iCommerceRegistry from the Gambia: we were right
Back in 2014 we (freely) advised to stay away from the iCommerceRegistry of the Gambia. The website is still online but the content is gone with only this red message: “Due to current technical duties iCommerceRegistry is unable to accept any new agents at this time“. In August 2016: Streber published an announcement from the Ministry of Justice of the Gambia confirming the illegitimate operation (this press release is a dead link today).
The iCommerceRegistry adventure lasted 2 years (very short!). This is probably what happened (which is common across Africa):
- maybe the start of operation was legit, but the Gambia (corrupt) bureaucrats decided to cut them off after a disagreement
- any agreement with the Gambian government (either oral or written) cannot be enforced in any way, so the operation had to close
- the Gambian government does not care about their reputation, nor about any foreign investors.
Do not think that the finger is pointed to Africa, many western jurisdictions are not a model of stability either (see list below).
As an entrepreneur: you really want to stay away from such jurisdictions and go to the stable ones with history and a good track record.
In that sense those jurisdictions are not recommended:
- the Gambia
- Liberia: the reputation is already so bad, but there is worse: in 2016 its economic freedom index ranking is 143, even investing in the Comoros (ranked 141) or the Gambia (ranked 119) is less risky!
- Iceland: bankrupt
- Cyprus: bankrupt
- Ukraine: invaded
- France: full of wealth suckers.
If you are or have been a victim of any of those jurisdictions: feel free to share them with us, and we can help.