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Gibraltar Company

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 first rate commercial and professional infrastructure. The UK maintains responsibility for the defence and foreign affairs of Gibraltar. The local House of Assembly is responsible for all local government matters. All legislation concerning both corporate and tax law is handled by the Gibraltar government. 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 a comprehensive range of offshore products and services. The 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

A Non-resident company is a company that is incorporated in Gibraltar, and owned, managed, and controlled by non-residents. Board meetings should be held outside of Gibraltar. A non-resident company is not subject to local corporate tax, except for any profits remitted to Gibraltar. This means that those companies without local bank accounts will not be taxed for this reason keep in mind that money held in a bank in Gibraltar by a non-resident company is taxable; it is therefore advisable to have your bank account outside of Gibraltar; we normally recommend Cyprus as the best choice. Non-resident companies pay neither annual duty nor the other fees which are payable by local resident companies. Non-resident companies must maintain a local registered office with a local corporate secretary. Nominee services are available if required. For a tax-exempt status an IBC has to meet the following requirements: 

IMPORTANT POINTS REGARDING A NON RESIDENT GIBRALTAR COMPANY

Any major currency may be used for the capitalization of a Gibraltar offshore company, however the Gibraltar Pound which is at parity with the British Pound is usually used.

There is no minimum Authorized Share Capital, though the standard is 2,000 British Pounds.  There is no limit or maximum capitalization. The capital duty is 0.5% of Authorized capital
 
Taxation

Non-resident companies tax free on income derived from outside Gibraltar or earnings which are not remitted back to Gibraltar
  
A fee of one half of one percent (0.5%) of Authorized Capital is payable at incorporation
 
There are no Information Exchange Treaties between Gibraltar and other countries.

Meetings/Books/Records

An Annual General Meeting of shareholders must be held once a year. This meeting may be held anywhere in the world
 
Director's meetings are not required

Government Register of Directors is held and maintained
 
A Government Register of Shareholders is maintained. Nominee Services ensure confidentiality of Beneficial Owner
 
Non-resident companies must have a registered office in Gibraltar where the statutory book of the company must be kept
 
Annual Accounts are to be filed using the following regulation:
 
Small companies are only required to file an abridged balance sheet. There is no need in this case to produce a profit and loss account or Auditors Report.
 
A small company must satisfy at least two (2) of the following conditions:

Net turnover must not exceed GBP 4.8 million.
Balance sheet total must not exceed GBP 2.4 million.
The average number of employees must not exceed 50 persons in a year 
 A medium sized company must satisfy two of the following conditions

A medium sized company is required to file a Profit & Loss, Balance Sheet and an Auditors report but the information in the Profit & Loss account may be abridged (Limited detail).

Net turnover must not exceed GBP 19.2 million
Balance Sheet total must not exceed GBP 9.6 million
 The average number of employees must not exceed 250 persons in the year
A large company must file Profit & Loss Statements, Balance Sheet and an Auditor's Report. Accounts are not available to the public.

Confidentiality/Privacy

While the shareholder of the company is part of the public record, there is no requirement to disclose the identity of the Beneficial Owner of the Gibraltar Non-Resident Company through the use of the nominee shareholder. Secrecy is guaranteed by legislation. Confidentiality in Gibraltar is taken extremely seriously. Only by order of the Supreme Court on the suspicion that the company is involved in serious criminal activity, may the name of the Beneficial Owners be disclosed.

Time Frame

Gibraltar non resident companies are usually incorporated ten (10) working day.

Company documents are shipped via express mail and one to three days must be allowed for the package to arrive, depending on where the final destination is.

Annual renewals

Annual renewal fees which include the government fees, registered office and registered agent fees (also nominee director fees when applicable) are payable on the anniversary of the incorporation of the company. An invoice will be provided before to serve as a reminder.

Names

A non-resident company cannot use a name without special permission, which is identical or similar to an existing company; any name which is undesirable or offensive in the opinion of the Registrar, any name which suggests royal or government patronage, or which may imply an activity associated with the banking or finance industry e.g. "Association", "Bank", "Imperial", "Assurance", "Group", "International", "Royal" or "Trust".

The following words require special permission from the Gibraltar authorities to appear in a company name and such permission is close to impossible to obtain. We will not proceed with company names which have these sensitive words.

British, National, Gibraltar or Great Britain, Authority, board or council, Association, Federation or Society, Patent or Patentee, Chamber of Commerce, and/or Trade and/or Industry, Co-operative, Group Holding(s), Post office, Giro or Stock Exchange, Register or registered, Friendly Society or Industrial Provident Society, Trade Union, Charter or Chartered, Benevolent, Foundation or Fund, Chemist or Chemistry or Pharmaceutical, Police, Customs, Immigration, Foundation, School or University or College; Club, Authority, Council, Federation, Institute, Trust, and Investment Trust, Unit Trust, Bank, Directors, Financial, Savings, Commodities, Brokers, Credit, Nominee, Dire.

Company Formation Package

The formation package includes the following:

FEES

Incorporation of a Gibraltar non resident company including preparation and filing by the initial Subscriber of all the required  paperwork to register the company, obtaining the original Certificate of Incorporation. Company registered office and joint company secretary, filling fees, Annual Return 

Total Cost £995 

Fees in year two and subsequent years including the annual filing fee to the Gibraltar Registrar of Companies, provision of the registered address and joint secretary in Gibraltar, it also includes the preparation and filing of the Annual Return - assuming that the company management is provided by client.

Annual Fees £495 

UK / Ireland020 7175 0041
(International +44 20 7175 0041)
US / Canada1 954 866 5986
(INTERNATIONAL +1 954 866 5986)
Australia and New Zealand+61 2 9191 7472
(INTERNATIONAL +61 2 9191 7472)
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