Simplify the following text for a Grade 7 native English-speaking person.
Original: In 1882 , the Company founded a small settlement on Gaya Island ( Pulau Gaya ) , which was already inhabited by the Bajau people .
Simplified: In 1882 , the Company founded a small settlement in the area known as Gaya Bay which was already inhabited by the Bajau people . The first settlement was on Gaya Island ( Pulau Gaya ) .