The new jurisdiction for international business?

04.09.2013

According to the British edition “Economist”, there is the new financial center in Africa - the Gambia, which, incidentally, is the smallest country in continental Africa. The fact that there are several hundred companies already registered over there, so Gambia will be able in the near future to compete with other "favorable" business jurisdictions.

Among the advantages that offered by the Gambia we can mention: a fast registration of companies and trusts; lowest price for data services, as well as adequate level of business protection.

In relation to Gambia legislation, which is regulating the formation and operation of corporations, it should be mentioned that it is not unique. The provisions of local laws largely duplicate Mauritius corporate legislation.

Based on: www.economist.com

Expert’s opinion

The amazing fact that few years ago Africa wasn’t so popular as a business continent. The Caribbean region is a "big stimulus" for the European Union and the tax authorities.

It is not improbable that the interest in this poor country will increase. Gambia is not involved in any list of FATF or OECD, which uniquely increase its attractiveness.

Moreover, in order to attract investors, the government has created a free economic zones to significantly reduce taxes or to be fully exempt from them.

Irina Lomakina ( Director of Moscow office of “Honest&Bright” Company)