GIBRALTAR COMPANY FORMATION

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For a number of years Gibraltar has been a very popular area for offshore companies. The region is situated in the southern part of the Iberian Peninsular. It connects to Spain via a thin peninsular and it also overlooks the Straits of Gibraltar. The region is quite small at 6 six and a half kilometers.

The region of Gibraltar is a British Dependent Territory and it is also known to be a Crown Colony that has a self-government that was derived from a 1969 Constitution. The House of Assembly was determined through election and it handles the legislation of domestic issues. Defense, foreign affairs, financial stability and security in the region is carried out by the United Kingdom. The region of Gibraltar belongs to the European Community after it was joined as a UK Dependent Territory in the year of 1973.

Gibraltar is favored in that it has a unique status in the Community and is also considered to be exempted from the Common Customs Tariff, Common Agricultural Policy and Value Added Taxation. When the border opened with Spain in the year of 1985, tourism as well as investment saw a massive rise. There are multiple banks as well as insurance companies that have opened up in Gibraltar.

One of the things that Gibraltar is known for is its modern postal system as well as telecommunications systems. The Nynex Corporation began a joint venture with the Gibraltar Government which established a digital as well as fiber-optic telecommunications system. Because of these technological advancements as well as the low-tax regime, many betting and gaming companies have flocked to the region.

The Port of Gibraltar takes advantage of a free port status and also serves as the host of a number of shipping lines that include passenger as well as freight.

The Stock Exchange in the region, which is also known as “GibEx” began trading in 2007. It is known to have the technical services of the Vienna Stock Exchange and the Bank Medici. One large aspect of the stock exchange in Gibraltar is Van der Moolen NV who is known as one of the biggest liquidity providers in the New York Stock Exchange.

 

KEY BENEFITS

Gibraltar Company Formation and Its Advantages

  • It is the only UK offshore centre that is part of the EU and provide financial institutions with passporting rights and access to the single EU market for financial services;
  • Good geographical location and bilingual (English and Spanish) territory;
  • Cost effectiveness and attractive fiscal regime for offshore investors;
  • Excellent reputation, stable government and special status within the EU;
  • Excellent infrastructure and communications;
  • Favorable tax status for offshore banks;
  • No exchange controls;
  • Businesses will only be liable to pay corporation tax on trade within the boundaries of Gibraltar. You can carry out business in any other region of the world and enjoy tax exemption on income and inheritance tax.
 

A Gibraltar Non Resident Company does not fall under the Gibraltar tax system and therefore is not required to register or file in Gibraltar for taxation purposes. In addition there is no wealth tax, Capital Gains Tax, gift tax or Value Added Tax.

The license fee for a Gibraltar company is £200 annual tax.

All limited companies are required to file accounts, however if the company qualifies as a “small company” an abridged balance sheet is permissible and there is no requirement for an audit or profit and loss accounts. To qualify as a small company two of the following three requirements should be met:

  • Net Annual Turnover below £6.5 million;
  • Total Balance Sheet value below £3.26 million;
  • The number of employees should not exceed 50.

A medium sized company is required to file a Profit and Loss, Balance Sheet and an Auditors report, to qualify as “medium company” two of the following three requirements should be met:

  • Net Annual Turnover must not exceed £25.9 million;
  • Total Balance Sheet value below £12.9 million;
  • The number of employees should not exceed 250.

A large company must file Profit and Loss Statements, Balance Sheet and an Auditors Report.
Accounts are not available to the public.

 

PANAMA COMPANY CORPORATE AND LEGAL FEATURES

COMPANY NAME

The government by legal notice published a list of sensitive names for companies. That is any name that is identical or similar to an existing company; any name, which is undesirable or offensive, by the opinion of the Registrar, any name which suggests royal or government patronage, or which may imply a field of activity associated with the banking or finance industry. “Association”, “Bank”, “Imperial”, “Assurance”, “Group”, “International”, “Royal”, or “Trust” and any derivatives thereof usually require special permission.

SHARE CAPITAL

Usually £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.

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 of Gibraltar.

SECRETARY

All Gibraltar companies must appoint a resident company secretary, who may be a natural person or body corporate.

SHAREHOLDER

The minimum number of shareholders is one and should be a non resident of Gibraltar.

CLASSES OF SHARES PERMITTED

Registered shares, preference shares and redeemable shares or shares with or without voting rights.

REGISTERED OFFICE

A Gibraltar company must maintain a registered office in Gibraltar.

CONFIDENTIALITY

The names of the shareholders are required to be listed on the Annual Return and Incorporation documents. The identity of the beneficial owners of the Gibraltar Non Resident Company may remain confidential if corporate shareholders are engaged to act as the shareholder on behalf of the ultimate beneficial owners. This confidentiality is maintained as long as the company and its ultimate beneficial owners are not involved in any criminal activity.