Offshore Business

Gibraltar is a dependent territory of the UK and is a colony of the Crown, which means that it has its administration, dealing with only domestic policy. While the United Kingdom is responsible for matters of defense, foreign policy and internal security. Gibraltar is the fifth most stable jurisdiction in the world. In addition, Gibraltar under the provisions of the Treaty of Rome is a member of the European Union as a territory for whose foreign policy is the responsibility of the Member State (United Kingdom). As a result, Gibraltar may benefit from the privileges of membership in the European Union and European Economic Area.

Benefits

  • minimum of one shareholder and one director of the company, they may be of any nationality – they do not need to be residents of Girartar
  • it is not required to have a minimum capital
  • very stable jurisdiction with excellent reputation
  • exemption from taxation for companies that do not operate in Gibraltar.
  • the income generated outside the country and not affecting the territory of Gibraltar remains untaxed.
  • lack of VAT
Types of Company

Private Company Limited By Shares

The most popular form of running a company in Gibraltar

Requirements:

  • at least two members – individuals or legal entities
  • required only one Director
  • shareholders details  for a public view
  • obligation to submit an annual tax return at the office
  • office must be registered for storage purposes
  • the obligation to submit the statutory accounting

Self employed

If you are self employed you should:

  • inform the office about running your business with a  S1 form
  • submit declaration self assessment
  • pay health insurance contributions and social insurance

Branch of a foreign company

  • details of directors and shareholders of the company
  • after registering a branch, the company is considered as a local.
  • Partners may be individuals or companies -their liability is unlimited
  • The minimum number of partners is 2, at most 50.
Requirements

Private Company Limited By Shares

  • Company name
  • a certified copy of passport or identity card
  • proof of address, eg. phone bill, utilities, incoming correspondence to the registered address, eg. from the bank.
  • completed correspondence form
  • subscription fee

Self employed

  • the proposed name of the company
  • passport or ID card
  •  application form for a self employed (s1)

Branch of a foreign company

  • copies of your passport or identity card
  • official fee
  • submitting application form
Taxation

Individuals

  • 0-20000£ 15%
  • 20001£ – 40.000£ 20%
  • 40.000£ – 300.000£ 24,99%
Legal regulations
Gibraltar has not signed double taxation agreements with any country.

Gibraltar only signed the Agreement on Exchange of Information on Tax with following countries: Australia, Austria, Belgium, Denmark, Faro Islands, Finland, France, Germany, Greece, Greenland, Iceland, India, Ireland, Italy, Malta, Mexico, Netherlands, New Zealand, Norway , Poland, Portugal, South Africa, Sweden, Turkey, the United Kingdom and the United States.

The legal order of Gibraltar regulates the Constitutional Act of 1969 and a set of normative acts (hereinafter Regulations), common law, custom and practice. In the case of conflicts between different sources of law, the fundamental place of their settlement are the courts.

Civil law in Gibraltar is not set out in the Civil Code. It derives largely from the common law, but there are also pieces of legislation to deal with specific areas.

Accounting & Auditing
The full financial statements are required when a company operates in Gibraltar, but when the company operates outside Gibraltar it  is required to submit annual financial statements.

Companies that operate in Gibraltar have a requirement to carry out an audit- not only  small businesses. All local businesses must submit to audit.

Bank accounts and banking
Banking Law is governed by the Regulation  issued in 1992. (The Banking Ordinance 1992).

Banks ensure the confidentiality of private clients.

To open a bank account you need to provide owner’s and company’s details such as information on directors and shareholders, estimated turnover on the account and the information what kind of business we run.

Company registration form