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GIBRALTAR- POLITICAL CONDITIONS - LEGAL ENVIRONMENT - NON-RESIDENT COMPANY - ADVANTAGES OF GIBRALTAR - NAME FOR YOUR COMPANY - REGISTRATION REQUIREMENTS - REGISTRATION SET OF DOCUMENTS GIBRALTAR Gibraltar is a town & port on Rock of Gibraltar; a British colony since 1713 with an area of 2.5 sq mi (6.5 sq km), and a population of 30,000. Rock of Gibraltar is a headland on south coast of Spain at East End of Strait of Gibraltar, facing north coast of Africa. Gibraltar has advanced banking, legal, telecommunication and courier services. For all practical purposes the dominant currency is British Pound Sterling. There are two official languages – English and Spanish. POLITICAL CONDITIONS Gibraltar is a full member of the European Union, as a dependent territory of the United Kingdom. It does not participate in the common tariff and agricultural policy, and does not levy Value Added Tax (VAT). It is a politically stable territory with superb commercial and professional infrastructure. Great Britain maintains responsibility for the defense and foreign affairs of Gibraltar. Local House of Assembly is in charge of all local matters, including company and tax laws and regulations. Spain still maintains territorial claims over Gibraltar; thanks to the UK any such claims may not be satisfied without free and democratic consent of the territory which is most unlikely to be forthcoming. LEGAL ENVIRONMENT Gibraltar is one of the oldest European offshore centers with the most complete selection of offshore products and services. Local legal system is based on British common law. The major source of corporate legislation is the United Kingdom Companies Act of 1929, and Companies Ordinance Act of 1984 (as amended). NON-RESIDENT COMPANY Non-resident company is a company that is incorporated in Gibraltar, and owned, managed, and controlled by non-residents. Board meetings should be hold outside of Gibraltar. A non-resident company is not subject to local corporate tax, except for the part of profits remitted over to Gibraltar. It means that those companies without local bank accounts may not be taxed. Non-resident companies pay neither annual duty nor other fees payable by local resident companies. Non-resident company though must maintain local registered office with a local corporate secretary. Nominee services are available for owners and directors. Annual report is required. For a tax-exempt status an IBC has to meet the following requirements: - does not employ local population; - does not invest in local real estate (office leasing is allowed); - satisfy local requirements for banking, trust and insurance businesses. ADVANTAGES OF GIBRALTAR - Non-resident companies are tax exempt; except for the part of profits transferred over to Gibraltar. - Only one shareholder and a director are sufficient for registration. - Nominee services are available. - Directors can be individuals as well as business entities. NAME FOR YOUR COMPANY You can give a name to your company. Certain restrictions apply. There are special requirements for names with the following words: "Association", "Bank", "Imperial", "Assurance", "Group", "International", "Royal", or "Trust" and any derivatives thereof. |
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| REGISTRATION REQUIREMENTS |
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REGISTRATION SET OF DOCUMENTS |
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