Gambia Business & Investment
Investing inside the Free Zones: Accessing the Incentives
Eligible investors shall be eligible for investment
incentives which shall be accessed as follows:
- A list of all materials required during the construction
and setting-up phases of a venture shall be pre-determined
and approve upon the issue of a licence. This shall be
sent to the Customs and Excise Department with instructions
to waive customs entry duties and taxes upon the presentation
of customs entry forms by licence holders accompanied
by invoices, original bills of lading and packing lists;
- Similar notification shall be sent to the Income Tax
authorities to exempt such taxes at the time of assessment;
- Goods ordered by Zone Enterprises shall be granted temporary
admission by The Customs authorities on arrival to enable
such imports to circulate freely within the Free Zones,
and shall be eventually exonerated from the levy of customs
duties and taxes upon the presentation of evidence that
such goods have been exported to foreign markets. The
modus operandi of the movement of goods in and out of
the Free Zones and the rules governing the conduct of
business within the Zones have been established by GIPFZA
and contained in the "The Free Zones Regulation 2001".
GENERAL APPLICATION PROCEDURES
Applications for Licensing under the Investment Promotion
Act and Free Zones Act must complete the relevant application
forms accompanied by the following documents:
- Four copies of a project proposal document.
- Four copies of company articles of association and memorandum
of understanding
- Four copies of company or business registration certificate.
Business Registration Requirement
Investors wishing to seek GIPFZA's support and assistance
must first register their business ventures as legal entities
operating in The . The process of registering a business
in The has been simplified and requires the filling of the
following documents with the Registrar of Companies:
- Memorandum of Association - includes the name and registered
place of business of the company, its objectives and authorised
share capital subscribed by each share holder
- Articles of association - giving information on the
organisational structure and operational rules of the
company.
Supporting Information
The following additional information must also be furnished:
- The name and address of the proposed business enterprise,
its legal form and bankers;
- The name and address of each director, partner or proprietor,
as the case may be, and the name, address, nationality
and shareholdings of any shareholder who is not a citizen
of The ;
- The nature of the proposed business activity and the
proposed location where that activity is to be carried
out;
- The proposed capital structure and projected growth
over the next five years or more;
- The estimated number of persons to be employed;
- The qualification, experience, nationality and other
relevant particulars of the project's management and staff;
- Strong evidence of sources of financing such as confirmation
of bank accounts, and guarantee documents from financiers
or bankers.
Submission
Application forms (duly completed) together with relevant
accompanying documents must be addressed to:
The Chief Executive
Investment Promotion and Free Zones Agency
Duwa Jabi Building
5 Nelson Mandela Street
Banjul
The
Tel: + (220) 222838
Fax:+ (220) 222829
All application dossiers, which satisfy the general application
procedures are acknowledged within 7 working days.
