaration of compliance Form C.O.1 must be notarized.
    1 day GMD 150
    3

    Obtain a tax identification number (TIN) from the Gambia Revenue Authority

    Agency: Gambia Revenue Authority

    All businesses must obtain a tax identification number (TIN) before registering with the Companies Registry. To obtain the identification number, the company must submit a form, the articles and memorandum of association, and the founders’ proof of identification.
    1 day GMD 50
    4

    Register employees with the Social Security and Housing Finance Corporation

    Agency: Social Security Corporation

    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 on average 2 days, but can take at most 7 days.
    2 days no charge
    5

    Register with the Commercial Registry

    Agency: Commercial Registry

    Under the new Single Window Business Registration Act, a company with startup capital up to GMD 500,000 will pay a fixed registration fee of GMD 10,000.
    2 days GMD 10,000 incorporation fee and GMD 1,000 for the Business Registration Certificate
    6

    Obtain the operational license

    Agency: Municipality

    The standard fee is GMD 5,000 for the Banjul City Council and the largest municipality (Kanifing Municipality). This license must be renewed annually.
    1 day GMD 5,000
    * 7

    Make a company seal

    Agency: Sealmaker

    Company seals are ordered from abroad, usually made in the United Kingdom not locally in The Gambia. Certain accounting and legal firms place and receive the order on behalf of the newly registered companies by courier services or DHL. The cost depends on the quality and size of the seal.
    18 days (simultaneous procedure) USD 200

    * Takes place simultaneously with previous procedure.