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Low Tax Resident Companies

The Gambia GBC1

Incorporating your business in The Gambia offers multiple advantages to all types of business structures as it offers Low to Nil taxation on international trading and Zero withholding tax for shareholder dividends and creditors outside of The Gambia.

What is a GBC1?

A GBC1 (Global Business Company 1) is a Tax resident private Ltd company that may operate internationally and pay tax at the rate agreed by its jurisdiction. The tax residency of a company is determined by the residency of the majority of directors reside and where Board Meetings are held.

Structure

Tax Resident Companies are incorporated as a Private Limited Company (LTD) and require at least one director and one shareholder. Corporate directors and shareholders are acceptable and the company register is maintained privately to ensure anonymity. The incorporation process takes 30 seconds and can be completed via our online form. The director must be a resident of The Gambia to qualify the company as Tax resident in The Gambia.
The GBC1 Company will also receive a Tax Residency Certificate from the Company Registry.

The Gambia Tax Resident companies pay tax on income received from business within The Gambia at a rate of either 32% on taxable profit or 1.5% on taxable turnover . All Gambian Tax resident companies must submit audited accounts each year.

The company may opt to apply for an Audit Exemption Certificate at the time of incorporation to declare to The Gambia Company Registry that the majority of its trade will be outside of The Gambia. Once the Audit Exemption Certificate is obtained the company is required to maintain accounts but does not have to file audited or abbreviated accounts. The cost of the Audit Exemption Certificate is dependent upon the anticipated turnover of the company and it is advised to apply at the correct threshold as upgrading between thresholds can be expensive.

The Gambia GBC1 must also maintain a trading address in The Gambia. A serviced office within The Gambia trade zone district is available.

Benefits

The Gambia Tax Resident companies are subject to Zero tax on all revenues received from business conducted outside of The Gambia.

The Gambia Tax Resident companies may also issue dividends and profits from the sale of securities exempt of tax in The Gambia to non-resident shareholders/creditors. However, please note that the shareholder/creditor may be required to pay tax on the income received at the shareholder/ creditors resident tax rate.

Typically The Gambia Tax resident companies are used for one of the following activities:

  • International Trading and Re-invoicing
  • Consultancy Services
  • Holding or Group Structures
  • Investment and Financial Services incl Financial Trading activities
  • Royalty based including Intellectual property
  • Real Estate

Requirements

  • Must have at least one The Gambia resident Director and Shareholder
  • Must retain a Registered Address in The Gambia
  • Must retain a trading office in The Gambia
  • Option to apply for Audit Exemption Certificate
  • Must submit Annual Audited accounts in absence of Audit Exemption Certificate
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