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.