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Type of entity: |
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Non Resident |
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Type of law: |
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Common |
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Shelf company availability: |
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Yes |
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Our time to establish a new company: |
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5 - 8 days |
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Minimum government fees (excluding taxation): |
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£200 |
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Corporate taxation: |
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Nil |
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Double taxation treaty access: |
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No |
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Standard currency: |
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GBP |
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Permitted currencies: |
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Any |
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Minimum paid up: |
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£1 |
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Usual authorised: |
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£2,000 |
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Minimum number: |
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1 |
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Local required: |
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No |
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Corporate Directors permitted: |
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Yes |
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Publicly accessible records: |
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Yes |
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Location of meetings: |
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Anywhere, except Gibraltar |
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Minimum number: |
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1 |
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Corporate Members permitted: |
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Yes |
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Publicly accessible records: |
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Yes |
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Location of meetings: |
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Anywhere, except Gibraltar |
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Required: |
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Yes |
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Local or qualified: |
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Yes |
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Requirement to prepare: |
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Yes |
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Audit requirements: |
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Yes, but small company exceptions |
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Requirement to file accounts: |
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Yes |
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Publicly accessible accounts: |
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No |
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Requirement to file annual return: |
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Yes |
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Change in domicile permitted: |
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Yes |
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General Information
Gibraltar is famous for its dramatic rock. It is located in a strategic position at the southern end of the Iberian Peninsular. It overlooks the Straits of Gibraltar and is linked to Spain by a narrow peninsular. Gibraltar is imposing but small and measures approximately 6.5 sq km.
The population of Gibraltar is approximately 30,000 although a substantial number of the working population commutes daily from homes nearby in Spain. A number of Moroccan, British and Indian expatriates live in Gibraltar.
Gibraltar is a British Dependent Territory and is a Crown Colony with internal self-government based on a Constitution of 1969. It has its own elected House of Assembly, which legislates on domestic matters. The United Kingdom is responsible for defence, foreign affairs, financial stability and internal security. Gibraltar became part of the European Community in 1973 when it joined as a UK Dependent Territory under Article 227 (4) of the Treaty of Rome.
Gibraltar enjoys special status within the Community and is exempted from the Common Customs Tariff, the Common Agricultural Policy and Value Added Taxation.
Since the opening of the border with Spain in 1985, the level of tourism and investment has increased dramatically. Several international banks and insurance companies have offices in Gibraltar.
Gibraltar has excellent modern postal and telecommunications systems. Thanks to a joint venture between the Gibraltar Government and the Nynex Corporation of the USA, Gibraltar enjoys the latest in digital and fibre-optic telecommunications.
In December 2006 direct flights between Gibraltar and Spain were restored, the Spanish Airline, Iberia, plans to run a daily service from Madrid, while British Airways plans to operate a regular service from May. This brings to an end the restriction on commercial aircraft flying in and out of Gibraltar having to circumvent Spanish airspace although Spain’s restrictions on military flights have not been eased.
The Port of Gibraltar enjoys free port status and hosts frequent calls from many of the world's shipping lines, both passenger and freight.
Gibraltar ’s new Stock Exchange, “GibEx” plans to open in May 2007 after amendments to existing legislation were adopted in December 2006.
The official and spoken language is English while Spanish, Italian and Portuguese are also spoken.
UK Pound and Euro.
None.
Common Law based on English Common Law.
Based on the United Kingdom 1929 Companies Act (as amended) and the Companies Ordinance 1984 (as amended). The tax status of Gibraltar companies is established by the Gibraltar Companies Ordinance of 1967.
Company Information
Filing of Memorandum and Articles of Association, Statement of the Situation of Registered Office, a statement declaring the Authorised Share Capital and a Declaration of Compliance.
Cannot trade within Gibraltar or remit income to Gibraltar if the Company is to retain its non resident status for tax purposes. A Non Resident company cannot undertake the business of banking, deposit taking, insurance, assurance, reinsurance, fund management, asset management or any other activity associated with the finance industry.
A company incorporated in Gibraltar has the same powers as a natural person.
English.
Yes, must be maintained in Gibraltar.
Yes.
Subject to name approval, a company can be incorporated within five to eight working days.
Any name that is identical or similar to an existing company. Any name which, in the opinion of the Registrar, is undesirable or offensive. Any name that suggests royal or government patronage. Any English name, or their foreign language equivalent, which may imply a field of activity associated with the banking or finance industry.
The name can be in any language that uses the Latin alphabet, but must be accompanied by a translation to ensure that the name is not prohibited or licensable.
The following names or their derivatives: bank, building society, insurance, assurance, reinsurance, fund management, asset management, investment fund, trust, trustees, municipal, Chamber of Commerce, co-operative or their foreign language equivalents. 'International' and 'Gibraltar' cannot be used without consent unless they are bracketed.
Limited or Ltd.
The names of the shareholders are required to be listed on the Annual Return and Incorporation documents. The identity of the beneficial owners of the Gibraltar Non Resident Company may remain confidential if corporate shareholders are engaged to act as the shareholder on behalf of the ultimate beneficial owners. This confidentiality is maintained as long as the company and its ultimate beneficial owners are not involved in any criminal activity .
Normally £2,000 divided in to 2,000 shares of £1 each. This being the maximum authorised share capital for the minimum capital duty payable upon incorporation. The authorised share capital may be expressed in any currency. The minimum issued capital is £100.
Registered shares, preference shares and redeemable shares or shares with or without voting rights.
A Gibraltar Non Resident Company does not fall under the Gibraltar tax system and therefore is not required to register or file in Gibraltar for taxation purposes. In addition there is no wealth tax, Capital Gains Tax, gift tax or Value Added Tax.
Gibraltar is not a party to any double tax treaties.
£200 per year.
All limited companies are required to file accounts, however it the company qualifies as a “small company” an abridged balance sheet is permissible and there is no requirement for an audit or profit and loss accounts. To qualify as a small company two of the following three requirements should be met:
- Net Annual Turnover below £4.8 million
- Total Balance Sheet value below £2.4 million
- The number of employees should not exceed 50
A medium sized company is required to file a Profit and Loss, Balance Sheet and an Auditors report, to qualify as “medium company” two of the following three requirements should be met:
- Net Annual Turnover must not exceed £19.2 million
- Total Balance Sheet value below £9.6 million
- The number of employees should not exceed 250
A large company must file Profit and Loss Statements, Balance Sheet and an Auditors Report.
Accounts are not available to the public.
The minimum number of directors is one, who may be a natural persons or a body corporate. They may be of any nationality, and need not be resident of Gibraltar.
All Gibraltar companies must appoint a resident company secretary, who may be a natural person or body corporate.
The minimum number of shareholders is one and should be a non resident of Gibraltar.
Information Downloads
Disclaimer
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. OCRA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.
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