Start Up Business in The Gambia: West African Business Investment
Starting a Business in The Gambia: Investment Opportunities
In view of the important need to attract, support and stimulate
private investment in The Gambia, to encourage and enhance
the private sector capacity to bridge the resource gap and
power economic growth and industrial development, sets of
investment initiatives in the form of incentives and increased
institutional support have been listed.
Investments fulfilling the stipulated criteria listed below
is conferred a Special Investment status and enjoys the special
incentive.
- The investment must be in one of the priority areas
- The investment must be of a minimum value of US $100,000.00
(One hundred thousand US Dollars) or its equivalent in dalasis.
- The investment must be organised as a company or a partnership
under the laws of The Gambia.
The priority sectors and detailed qualifying activities are
as follows:
SECTOR QUALIFYING ACTIVITIES
1. AGRICULTURE
- crops: groundnuts, cashew, sesame, cotton, and cereals
- Animal husbandry: livestock, poultry including meat
- Processing, tannery, export of live animals
- Floriculture and horticulture
- Agro-processing.
2. FISHERIES
- Aquaculture: fish and shrimp farming
- Fishing and fish processing at industrial level
3. TOURISM
- eco-tourism: national heritage and others
- Up-country tourism: motels, tourist camps,
- ground tour operators, river cruising
- Hotel development: up-market 4-5 stars
4. FORESTRY
- Development of private/community forest parks
- Agro-forestry plantation
5. MANUFACTURING
- assembling and packaging
- processing
- foundry and forging
- light pharmaceuticals and cosmetics
6. ENERGY
- electricity generation and distribution
- renewable energy sources: solar, wind, hydro-energy
7. SKILLS DEVELOPMENT
- vocational training: carpentry, welding, masonry
- development of specialized skills: electronics, computing,
others.
8. OTHER SERVICES
- financial services
- off-shore services
- health and veterinary services
- river and air transportation
- information technology
9. MINERALS EXPLORATION AND EXPLOITATION
- petroleum exploration: refer to Petroleum Act and regulations
- mining of precious stones and others: refer to Mineral
Act.
10. COMMUNICATION
- transportation (land, sea and air)
- communication equipment.
The incentives include:
- Exemption from customs duties on the following items:
- The approved capital equipment, machinery, appliances,
furniture and fittings to be used in establishing the
projects;
- The approved quantity of semi-finished products, spare
parts, raw materials and other supplies to be used in
the production process.
- Exemption from the sales tax on the above mentioned imported
goods.
- Exemption from the turnover tax.
- Preferential treatment for the allocation of land for
the site of the proposed investment and the provision of
infrastructure facilities.
- Special schemes of accelerated depreciation
To ensure that all investments in The Gambia are fully protected
and guaranteed towards profitability, the government assures
the following:
- Availability of foreign exchange
- Free and unhindered repatriation of funds payable to
shareholders abroad.
- Full security of little over the investment
- Non-expropriation of investment
Constitutional obligation to pursue a policy of encouraging
and promoting beneficial investments as reflected in Gambia
membership of MIGA, Multilateral Investments Guarantee Agency
and WTO, World Trade Organisation.
- An international standard, World Bank assisted commercial
court ensuring speedy and judicial settlement of industry
related dispute.
- A liberal free market economy based on sound macroeconomic
policies supported by International Finance Institutions.
- Repatriation of proceeds in the case of selling an investment
or reduction of share capital
- Payment of license fees and royalties due to persons
resident outside The Gambia.
To facilitate the various approval procedures, encourage
investors, ensure the efficient implementation of the investment
policy and actively promote The Gambia, a one-stop agency
is being established. The Gambia Investment Promotion and
Free Zones Agency shall, among others, be responsible for
obtaining visas and extension of stay; business registration;
allocation of land for investments; grant duty waivers and
concessions as well as provide finance to appropriate investments.
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