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Gambia

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Africa's smallest country is even slightly smaller than the British county of Yorkshire. In the past, Gambia was a member of the Commonwealth. Don't be unnecessarily afraid of Africa. Despite economic instability and lower living standards, the continent is a goldfish. And experienced traders from all over the world know this well. This is evidenced by recent investments such as the Dutch Nice Gambia Ltd, the American West African Resort & Casino, the Swedish West African Aquaculture, the Chinese Cosmos Industrial Company Ltd. So why not you?

The Gambia is well known to both importers and exporters. The main export items include peanuts, fish, cotton and palm oil. On the other hand, the country needs to import food, finished products, fuel, machinery and means of transport. In addition, we are sure that there is room for more and more goods. For a skilled trader, it can be a land of many possibilities and newly born products.

Compared to the European or American market, the prices of products and labor are low in The Gambia. In addition to import and export, factories, manufactories and plantations are other popular business areas. There are twelve banks in Gambia, including the famous Standard Chartered Bank.

Tax system

  • VAT was set at 15 %; income tax at 32 % or 1.5 % (max. 2.5 %) of annual turnover; capital tax at 25 % (of net income) or 15 % (of sales price). Exempted are capital gains from gifts and inheritances and property transfers up to DAL 7,500 ($262).
  • Rent tax is 10 %. There are no property taxes.
  • Non-residents are taxed only on Gambian income.
  • Spouses are taxed together (a married woman can be taxed separately only if she has a steady income from gainful activity).

All in all, The Gambia is a business destination for those businessmen who are willing to expand boldly in their business. Be bold and enter the African market, because as they say: those who don't take risks don't drink champagne.

Basic information

  • Type of legal entity: limited liability company
  • Establishment time: 10 days
  • Number of shareholders: minimum 1, can be any nationality
  • Shareholders: members can be FO or business entities
  • Share capital: not defined
  • Shares to bearer: allowed
  • Registered address is mandatory, but not physical
  • A company secretary is required
  • Directors: minimum 1, maximum not defined
  • Resident position of the director: the director need not be domiciled in The Gambia

Taxation

  • Corporate income tax is 0 % for foreign companies. A classic coastal destination. Only the annual roaming fee will apply
  • Capital gains tax is 0 %
  • VAT for IBC 0 %
  • Double taxation agreements with various countries were applied, determining tax rates on dividends, interest and royalties
  • A company may adopt any form of accounting system provided its records give a true and fair view of its condition, explain its transactions and can be properly audited. Accounts are required
  • Every company must have an auditor
  • Anonymity and privacy. Information about directors (administrators) and shareholders is open in the commercial register

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