Why should start a Business in The Gambia?
There are numerous reasons for doing business in Gambia. The following is a list of ten reasons.
1) The population is small.
2) Low-cost labor;
3) low-cost office space;
4) low-cost living expenses
5) For trade considerations, close closeness to Europe and America
6) Plenty of sunshine! (Perfect for generating solar energy!)
7) A country that is peaceful and safe, with abundant natural resources.
8) A stable government and a developing economy are two of the most important factors.
9) Its residents have a high literacy rate (94%) and English is widely spoken as the national language.
10) A pleasant populace with which to conduct business.
What are the Natural Resources in The Gambia?
Gambia has a variety of natural resources. Arable land, fishing sites, and wild edibles are among the natural resources available within Gambian boundaries. Phosphates and limestone, which are used to make glass and cement, are natural resources that have an impact on international trade and industry.
Mica schist, feldspar, granite, marbles, quartzite, sandstone, and calcite marble are the most common mineral deposits. There are also huge phosphate deposits. Bauxite, iron ore, and diamonds are also abundant in the country.
What are the Business Opportunities in The Gambia?
Tourism, apparel manufacturing and textile production, agriculture, fisheries goods processing and fishing (accounting for around 33% of GDP), woodworking products manufacture and woodcrafts supply are just a few of these industries; sea salt production is also common.
The Export Promotion Bureau requires all enterprises that export commodities from The Gambia to register. There are numerous business opportunities in Gambia, including:
Gambia's fastest-growing industry.
Agriculture.
Fashion and beauty go hand in hand.
Gambia's Internet and Technology, among other things.
What Businesses are Successful in The Gambia?
There are numerous successful enterprises in The Gambia. Import and export, as well as tourism, hospitality, and real estate, are just a few of the topics covered. The Gambia is one of those countries with little hurdles to doing business. An excerpt from our business plan is as follows: Tourism is rising, and industries that rely on water are witnessing annual growth rates of up to 10%.
With more than 70 hotels already open, tourism has already proven to be one of The Gambia's most promising areas. In addition to boosting infrastructure, it has helped raise incomes by 11% in just five years—and that was before any new luxury resorts were built.
Is The Gambia Good for Business?
The Gambia is safer than the majority of African nations: The Gambia is safer than all but three African countries, according to Number, which analyses city safety based on crime rates, traffic accidents, and other criteria (Seychelles, Cape Verde and Mauritius).
Its overall crime rate was found to be 34% lower than that of the US. The homicide rate in Gambia is 1.5 times lower than in the United States. Petty crimes like pickpocketing, purse snatching, and bike theft are less common here than in most other parts of the world.
Business-Friendly Policies and Government Initiatives of The Gambia:
The Gambia has some of the strongest pro-business policies and efforts in West Africa. It's easy to see why big firms like L'Oreal are investing in The Gambia, given the lack of red tape and low corruption. The Gambia is ranked 31st on the World Bank's Ease of Doing Business Index.
The Gambia has a very favorable investment climate, with relatively low taxes. Profits or capital can be repatriated without limitations, and there are no constraints for local content or technology transfer. Most items can be freely imported into The Gambia without the need for a license or levies. Payments and transfers outside of The Gambia are restricted due to foreign exchange controls.
While the law protects property rights, there have been instances where land has been expropriated by government officials or private developers with little compensation paid to landowners. Intellectual property rights are also poorly enforced in practice. In general, business-related corruption is normal in all sectors of the economy.
The Gambia Industrial Infrastructure:
The Gambia is best renowned for its beautiful beaches and as a destination for eco-tourism. Investors are only now beginning to look into the Gambia's well-developed tourism sector, but they should pay more attention to the country's excellent industrial infrastructure, which could readily be modified to support manufacturing activities. Its cheap business costs and attractive tax structure provide it a significant competitive advantage over South Asian production hubs for export-oriented sectors.
What are the steps for Starting a Business in The Gambia?
In comparison to other African countries, starting a business in The Gambia is comparatively simple. The following are the requirements.
1) A corporation must be CIPC-registered (Companies and Intellectual Property Commission). This can be done at any CIPC branch. There is no cost to register.
2) A code from the IEC (Import Export Code). Businesses can import items into The Gambia without paying customs or taxes because to this regulation.
3) A license from the ICA (Import Clearance Authority). Importers who do not have an ICA license will not get their goods when they arrive in port.
4) A Taxpayer Identification Number (TIN) (Goods and Services Tax). In The Gambia, all enterprises selling goods must register for GST.
5) Permits to Work. Those wishing to work in The Gambia must first obtain all necessary work licenses from their home countries' embassies.
Market size of The Gambia:
The Gambia's small market can make major investments difficult; the country's per capita income (PPP) was $1,850 in 2020, and its estimated GDP (PPP) was $5 billion. Re-exports in Gambia account for more than 80% of the country's overall exports. The Gambia's government is considering new state-of-the-art port projects, including the enlargement of the current jetty, digitalization of port operations, and the development of additional container terminals, in collaboration with the European Investment Bank and the African Development Bank.
The improvements extend the docks and widen the canal to handle even larger container ships, creating opportunities for construction, port operations, and shipping companies. Gambia's GDP (gross domestic product) is expected to reach US$2.92 billion in 2025. Gambia's real total GDP (gross domestic product) is predicted to expand at an annual rate of 8.67 percent by 2025.
Gambia's GNI (gross national income) is expected to reach US$2.88 billion in 2025. The overall investment in Gambia is expected to reach US$0.59 billion by 2025.
Industrial Growth of The Gambia:
Industry is responsible for 12% of GDP. Manufacturing accounts approximately 6% of the economy. Agriculture accounts for the majority of the manufacturing (e.g., peanut processing, bakeries, a brewery, and a tannery). Soap, soft drinks, and textiles are examples of other manufacturing activities.
The service sector accounts for 19% of GDP. Agriculture has a large role in Gambia's industrial development. The Gambia has little in the way of mineral or other natural resources, and its agricultural base is restricted. Crops and animals provide a living for around 75% of the people.
Peanuts and fish are processed as part of the manufacturing operation. Economic growth is highly reliant on investment and responsible government economic management, as the International Monetary Fund has endorsed.