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.

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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.

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