How does it work in The Gambia? In The Gambia, the Companies Department under the Ministry of Justice is responsible for registering businesses. It is done through the Single Window Registry, a one-stop shop for business entry services. It provides an electronic registration system. The registration of a business name produces a unique business registration...
In The Gambia, the Companies Department under the Ministry of Justice is responsible for registering businesses. It is done through the Single Window Registry, a one-stop shop for business entry services. It provides an electronic registration system. The registration of a business name produces a unique business registration number. The SWR also allows the processing of applications for municipal trade licenses, business taxpayer registration, and employer registration for Social Security purposes. Here is a slightly detailed description of three common legal forms in The Gambia. This description allows you to make a free choice based on a good understanding of the advantages and constraints of each form.
What does this type of business entail?
• Single ownership: one person in control
• No sharing of profit & loss
• One person’s capital
• Unlimited liability: the owner is personally liable for all business losses and liabilities
• Less Legal formalities
What do I gain (advantages)?
• Easy constitution and closure
• Maintenance of business secrets
• Quick decision and prompt action
• Better control
• Flexibility in operating
• Less record keeping
What are the constraints (disadvantages)?
• Limited resources
• Lack of continuity
• Limited size
• Unlimited liability
Which documents do I need for registration?
• Photocopy of National Identity Card, Passport, or Driver’s Licence of Proprietor / Owner
• His/her TIN (Taxpayer Identification Number) Card
• Form SWR3 to be completed (Application form)
NB: To obtain an ID Card applicant must either produce an old ID document, birth certificate, voters’ card, or a copy of a passport as proof of Gambian citizenship
Registration costs GMD500
What does this type of business entail (characteristics)?
• Sharing of profits and loss
• Continuity of the business
• Contractual relationship with the partner
• Unlimited liability (where it is not limited partnership)
• Transfer of interest
What do I gain (advantages)?
• Ease of constitution
• More capital
• Sharing of risks
• Ease of dissolution
• Possibility of expansion
What are the constraints (disadvantages)?
• Unlimited Liability (for General Partnership)
• Risk of dissolution
• No transfer of shares
Which documents do I need for registration?
To register a Partnership, you should;
• Apply for a name reservation
• Complete form SWR7 (Application form)These should be accompanied by;
• A copy of the registered Partnership Deed / Agreement (This entails payment of stamp duty at The Gambia Revenue Authority and registration of the deed/agreement at the Registrar General’s office)
• A copy of TIN Card for the partnership business
• Photocopy of National Identity Card, Passport or Driving License of partners
Registration costs
• Name Reservation Fee D500
• Business Registration Fee D1,000
• Incorporation Fee (D5,000 for General Partnership, D10,000 for Limited Partnership)
What does this type of business entail (characteristics)?
• Separate legal existence
• The company may sue and be sued in its name.
• Limited liability
• Separate assets/property
• Perpetual succession
• Transferability of shares
• Dividend pay to shareholders
What do I gain
(advantages)?
• Larger financial resources
• Expansion potential
• Diffusion of risks
What are the constraints (disadvantages)?
• Complex to set up
• Public records, lack of secrecy
• Lack of personal interest
Which documents do I need for registration?
In order to register a company, you should:
• Apply for a name reservation
• Fill out form SWR 7 (Application form) These should be accompanied by:
• Articles & Memorandum of Association of the company, which indicate the purpose, regulations of a company and the responsibilities of the Directors
• A copy of the TIN Card for the company
• Photocopy of National Identity card, Passport, or Driver’s license of the shareholders,
directors, and secretary. If any of the shareholders/directors is a non-resident, particulars of his/her agent must be attached.
Registration costs
• Name Reservation Fee D500
• Business Registration Fee D1,000
• Incorporation Fees are based on share capital:
Share capital of up to D500,000 Fee = D10,000
Share capital of up to D500,000 to 1,000,000 Fee = D15,000
Share capital of up to D1,000,000 to 10,000,000 Fee = D20,00
Share capital above D10,000,000 Fee = D25,000