How to Register a Sole Proprietorship in the Gambia
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The Gambia is the smallest country in mainland Africa and bordered only by one country - Senegal. It is situated on both sides of the Gambia River lower reaches, and it has a small Atlantic shore. Despite the small market size, the country still offers various business opportunities. The National Development Plan has its goal to stabilize the country's economy and stimulate economic growth.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole proprietorship in the Grenada
If you're looking to open your own business rather than work in a company, a sole proprietorship might be the right fit. A sole proprietorship is a business formed and owned by an individual. The law does not distinguish the business from its owner. Being run by only one person, a sole proprietorship is flexible to the changing business environment. You can make decisions easier and take actions instantly. The liability of a sole proprietor is unlimited, which means that you are responsible for all the assets and debts of your business, and you're operating it with all your fortune. This business form is easy to establish, unlike other forms.
Before you start operating, first, you need to register your sole proprietorship with the authorities. We have gathered the information you'll need in order to register your business easily and properly.
Registration process in the Gambia
To register your business, you should visit The Ministry of Justice, Companies Department main office in Banjul or their branch office in Kanifing Municipal Council. You will need to prepare the following documents:
- Photocopy of National Identity Card, Passport or Driver's Licence;
- A copy of the TIN Card;
The officer will give you the application form SWR 3. You shall fill the form and give it to the officer, accompanied by the documents noted. The registration fee costs D 500.
Tax Registration in the Gambia
As mentioned before, you will need a Tax Identification Number (TIN) to complete the business registration. You can register as a taxpayer at the Gambia Revenue Authority (GRA) head office in Banjul or any other regional Tax Administration office. Fill out the TIN application form (Reg. 1) and submit it with your ID card or Passport. The TIN registration fee is D 25. Within 24 hours, you will receive your TIN.
If your annual turnover exceeds D 1,000,000, you are obliged to register for VAT. The registration can also be done at the GRA office. The standard VAT rate is 15% in the Gambia.
Persons who are required to be registered as taxable persons are those whose taxable supplies are/expected to exceed GMD 2 million. Persons with a turnover of at least GMD 1 million (previously GMD 500,000) will be allowed to register on a voluntary basis
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