THE GAMBIA
We have a team of professionals to help you with all your business needs, allowing you to focus fully on expanding in The Gambia.
WHY THE GAMBIA?
- Recognized as one of the most politically stable and peaceful countries in West Africa, The Gambia has made substantial improvements on global peace indices, promoting a safe investment environment.
- English is the official business language, enabling smooth communication and operations.
- The nation benefits from liberal market policies with sustained growth, monetary discipline, flexible exchange rates, and a supportive legal framework.
ADVANTAGES
- Diverse sectors open to investment: including agribusiness, ICT, renewable energy, light manufacturing, transport, and tourism.
- Low labor costs: Minimum daily wages are highly competitive (around $0.92–1.50 USD), with average wages ranging from $2.50 to $4.00 USD.
- Strategic port and market access: The Port of Banjul offers excellent current infrastructure and access to West African markets via ECOWAS, AfCFTA, and other agreements.
- Streamlined business procedures: Online registration via Single Window Business Registry (SWBR), tax reforms, energy sector liberalization, and ICT-driven trade facilitation.
- Infrastructure development: Significant investments in solar energy e.g., the operational Jambur Solar Power Station (23 MW) and the planned Soma Solar Power Station (150 MW) are enhancing energy access and reliability.
SIMPLE TAX REGIME
Business operations benefit from a relatively straightforward and investor-friendly tax environment:
TAX SLABS
- Special Investment Certificate (SIC): Offers corporate tax relief, VAT and import duty exemptions.
- Export Processing Zone (EPZ) License: Available for businesses exporting ≥80% of their output; includes a 10-year tax holiday and other incentives.
- Special Economic Zone (SEZ) near Banjul Airport: Provides preferential tax rates, world-class infrastructure, and administrative ease.
TAX SLABS – OVERVIEW
INCOME TAX RATES
- Corporate Tax: The higher of 27% of taxable profit or 1% of turnover (for audited accounts); if not audited, 2% of turnover applies.
- Value-Added Tax (VAT): A standard rate of 15%, replacing the earlier sales tax.
OTHER BUSINESS-RELATED TAXES & LEVIES
- Capital Gains Tax: Higher of 15% of gains or 5% of sale price (individuals); for companies, 25% of gains or 10% of sale price.
- National Education Levy: 0.75% of gross revenue for companies exceeding GMD 5 million/year (capped at GMD 100,000).
- Fringe Benefits Tax: 27% on the grossed-up value of in-kind benefits provided by employers.
- Payroll/Expatriate Quota Tax: Flat fees per non-Gambian employee—GMD 10,000 for ECOWAS nationals, GMD 40,000 for non‑ECOWAS nationals.
- Injuries Compensation Fund: Employers contribute 1% of an employee’s total earnings (capped at GMD 15/month).
- Environmental Tax: GMD 1 per employee per month.
- Social Security Contributions: Employee contributes 5% of basic salary; employer contributes 10%; payments due monthly (due by the 15th).
- Withholding Tax: 10% for payments to Gambian residents; 15% for non-residents.
GAMBIA COMPANIES
Our professionals support you through the entire company formation and operational lifecycle:
- Business Name and Incorporation (MEMART)
- Tax Identification Number (TIN) registration with GRA
- SIC, EPZ, or SEZ application to secure relevant incentives
- Ongoing compliance with VAT, income tax, PAYE, and other statutory obligations
- Facilitating infrastructure setup, including energy, logistics, and logistics interfaces.
Contact Us
Get in touch with the right people to get the right help in setting up your business in Gambia.
Contact us at:
enquiries@chandrawatpartners.com