Bank Account for a Gibraltar company

A Gibraltar exempt company may be managed and controlled in Gibraltar. Therefore, it can also hold accounts in a bank located in Gibraltar. That being said, it may be more practical to open the offshore bank account in a country situated closer to the place of the actual business of the company or to the actual location of its beneficial owners. In practice, most owners of offshore companies tend to operate the accounts in a location and with bankers that they may already be familiar with.

As to the non-resident company, in order to maintain its no tax status, a Gibraltar non-resident company should not hold any bank accounts in a Gibraltar-situated bank. It is of course not limited to the choice of bank outside Gibraltar.

The standard set of documentation will usually correspond to all formal requirements of most banks insofar as the structure and set-up of the company itself is concerned. Additionally, to open a corporate account for an offshore company, the bank will require certain personal and business information from the owners and controllers of the offshore account. In particular, the bank will need to know the actual beneficial owners of the offshore company. All such persons, as well as everyone who will be granted account signatory rights will have to be properly identified and will have to provide a number of documents - such as a certified passport copy, personal resume, bank reference, a detailed business description and a forecast of the expected cash flows.