Background & General Outline
Gibraltar is a British Overseas Colony located at the southernmost point of the Iberian Peninsula. It borders Spain by land and Morocco by way of the Straits of Gibraltar. Covering an area of just 6.7 km2, it is home to over 32,000 people. English is the official language of Gibraltar but you’ll find that Spanish is also widely spoken.
While Gibraltar may be small, it has a thriving economy. Financial services, iGaming, tourism, and shipping are the four main pillars of the economy, and some of the world’s biggest online gambling companies have operations in the territory.
Gibraltar’s currency is the Gibraltar Pound which is issued against reserves of sterling. The currency is in the same denominations as the sterling but has different designs which differentiate it from its British equivalent.
The GDP of those living in Gibraltar is high– some GBP 51,000 per annum per capita and the country has a very high Human Development Index, ranking 5th globally.
Political Structure & Legal System
Gibraltar politics takes place in a parliamentary representative democratic format where the Queen of England is the constitutional head of state. The Queen is represented in Gibraltar by a Governor and the Chief Minister of Gibraltar. The Gibraltar Government isn’t subordinate to the UK government but it looks to them for control of the defence and external affairs.
The legal system in Gibraltar is based on English law and comprises a mix of statute and common law. There is a Magistrates Court, Supreme Court, and an Appellate Court that deal with a variety of civil and criminal issues. Gibraltar retains the right to enact its own laws without the need of approval from the UK.
Name Restrictions for Company Formation in Gibraltar
Anyone opting for company formation in Gibraltar must be aware of certain requirements and limitations related to names. Names of an offshore company in Gibraltar must end in either Limited or LTD. They’re also not allowed to use words such as British, National, Chamber of Commerce, Authority, Association, or words that suggest operations in a regulated industry. Like in other jurisdictions, a name that is similar or the same as another offshore company in Gibraltar is not allowed.
If you go for company formation in Gibraltar, you cannot engage in any activities which include banking, insurance, reinsurance, assurance or similar. An offshore company is also not allowed to carry out activities within the territory itself.
Taxation in Gibraltar
Company formation in Gibraltar means that you do not have to pay any tax on revenue. This is as long as all activities are carried out, outside Gibraltar.
Double Taxation Treaties
Gibraltar is only party to one double taxation treaty and that’s with the UK. It was signed in 2019.
Accounting & Financial Statements
If you decide to go with company formation in Gibraltar, annual accounts are required to be filed with the Gibraltar Company Registry. This has nothing to do with taxation as there is no tax payable on an offshore Gibraltar company. What a company is required to submit depends on the size of the company.
Disclosure of Beneficial Owner
If you opt for company formation in Gibraltar, you are required to submit information on beneficial owners to the Registry. Gibraltar has enforced the EU’s 5th AMLD which requires that all such information is kept in a public registry. This information can be accessed by anyone at any time and for any reason.
Capitalization Requirements for Company Formation in Gibraltar
An offshore company in Gibraltar is required to issue minimum share capital of GBP 100. Authorized share capital is typically GBP 2,000 divided into 2000 equal shares.
For an offshore company in Gibraltar, there are no exchange control or currency restrictions of any type.
How Much Does an Offshore Company in Gibraltar Cost?
You can get your Offshore Company in Gibraltar for as little as €3,000. You can also benefit from our special renewal package and additional optional services. To get full price details, related documents and services click on the button below:
Contact Us for Company Formation in Gibraltar
A Gibraltar offshore company is an incredibly versatile vehicle for a range of different purposes. With low tax and a straightforward incorporation procedure, it is a common jurisdiction for offshore entrepreneurs and individuals. Contact us today to get your offshore company registered in Gibraltar.
More Locations to Incorporate Your Company
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