Main Characteristics of a Company in Gibraltar
General Background – Gibraltar is a tiny country located on the southern end of the Iberian Peninsula at the entrance of the Mediterranean and borders Spain. Gibraltar is under British territory and its unique location acts as a bridge between the Atlantic and the Mediterranean. The country is known for its high, sharp cliffs.
Economy – Gibraltar’s economy is based on tourism and financial institutions. In recent years Gibraltar has become an international trading base and a place of domicile for many online companies, many of which deal in online gambling for activities such as sport, casinos and bingo. Gibraltar, like Israel and Cyprus, rules under the Common Law.
Business Development – It is possible to register for a license in Gibraltar to operate online gambling sites like a casino etc. Gibraltar has established its stand in this field and is known worldwide as a leading center in the gambling industry. Many Israeli entrepreneurs have incorporated companies in Gibraltar that deal with various types of gambling such as sport, casinos, poker, gaming as well as affiliate companies.
Tax – There is no tax on company profits.
Confidentiality – Gibraltar is stringent in its level of confidentiality and one may only find out information regarding a company’s owners in a supreme court under criminal investigation. If one has no interest in being registered on the company documents, there is the option of appointing local nominee directors such that the ultimate beneficial owners of the company remain anonymous.
The Name of the Company – Any name can be chosen as long as it is not the same or similar to a name of an already existing company in Gibraltar. There is a ban on the use of the following words: bank, trust, trustees, insurance, security, savings, loans, trading room, university and others. In addition, there can be no combination in the name of the royal family or government with words relating to any banking or financial activity. Companies registered in Gibraltar must have Limited or LTD as its suffix.
Shareholders – At least one shareholder must be selected, private or corporate. If the shareholder has no interest in being registered on the company documents, there is the option of appointing a nominee shareholder, a service that we can provide for you.
Directors – At least one director must be appointed, either private or corporate and does not have to be a local resident. The director can also be the shareholder. Like the shareholder, the director’s name is not registered with the public registrar and is not open to the public.
Financial Statements – There is no obligation to submit financial statements.
Additional Information for Registering a Company in Gibraltar:
- There is no minimum self-capital, according to most, the standard is 2,000 pounds.
- There is no limit or maximum value for a company in Gibraltar.
- Non-local companies do not require more than one director.
- The director can be a person or a corporation.
- There must be at least one shareholder.
- A local secretary and local office must be allocated, this can be done through GBO’s assistance, we will try our best!
Gibraltar, as a leading jurisdiction, has no tax treaties. Therefore there is no obligation to cooperate or pass on any confidential information to any other countries. A company registered in Gibraltar does not have to pay income tax on any income from outside of the country. If the company has a bank account in Gibraltar then the account is taxed. Therefore it is common to open a bank account outside of the country.
A company that is exempt from tax does not pay local tax but must pay 200 pounds a year to the local registrar of companies. In order to receive an exempt status a request must be submitted to the registrar of companies and to the financial committee. A copy of one’s valid passport and a recommendation letter from the bank must be attached to the request.
Tax Deductions in Gibraltar
Since the 1st July 2009, company tax in Gibraltar is 10% income tax, only for new companies. The tax burden on older companies has gone down to 22%.