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Fees summary: Basic: Incorporation Fee: USD 800 Includes preparation and filing by the initial Subscriber of all necessary paperwork to register the company, obtaining of the original Certificate of Incorporation. The supplied documents will include Certificate of Incorporation, Minutes of the First Meeting (containing appointment of directors, secretaries, share allocations), Memorandum and Articles, true copies of the Particulars of Directors and Return of Allotments, Share Certificates. Registered Office/Agent: USD 600 p.a. Government Licence: USD 120 (stamp duty for capital and registration fee to the Registrar of Companies) Total: USD 1520 only this month Also available Re-domiciliation of a foreign company in Gibraltar (subject to status and name availability). Includes preparation of similar basic documents as described under "Company registration": GBP 500 for more details Options: One notarial certification of a set of certified copies: USD200 Corporate Seal: USD 60 (required for bank acc) Apostille: USD 150 (required for bank acc) DHL/FedEx Courier: USD100 Expedited service USD 300 (to have ALL your documents ready in max. 5 days) instead of usual 10-15 days. Nominee services: Introduction of a mainland UK or Channel Islands based third party Director (this is an independent service, we do not provide it.) Nominee Director Introduction : USD 500 p.a. Notarial certification and apostille legalization of documents from the Director (powers): USD 200 Miscellaneous other fees Obtaining Certificate of Good Standing for a Company: USD 200 Mail forwarding for one year: USD 400 (including USD 100 deposit). Fax forwarding for one year: USD 400 (including USD 100 deposit). Call forwarding for one year (includes all installation costs): USD 1600 Annual maintenance fees after first year: Registered Office/Agent: USD 800 p.a. Compliance with minimum local presence requirements - provision of registered address and resident secretary. Preparation and filing of Annual Return (starting from 2nd year) USD 100 By every next anniversary date there is an Annual Return which deals with all administrative matters - like to confirm what is address, secretary, director, etc. This Return we do, we don't need any input from you, our client. The Registrar of Companies fee at filing of Annual Return USD 60 Total: USD 960 (plus fees for nominee directors)
Fees summary: Basic:
Incorporation Fee: USD 800 Includes preparation and filing by the initial Subscriber of all necessary paperwork to register the company, obtaining of the original Certificate of Incorporation. The supplied documents will include Certificate of Incorporation, Minutes of the First Meeting (containing appointment of directors, secretaries, share allocations), Memorandum and Articles, true copies of the Particulars of Directors and Return of Allotments, Share Certificates. Registered Office/Agent: USD 600 p.a. Government Licence: USD 120 (stamp duty for capital and registration fee to the Registrar of Companies) Total: USD 1520 only this month
Also available Re-domiciliation of a foreign company in Gibraltar (subject to status and name availability). Includes preparation of similar basic documents as described under "Company registration": GBP 500 for more details
Options: One notarial certification of a set of certified copies: USD200 Corporate Seal: USD 60 (required for bank acc) Apostille: USD 150 (required for bank acc) DHL/FedEx Courier: USD100 Expedited service USD 300 (to have ALL your documents ready in max. 5 days) instead of usual 10-15 days. Nominee services: Introduction of a mainland UK or Channel Islands based third party Director (this is an independent service, we do not provide it.) Nominee Director Introduction : USD 500 p.a. Notarial certification and apostille legalization of documents from the Director (powers): USD 200 Miscellaneous other fees Obtaining Certificate of Good Standing for a Company: USD 200 Mail forwarding for one year: USD 400 (including USD 100 deposit). Fax forwarding for one year: USD 400 (including USD 100 deposit). Call forwarding for one year (includes all installation costs): USD 1600
Annual maintenance fees after first year: Registered Office/Agent: USD 800 p.a. Compliance with minimum local presence requirements - provision of registered address and resident secretary. Preparation and filing of Annual Return (starting from 2nd year) USD 100 By every next anniversary date there is an Annual Return which deals with all administrative matters - like to confirm what is address, secretary, director, etc. This Return we do, we don't need any input from you, our client. The Registrar of Companies fee at filing of Annual Return USD 60 Total: USD 960 (plus fees for nominee directors)
We are pleased to provide a summary of the salient features of companies incorporated in Gibraltar.
NON-RESIDENT Companies
The Gibraltar non resident company has been recognized as excellent alternative to the Irish non resident company which itself was very popular as offshore vehicle until 1999. (Many of the Irish non resident companies have since been re-domiciled to Gibraltar.)
The Gibraltar company law is based almost entirely upon the Companies Act 1929 of England, which is amended and enhanced by Ordinances passed by the Gibraltar House of Assembly. The tax status for various types of Gibraltar companies is established primarily by the Gibraltar Companies (Taxation and Concessions) Ordinance of 1967.
Gibraltar non-resident company is not taxable in Gibraltar. A company registered in Gibraltar will not be liable to Gibraltar taxation if it's owned and controlled by non residents of Gibraltar, does not trade in Gibraltar and does not remit income to Gibraltar. Hence, this is the basis for creation of a Gibraltar non resident company. There are no capital gains taxes, gift taxes, wealth taxes nor VAT in Gibraltar. Companies that do not exceed GBP 4.8 million annual turnover, GBP 2.4 mil balance sheet and 50 employees do not have to submit audited returns. Just what's called an "abridged balance sheet".
Low maintenance costs. A Gibraltar non resident company only pays GBP 30 (Approx USD 50) annual filing fee to the Registrar of Companies, payable at filing of the Annual Return. If the company is not formally directed by the beneficial owners themselves, the directorship function can be outsourced worldwide to suitable corporate or private third-party directors. Audited returns will not be required for most companies, as they usually qualify as "small" companies under the relevant rules. The Gibraltar company will need to maintain a registered office in Gibraltar and to have a resident secretary - both these functions are provided by us at a competitive fee.
As a result, Gibraltar non-resident company is probably the most cost efficient offshore vehicle in Europe today. It is also competes very well worldwide with the likes of BVI, Belize, Bahamas, Cayman Islands and other better-marketed offshore centres.
Respectable jurisdiction. Unlike many, Gibraltar is not an exotic, far-away island. Gibraltar is part of the European continent. The regulatory and legal environment of Gibraltar has been recognized as benchmark towards which other offshore jurisdictions should being compared. Serving historically as an "offshore branch" of the City of London, Gibraltar has excellent infrastructure, communications and work culture.
Other types of companies. The Gibraltar Companies (Taxation and Concessions) Ordinance of 1967 provides for two other specialized company types in Gibraltar - the exempt company and the qualifying company. However their future status is somewhat unclear due to a pending dispute over the state aid rules raised recently by the European Union. (This does not concern the non resident companies.)
Applications. There are two general areas where offshore companies, and Gibraltar non resident companies in particular, are used:
Asset protection & confidentiality - by vesting private assets in a properly structured offshore company, such assets can be protected from future claims such as bankruptcies, judgments, creditors and other litigants. Just as well, these assets can be protected from the eyes of competitors, adverse claimants and other undesirable third parties.
Tax mitigation. A proper use of a no-tax offshore company can legally reduce or defer some of the tax which would otherwise be payable if the same business would be undertaken by a highly taxed company. The best applications include international trading and cross-border services, international portfolio investment, e-commerce.
Gibraltar non resident company is well suited for both of these purposes.
In particular, a Gibraltar company can be used for the following:
The general corporate characteristics of the Gibraltar non-resident company:
[ BACKGROUND ] [ COMPANY FORMATION ] [ SHARE CAPITAL, TAXATION, LICENCE FEES & COMPLIANCE ] [ STRUCTURE OF MANAGEMENT ]
GENERAL INFORMATION
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. The Rock of Gibraltar is limestone, is almost 425 m high, and has hundreds of metres of tunnels that were dug for various military campaigns. The name itself derives from the Moorish leader Tariq who used Gibraltar as a base in the eighth century. "Gibel Tariq" means the Mountain of Tariq.
POPULATION The population of Gibraltar is approximately 30,000 although a substantial number of the working population commutes daily from homes nearby in Spain. A number of Moroccan, British and Indian expatriates live in Gibraltar.
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.
INFRASTRUCTURE AND ECONOMY Since the opening of the border with Spain in 1985, the level of tourism and investment has increased dramatically. Several international banks and insurance companies have offices in Gibraltar.
Gibraltar has excellent modern postal and telecommunications systems. Thanks to a joint venture between the Gibraltar Government and the Nynex Corporation of the USA, Gibraltar enjoys the latest in digital and fibre-optic telecommunications.
There are daily flights between Gibraltar and London and frequent scheduled air services to Manchester, Luton and Tangier. Although it is not at present possible to fly direct from Gibraltar to Spain and other destinations the airports at Seville, Jerez and Malaga can easily be reached by road and provide direct services to many international destinations.
The Port of Gibraltar enjoys free port status and hosts frequent calls from many of the world’s shipping lines, both passenger and freight.
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 Spanish Peseta, with most shops displaying dual currency price tags.
EXCHANGE CONTROL None.
TYPE OF LAW Common Law based on English Common Law.
PRINCIPAL CORPORATE LEGISLATION Based on the United Kingdom 1929 Companies Act (as amended) and the Companies Ordinance 1984 (as amended).
NAME RESTRICTIONS Any name that is identical or similar to an existing company. Any name which, in the opinion of the Registrar, is undesirable or offensive. Any name which suggests royal or government patronage. Any English name, or their foreign language equivalent, which may imply a field of activity associated with the banking or finance industry.
LANGUAGE OF NAME The name can be in any language that uses the Latin alphabet, but must be accompanied by a translation to ensure that the name is not prohibited or licensable.
NAMES REQUIRING CONSENT OR A LICENCE The following names or their derivatives: bank, building society, insurance, assurance, reinsurance, fund management, asset management, investment fund, trust, trustees, municipal, Chamber of Commerce, co-operative or their foreign language equivalents. "International" and "Gibraltar" cannot be used without consent unless they are bracketed.
SUFFIXES TO DENOTE LIMITED LIABILITY Limited or Ltd.
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.
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Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.
Please go to our Uses of offshore Companies Page where you will find interesting information on the benefits of using offshore companies and trusts for business and personal use, links to information on other locations and details of our products and services.
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