Eternity Law International News Offshore bank license in Gambia

Offshore bank license in Gambia

Published:
January 15, 2024

Currently in Gambia there are special regulations and laws governing transactions with financial instruments and currencies. Central Bank and the country’s government have clearly expressed their position regarding the regulation of this area and the functioning of companies in it. Financial activity in Gambia scores 8 out of 10 on the security scale. This is mainly due to the ban on relatively active interaction with the cryptocurrency sector, in particular with regard to the participation of Gambian citizens in crowdfunding projects of two ICOs. Gambia ranks 178th out of 249 countries in terms of financial security.

Our company is ready to provide you with highly qualified legal assistance in establishing and licensing commercial projects. We also have an extensive list of ready-made licenses for sale, in particular, a permit for cryptocurrency exchange in Estonia, a gambling permit in Malta, Forex permits in Germany and more.

Regulating the banking environment in Gambia

In Gambia, the registration of foreign companies is subject to the International Business Corporations Act. Non-residents are allowed to open businesses without personal presence, but a local agent is required to complete the paperwork and carry out the activities. Offshore companies registered in this jurisdiction can only operate internationally and are not allowed to engage in business aimed at local residents and the use of local currency.

Benefits of an offshore banking license in Gambia

Currently, company registration in Gambia is one of the best options for offshore business. However, if it is about starting a banking company, this option can be very attractive.

  1. The procedure for opening a company is relatively simple and does not require much time, especially with the participation of experienced specialists.
  2. The opportunity to open a business without the need for a personal visit with the help of our specialists.
  3. This option provides prospects for tax optimization, which makes it attractive.
  4. Opportunity to conduct business offshore with minimal maintenance cost.

As for the organizational and legal forms of doing business in Gambia, the country’s legislation provides for several options:

  • private and public limited liability companies (LLCs) – businesses whose owners have limited liability for debts and obligations;
  • non-profit organizations pursuing charitable, educational, sports and other goals.

Our specialists are ready to help you in obtaining and purchasing any kind of permits, in particular, a Forex-license in the Cayman Islands, a crypto-license in Estonia and others.

Features of local legislation

According to the local law, to set up a company in Gambia, you must follow the rules of the International Business Companies Act, which is regularly updated and clarified. Financial asset firms registered under the International Business Companies Act can be either tax residents or non-residents.

Tax-residents (or companies with a permanent establishment in Gambia) are subject to income taxes at a rate of 25%. Capital gains are tax-free, but ordinary income (such as from trading) and income in the form of dividends, interest, and royalties are subject to taxation.

If the business is not tax resident or has a permanent establishment in Gambia, no income taxes will be charged. A company is not considered a tax-resident as long as its actual management (for example, holding meetings of the board of directors) is not located in the jurisdiction.

A company is classified as tax-resident type or as having an establishment in Gambia if:

  • it has a place of business, place of management, branch or office;
  • the company has a dependent agent who regularly exercises contracting authority on behalf of the company in or from the Gambia.

Basic requirements for obtaining an offshore banking license in Gambia

A financial company in Gambia, which is a limited liability company, is characterized by its share capital being divided into shares and there are no minimum requirements for this capital.

Companies that deal with money in Gambia:

  • subject to ownership and management by persons of any citizenship and residence without restrictions;
  • must have a registered agent in the country and pay government fees annually;
  • governed by the Memorandum of Association and the Articles of Association;
  • governed by a board of directors appointed by shareholders and consisting of one or more individuals or legal persons who have the authority to enter into contracts on behalf of the company.

Process of registering a financial company in Gambia

The process of registering a company in Gambia, managed by our specialists, goes through the following stages.

  1. The agent submits a request for approval of the name, which must reflect the purpose of the company and not contain prohibited language.
  2. After the name is approved, documents for registration are prepared, which will take 3-5 working days.
  3. The agent submits documents for company registration to the regulator. The waiting time for approval is approximately 1.5-2 weeks. At this time, share certificates, a register of shareholders, etc. are developed.
  4. The company receives a certificate of registration.

The required set of documents to open a banking business in Gambia includes:

  • naming options distributed in order of priority;
  • color copies of passports of directors and shareholders;
  • proof of presence provided by utility bills or bank statements not older than 3 months;
  • application for registration of a corporation with appropriate additions;
  • Articles of Incorporation and Articles of Association of the corporation.

The articles of incorporation must contain information about the approved name of the company, the number of shares (at least one) and directors (at least one), as well as restrictions on corporate purposes and the signature of two founders, one of whom acts as an agent.

The benefits of starting a banking business in Gambia include affordable opportunities to get started without a large financial or time investment. This provides an opportunity to test your skills in the financial services market at minimal cost. If the business develops successfully, it is possible to obtain a license in a prestigious jurisdiction, which requires significant investment and time. The process of starting a business in Gambia promises to be quick and relatively simple, especially with the support of our company’s experienced consultants, which also allows you to avoid tax burdens and run your company with minimal expenses.

Advantages of our company

Legal service range provided by experts from our team cover various aspects, including registration and licensing of a company dealing with money in Gambia and other jurisdictions, registration of a company in Europe as a paying agent, preparation of documents for a website, connection of a merchant account, opening a bank account in a local bank and carrying out the necessary procedures remotely. It is interesting to note that the general period for registering a business in the field of financial assets using the proposed algorithm ranges from three weeks to a month.

To register a banking business in Gambia, a standard set of documents is required, including translated into English and certified copies of personal documents of the future owners and directors of the company. However, before filing documents, the registrar must select a resident agent and reserve the company name. Lawyers and managers of our specialized firm are ready to provide full support, collect the necessary list of documents and take care of all communication with regulatory authorities.

  1. Licensing of a company in Gambia and other countries.
  2. Lots of great reviews from clients.
  3. Many years of work experience in different countries.
  4. Knowledge of jurisdictional law.
  5. Companies and licenses for sale, in particular EMI-licenses in Sweden, Italy, Malta and other countries.
  6. Additional corporate service range.
  7. Free consultation.

As it becomes more difficult to get started in banking, alternative options such as registering a company in Gambia are becoming attractive. Subject to certain conditions and work in foreign markets, you can successfully develop a business in this area in Gambia and expand to other jurisdictions. Our company’s team is ready to assist in setting up such a business. We’ll give an estimated price prior to starting official cooperation.

Businesses for sale

Offshore banking license

North America, USA Crypto licenses for sale
The offshore banking industry was almost destroyed by FATCA, but now it is gaining popularity again. This is an overview of the most promising jurisdictions for obtaining an offshore banking license for now. International banking The activities of offshore banks were very low from 2012 to 2015. Fortunately, international banking is making a comeback today....

You could be interested

PSD3: Challenge for EMI and PI

The ever-evolving field of monetary technology, often referred to as FinTech, has been a driving force behind the transformation of PI and EMI. Against this backdrop, Payment Service Directive 3 (PSD3) is set to become a significant milestone, ushering in a new era of rules and standards. Within this evolving framework, electronic money institution authorization...

AEMI License in Lithuania

Today we will talk about a state that 2 years ago regulated the procedure of getting an AEMI permission. Businessmen who have decided to operate in this area and want to obtain a license for a remittance system in the country will now be able to remotely register accounts for their clients. A license for...

Status Check in Interpol Database in Austria

We are all living in a world where international travel and cross-border cooperation are part of everyday life. Being sure of your legal standing is no longer a luxury—it’s a necessity. Talking about lawful status is one of the lesser-known, yet extremely important areas of legal safety is your Interpol status. Depending on if you...

Crypto License in Poland

Crypto-currencies have taken a strong place in the modern world, attracting more and more investors to get involved in crypto-activities. Poland is quite forward-looking towards crypto and is doing its best to open its market to expand the scope of the blockchain. In jurisdiction, there’s separate regulations for crypto-currencies, which guarantees officiality of services offered...

AEMI License in Estonia

Business based on virtual money is rapidly developing around the world and in Europe in particular. 500 million potential customers and more than 20 million companies in the EU is a great pie for a new company to have a piece of. Thanks to acquiring a license in any of the EU countries and the...

Regulations for Forex Brokers in US

Foreign currencies are constantly exchanged throughout the world through the use of over-the-counter markets. Since the trading space is unlimited, this allows for seamless access to currencies. Speculative Forex trading is becoming more common. The result of this activity is the emergence of banks or intermediary brokers that engage in fraudulent transactions or financial irregularities,...

Related posts

Offshore bank license in Cayman islands

The Caymans have acquired the status of an important financial center in their region. Despite their compact size, many banks and financial institutions, including international ones, are concentrated here. In recent years, the islands have become a popular location for digital asset businesses, attracting numerous cryptocurrency exchanges and other firms in the space. Despite its...

Offshore bank license in Bahamas

Jurisdiction is autonomous British Crown Dependency with deep British traditions, located off the eastern coast of southern Florida. In this archipelago of approximately 700 islands, only thirty are inhabited. 350+ banking establishments act there, incl. major global banking facilities. Approximately 95% of all deals carried out locally involve international ones for non-residential capital-holders. Local banking...

Offshore bank license in Antigua

Working through offshoring zones contains become an opportunity for many companies to increase their income. Small island states to increase economic indicators try to provide good conditions for corporations to create and operate legal entities. This improves their standard of living because such countries rarely enclose unpretending resources in sufficient quantity. One such place is...

Offshore bank license in Comoros

The Comoros Islands are a group of tropical islands in the Indian Ocean south of the Zanzibar Islands. The Comoros banking sector is very small, but offers customers a variety of services, including opening bank accounts, credit services, investment products and more. The largest banks in Comoros are Banque Fédérale de Commerce (BFC) and Banque...

Open an offshore bank account

Open an offshore bank account – why do you need to open it today? Most of legal entities and individuals use internal bank accounts. In some cases, this is sufficient for making payments. However, if you are serious about international investing and pay special attention to protecting your savings, then it is not recommended to rely...

Offshore bank license in Vanuatu

Financial flows, credit activities, a set of monetary and settlement transactions – all this very attractive for the development of banking. Opening a bank in Europe is a rather problematic event. An alternative to obtaining a banking license is the Pacific Republic of Vanuatu in Melanesia. Security License in Vanuatu is quite profitable for the business in...
Fill the blank: