Starting a business in The Gambia
It is obvious that government and its agencies cannot provide employment for all Gambians, therefore small to large businesses are needed to fill the gaps and provide competitive services and prices for everyday goods and services. Recently, a world survey of countries showed Gambia at the bottom of the pile for creating businesses and maintaining it.
Although the ranking of the Gambia has risen from 2017 due to stability of the government: http://www.doingbusiness.org/data/exploreeconomies/gambia, there is significant bottleneck in having to forge out a whooping D25,000 registration free for the big businesses, from the first day and how does a business determines its turnover and register accordingly is beyond comprehension.
There is also various registrations and taxes to pay, which may be good for our records and database, from paying a notary public to validate the memorandum of associations, the paying the various government taxes, from stamp duty, corporation tax deposits, registering for commerce, payment of up to D25,000, then pay for an register an operational licence with the local council and then sending your companies employment contracts for registration with the department of trade and industry and of course registering with the social security.
There is also the Gambian attitude to time, the lack of payment facilities other than cash but also a lot of opportunities and less competition, with very friendly all year around weather and people and overall 50% to 200% percent profit margins are common in most enterprises,