Business in Gambia

Entrepreneurship in The Gambia covers preparing, creating, acquiring, operating, developing, transferring and closing an independent business or self-employed activity. Common legal forms include a sole proprietorship or sole trader, general or limited partnership, private or public limited liability company, company limited by guarantee, external company or branch, and cooperative. A sole trader does not separate the owner from the business, so the owner remains personally exposed to business losses and liabilities. Liability for a partnership or company depends on its legal form and constitutional documents. The Companies Department and Registrar General under the Ministry of Justice handle business and company registration and issue certificates. A sole trader generally uses form SWR3. A partnership or company generally uses SWR7, identification, a tax identification number and the relevant constitutional documents. Companies need a registered office in The Gambia. A partnership also needs a partnership deed and GRA stamp duty. A non-resident shareholder or director needs a permanent Gambian agent. Name reservation costs D500 and sole-trader registration costs D500. Partnership registration costs D1,000, with incorporation costing D5,000 for a general partnership or D10,000 for a limited partnership. Company registration costs D1,000 plus incorporation fees of D10,000 to D25,000 depending on share capital. A company limited by guarantee costs D5,000 to incorporate, and an external company registration costs D1,000. The Ministry of Justice targets processing within one day in Banjul and Kanifing, but a complete launch usually takes longer when premises, licences, sector permits or environmental review are required. The Gambia Revenue Authority, known as GRA, issues the tax identification number, registers the applicable tax types and administers self-assessment. The corporation tax charge is the higher of 27% of net profit, 1% of audited turnover or 2% of unaudited turnover. Value-added tax, or VAT, is 15%. VAT registration is compulsory when taxable supplies reach D2,000,000 per year and may be voluntary from D1,000,000 per year. A business seeking VAT deregistration generally needs two years of regular filing and turnover below D1,000,000 in the preceding twelve months. Annual corporation or personal income tax returns are due by 31 March. Pay-as-you-earn tax, VAT, withholding tax and fringe-benefit returns are due by the 15th day after the relevant month. Capital-gains tax returns are due by the 15th day after the transaction. Contract withholding tax is 10% for a resident and 15% for a non-resident. Pay-as-you-earn tax applies above D3,000 per month or D36,000 per year. Expatriate payroll tax is D10,000 per year for ECOWAS nationals and D50,000 for other nationals. An employer registers with SSHFC for applicable employer and employee social schemes using the Business Registration Certificate and forms such as NFP1, FPS, NPF1 and ICF1. The employer number is generated after processing, and employees generally provide the required forms, identification, birth certificate and photograph. The National Provident Fund contribution is 15% of the contribution salary basis: 5% from the employee and 10% from the employer. Contributions are remitted by the 15th of the following month, and late payment attracts a 2.5% monthly penalty. IICF contributions apply where the scheme covers the employer. A business also needs an operational licence from Banjul City Council or Kanifing Municipal Council, depending on its location. Sector approvals come from the responsible authority. Examples include the Central Bank for financial services, the Gambia Tourism Board for tourism, the Ministry of Agriculture for agriculture, the Ministry of Fisheries and Water Resources for fisheries, the Ministry of Information and Communication Infrastructure for information and communication technology, and FSQA for food and feed establishments. The National Environment Agency, or NEA, may require environmental screening or an environmental impact assessment where the activity could have a negative environmental effect. Premises, import and export documents, a commercial bank account and any activity-specific certificates can also be necessary. The Gambia Investment and Export Promotion Agency, known as GIEPA, supports investment, exports and micro, small and medium-sized enterprises. Its facilities can include research and development support, income-tax deposit waivers, matching grants, market research and medium- or long-term loans. The Enterprise Development Fund remains under development, so access is not guaranteed. NEDI offers entrepreneurship training and grants or loans for Gambian youth and women. The Women Enterprise Fund supports women’s groups with training and cash loans at 5% straight interest, subject to regional committee and Board approval. Central Bank-regulated alternatives include VISACAs, finance companies and fiduciary financial institutions. In the 2023 World Bank Enterprise Survey, 4% of firms used bank financing for investment, 71% relied on internal funds, 17% used supplier credit and 7% used equity. About 70.5% competed with informal firms, while 87% reported electricity outages. Licensing delays, import delays and unreliable electricity can therefore affect costs, timing and capacity. GIEPA may issue a Special Investment Certificate, or SIC, for an investment of at least US$250,000 in a priority sector or priority area. A tax holiday can last five years in a priority sector and up to eight years in a priority area. Listed priority areas include the Western Region except Brikama town, Lower River, North Bank, Central River and Upper River. An Export Processing Zone Licence, or EPZL, is available to a Gambian-incorporated entity. An entity exporting at least 80% may receive listed corporate or turnover tax, VAT, import-duty, excise, depreciation and municipal-tax reliefs. An entity exporting at least 30% may receive a 10% corporate or turnover tax concession for five years together with advisory and export-market support. SIC and EPZL applications can require a business plan or feasibility study, proof of funding, incorporation and registration records, a tax identification number, constitutional documents, permits, an environmental assessment, a municipal trade licence, an SSHFC certificate and export quality certificates where required. A trademark application uses Form M1. The national fee is D2,500 plus D1,250 per class, publication costs D1,250, opposition is possible for three months and protection lasts ten years with renewal available. The Madrid System can be used by a Gambian national or a person domiciled or operating a business in The Gambia after obtaining a national basic mark. A business name, domain name and trademark provide different forms of protection and require separate checks. The sale or transfer of assets or shares can create capital-gains tax and may require attention to licences, creditors, employees and SSHFC obligations. Qualifying investors may transfer post-tax profits or dividends through the banking system. Business ownership, assets, intellectual property and shares can be transferred only in line with the legal form, governing documents, tax position, licences, creditor claims and employee obligations. The available official information does not provide a complete current dissolution or liquidation checklist, fee schedule or timing. A business closing in The Gambia should therefore confirm the clearance and filing path with the Registrar General, GRA and SSHFC for its specific form and liabilities. Formal registration is most accessible through Banjul and Kanifing, while GRA and NEA offices extend to locations including Brikama, Farafenni, Soma, Basse and Bwiam. Rural and urban businesses face different access to offices, finance, infrastructure and permits, but they remain within the same national business system.