When you decide on The Gambia as the location for your next expansion, you have to focus on all the benefits and challenges of an expansion. Unless you work with a global PEO, you have to run your company using a subsidiary in The Gambia. However, learning how to set up a subsidiary in The Gambia is time-consuming and can lead to fines or delays if you do not follow every step of the process.
Globalization Partners knows how difficult it is to expand when you’re also trying to run your parent company, hire new employees, figure out your payroll, and more. Through The Gambia subsidiary outsourcing, we’ll help you expand in a fraction of the time with no hassle. Instead of setting up your own The Gambia subsidiary, you can use our PEO to work immediately.
How to Set Up a The Gambia Subsidiary
Every company expanding to The Gambia needs to choose a city or region friendly to foreign incorporation. Occasionally, different locations within The Gambia can have their own The Gambia subsidiary laws. If you don’t know the different areas well, we recommend working with a consultant or lawyer who can help you choose. Settle on an office space in an area with low costs, high availability, and favorable laws.
In addition to choosing a location, you also need to decide on the type of entity that’s best for your business needs. You can incorporate as a sole proprietorship, partnership, limited liability company (LLC), organization, or association according to The Gambia’s subsidiary laws. There’s no right or wrong option, but each entity has its own regulations that impact what activities you can perform in the country.
An LLC is the most popular option because it gives you freedom and flexibility for operating in The Gambia. You can set up your subsidiary in The Gambia using these steps:
- Hire a legal professional to prepare memorandum and articles of association
- Obtain a tax identification number
- Complete business registration forms
- Open a local bank account
- Deposit minimum income tax and pay business registration
- Have a notary public or commissioner of oath notarize forms included in the company’s acts
- Obtain a certificate of incorporation by the Registrar of Companies at the Ministry of Justice in Banjul
- Obtain a municipal trade license from your local authority
The Gambia Subsidiary Laws
As a private company, you’ll need to have at least one director and include the names and nationalities of all directors in your relevant documents. Every company in The Gambia needs a secretary who is not necessarily an employee of the company. Keep in mind that your sole director or an employee acting as a sole director cannot also act as a secretary.
The Gambia’s subsidiary laws will also require you to keep records on:
- Directors’ holdings
- Minutes of directors’ and members’ meetings
Benefits of Setting Up a The Gambia Subsidiary
You’ll get numerous benefits out of the The Gambia subsidiary setup process. Once you have a registered entity, you can start operating in The Gambia just like a resident company. Companies who choose to incorporate as an LLC can also protect themselves and the parent company from any litigation or fines from each other.
Despite these benefits, you’ll have to overcome the challenge of time. It can take months or even a year to set up your subsidiary, which delays hiring, important business decisions, and more. When you work with Globalization Partners and choose The Gambia subsidiary outsourcing, you can start work from day one, and you won’t have to meet The Gambia’s subsidiary laws, as we’ll act as the Employer of Record.
Other Important Considerations
Lack of planning can set you back on The Gambia’s subsidiary setup process. That’s why we recommend working with your accounting department to understand how much money you’ll need, talking with other company executives to delegate tasks, and hiring a global compliance expert. Tackling these tasks at the beginning of the expansion process will save you time and help you stay compliant.
Let Globalization Partners Help With Your Expansion
Globalization Partners will give you the start you need to succeed in The Gambia. Contact us today to learn about The Gambia subsidiary outsourcing and more.