The Gambia as part of its strategy to encourage innovative companies in software and finance to set up operations in the Enterprise Zone of The Gambia has set up a finance incubator in the Enterprise Zone.

This will allow companies and entrepreneurs from all over the world who have innovative ideas in finance to come to The Gambia and develop their ideas and business plans in a controlled managed environment.

The Brokerage licence regime in the Enterprise Zone allows new companies to obtain a provisional licence and to operate and provide services to other companies and individuals in the Enterprise Zone. The licence does NOT permit licence holde

rs to provide services to companies or individuals in The Gambia outside of the Enterprise Zone.

The Enterprise Zone is attracting companies from all over the World due to its ease of setting up operations and the attractive tax regime. We anticipate over 100,000 companies will have registered in the Enterprise Zone in the next 18 months and they will require Financial Services providing an ideal market to develop and test new business models.

Managed Brokerage Regime

Corporate entities wishing to obtain a Brokerage Licence are requested to apply for a Provisional Licence enabling them to start the process of obtaining a full licence to operate a Brokerage company.
The provisional licence is designed to allow ventures to put in place the infrastructure for Brokerage operations, and raise capital from prospective investors to support the business plan once the full licence has been issued. The provisional licence does not allow the newly incorporated Brokerage company to begin actively trading.
Provisional Brokerage Licence holder may only begin actively trading if they are able to operate under the aegis of an existing Brokerage Company with a full licence who is willing to act as a Principal to the provisional Brokerage Company.
Once the provisional licence is issued the Provisional Brokerage Company  the entity has 6 months to fulfil a number of obligations before it may apply for a full licence. The obligations include:

• An experienced board of directors to be appointed
• Detailed Business Plan including service provisions and planned capital activities
• Documented Risk Management, Data management and Compliance procedures
• Evidence of access to sufficient capital to support the business plan.
• Implementation of approved Brokerage Software and infrastructure.

Once these obligations have been met, the Brokerage Company may apply for a full Brokerage Licence.
The Brokerage Company Licence will permit holder to conduct the activities below in the Enterprise Zone of The Gambia, and subject to international regulations in other countries where the Brokerage operation has been authorised.

• To conduct Brokerage and re-assurance business
• To provide financial services related to Brokerage.

Process

• A provisional application form and fee is received.
• This is accompanied by a preliminary business plan and C.V of at least one of the nominated members of the Brokerage Company board.
• A review is undertaken
• If approved a Provisional Licence is Issued

Within 6 Months

• A detailed business plan for the Brokerage Company based on the activities highlighted to be provided
• A Board of Directors is to be appointed and CV’s of all the directors must be submitted
• All documentation, process management, customer data management to be supplied
• Implementation of Brokerage Company Software (Approved Software and Hosting available upon request)
• Payment of Licence Upgrade Fee
• Asset availability evidence to be provided
• Full Brokerage Company Licence Issued
• The entire process takes typically 1 month.
• Regular submission of activity reports to the Registry for 12 month as part of Compliance requirements.