Offshore Company Formation – Gambia
Gambia is located in the western part of Africa and has become a popular offshore center because of its flexible corporate structure, confidentiality and standard offshore administration without complicated requirements. This jurisdiction is appropriate for forex and international trading, gaming, holdings and asset management. In comparison with other African countries, Gambia can boast of expanding financial market, low crime and stable political system.
Basic Information and Calculation of Expenses
Offshore companies are registered in the form of a Global Business Company (GBC2) via iCommerce Registry.
A number of activities in Gambia are subject to license: brokerage, gaming, safe custody, insurance, mutual funds, investment consulting to public, etc. The license costs 5 500 - 25 000 USD and depends on a business sphere. It is prohibited to carry out business in the territory of Gambia unless a company becomes a tax resident and pays local taxes.
The first year incorporation fee is about 1,000 USD and includes government fees, registered address and Agent, appointing of a director, standard set of documents and ongoing support. The renewal fee is about 900 USD. The Company Secretary is not required.
The additional services include nominee services (from 300 to 650 USD), opening a bank account (from 350 to 4,000 USD depending on a jurisdiction), corporate seal (100 USD), translation services (50-100 USD), etc.
As Gambia has an online Registry, the incorporation procedure is quick and simple:
- Selecting a name for a new company (ready-made companies are also available). If a company’s activity is subject to license, and a client wishes to include such words as “trust”, “university”, “assurance”, etc., an additional approval is needed.
- Electing directors, shareholders, secretary, share capital, and types of shares. The minimum number of shareholders and directors is one. They can be both legal entities and individuals of any nationality. The Registered Agent and office are provided upon incorporation.
- Filling in Incorporation form which is available online and bank account application if needed.
- Uploading copies of the requested documents.
- Online secure payment.
- Incorporation with the Registry; notary certification and Apostille if needed.
- Documents delivery to the client.
Taxation in Gambia
A GBC2 is fully exempted from the local taxes. Moreover, the Government does not exchange tax information with other countries. The country entered into a few double taxation treaties, but they are not applicable unless a company is a resident.
As in most offshore jurisdictions, companies in Gambia are not obliged to file financial statements to the tax authorities or engage auditor. However, companies keep records for reflecting their financial status. A shareholder register is not filed to the Government or any public authorities either.
Advantages of Offshore Companies in Gambia
- Exemption from any taxes on income obtained outside Gambia.
- Flexibility and simplicity of administration.
- Quick registration procedure and minimal requirements.
- Beneficial owners and directors are kept confidential.
- Gambia is not subject to any blacklists.
- English is widely spoken.
- Paid up share capital is not obligatory.
- Absence of exchange control and corporate meetings.
- Non-disclosure of financial statements and absence of audit.
- Online Registry and E-Apostille: the corporate documents are Apostilled within a few minutes.