Gibraltar Company Incorporation
| Gibraltar Company Incorporation Checklist | |
|---|---|
| Type of Company | Exempt |
| Disclosure of Beneficial Owner | Yes |
| Tax on Offshore Profits | Nil |
| Corporate Requirements | |
| Minimum Number of Shareholders / Members | One |
| Minimum Number of Directors / Managers | One |
| Bearer Shares Allowed | No |
| Corporate Directors / Managers Permitted | Yes |
| Company Secretary Required | Yes |
| Standard Authorised Capital | £1,000 |
| Local Requirements | |
| Registered Office/Agent | Yes |
| Company Secretary | Yes |
| Local Directors | No |
| Local Meetings | No |
| Government Register of Directors / Managers | Yes |
| Government Register of Shareholders /Members | Yes |
| Annual Requirements | |
| Annual Return | Yes |
| Submit Accounts | No |
| Recurring Government Costs | |
| Minimum Annual Tax/Licence Fee | £ 225 |
| Annual Return Filing Fee | £ 26 |
Introduction
Gibraltar is a peninsula at the southern tip of Spain with an area of approximately 7 sq km. It is adjacent to Africa yet within Europe, and has an historically strategic position at the junction of the Atlantic and the Mediterranean.
Political Structure
Gibraltar is a British Dependent Territory and is a Crown Colony with internal self-government. 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 is a member of the European Union by virtue of Article 227 paragraph 4 of the Treaty of Rome in its capacity as a territory for whose external relations a Member State (the United Kingdom) is responsible.
Gibraltar enjoys special status within the Community and is exempted from the Common Customs Tariff, the Common Agricultural Policy and Value Added Taxation.
Gibraltar is politically stable and the current Government actively promotes Gibraltar as a first-class international financial centre.
Language
The official and spoken language is English although because of Gibraltar's close proximity to Spain, Spanish is spoken widely.
Currency
UK Pound. Local notes and coins are produced but UK Currency is accepted, as is the €
Exchange Control
None.
Principal Corporate Legislation
Based on the United Kingdom 1929 Companies Act (as amended) and the Companies Ordinance 1984 (as amended).
Type of Company for International Trade and Investment
Exempt Company.
Procedure to Incorporate
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.
Restrictions on Trading
Cannot trade within Gibraltar or undertake the business of banking, deposit taking, insurance, assurance, reinsurance, fund management, asset management or any other activity associated with the finance industry.
Language of Legislation and Corporate Documents
English.
Registered Office Required
Yes, must be maintained in Gibraltar.
Shelf Companies Available
Yes.
Timescale to Incorporate
Subject to name approval, a company can be incorporated within five days.
Disclosure of Beneficial Ownership to Authorities
In order to obtain exempt status, an application has to be made to the Financial Services Commission. The application must include the name and address of the beneficial owner(s), and bank character references relating to the beneficial owners. This information is not on public record.
Authorised and Issued Share Capital
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.
Classes of Shares Permitted
Registered shares, bearer shares (but unusual in the case of an exempt company), preference shares and redeemable shares or shares with or without voting rights.
Bearer Shares Permitted
Not available for Exempt Companies.
Taxation
A Gibraltar Exempt Company is exempted from local taxation.
Double Taxation Agreements
Gibraltar is not a party to any double tax treaties
Financial Statements
There is no requirement to file financial statements, but a company must keep records to reflect its financial affairs.
Directors
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 in Gibraltar.
Company Secretary
All Gibraltar companies must appoint a resident company secretary, who may be a natural person or body corporate.
Shareholders
The minimum number of shareholders is one.