• Solid global reputation, strong regulation and full compliance with key European and international treaties. A company is considered resident if its administration and operation is controlled from inside Gibraltar. 0000037738 00000 n Gibraltar boasts an extremely efficient and modern telecommunications network, with multiple private operators offering high speed connectivity, including fixed fibre broadband and 3G and 4G mobile connectivity. Gibraltar’s country code is +350 and its domain extension is .gi. EY Doing Business in Gibraltar 2016 - 2017 Published on Dec 12, 2016 Published annually by #EY #Gibraltar a comprehensive summary of the areas and benefits of doing business in #Gibraltar They are also subject to an annual tonnage tax. Gibraltar belongs to the European Free Trade Association or Single Market, but not the Customs Union or Schengen Area. Doing Business in Gibraltar 2016 has been written for Moore Stephens Europe Ltd by Moore Stephens Limited. Brexit fears have not slowed foreign investment, which grew in 2017 and Gibraltar’s impressive advances in the blockchain sector continues to make headlines and has resulted in a massive surge in interest in the jurisdiction. This means that, while Gibraltar-based companies are currently able to sell and provide their services to other Single Market countries, in a process known as “passporting”, imports and exports are still subject to local customs controls and excises. Gibraltar’s high quality schools have curriculums based on those in Britain, though interestingly, secondary school grades are consistently higher than the UK average. Similarly, any Beneficiaries who are resident in Gibraltar will also be taxed on income or assets received through the foundation. Legal 500 Doing Business in Gibraltar. Gibraltar – not just for business, it’s a way of life The tiny peninsula, a mere 6.8 km2 (4.2 square miles) in area, separates the entrance of the Mediterranean Sea from the Atlantic Ocean. 0000042266 00000 n Interest Loan interest is only taxable at the rate of 10% to the extent that it is received or receivable by a Gibraltar registered company from another company and exceeds £100,000 per annum or, constitutes a trading receipt. Gibraltar is exempt from EU legislation on VAT and enjoys full autonomy on all tax issues. The leading activities in Gibraltar are Financial Services and E-Commerce, Insurance, Bunkering, Property, Tourism and Transport as well as maritime related services given Gibraltar’s location. Gibraltar has become a prime jurisdiction for funds in recent years, with legislation allowing for a range of options including Private Funds and Experienced Investor Funds. Although Gibraltar has its own autonomous Parliament, legal practitioners must first gain their qualifications from the United Kingdom. 0000043827 00000 n Withholding Tax There is no withholding tax on dividends, royalties or interest in Gibraltar. Property in Gibraltar, both residential and commercial, has always been in high demand and therefore represents a very smart investment. UK-facing companies comprise the bulk of these; one interesting statistic to note is that one in five UK cars are insured with Gibraltar-based companies. Company It enjoys a solid global reputation for stability and efficiency with robust infrastructure and prudent regulation. This provides great flexibility in creating large authorised and issued share capital structures for Gibraltar registered entities. Indeed there is a strong case for cooperation; a total of 11,069 frontier workers commute back and forth over the border, according to statistics from the Gibraltar government. There is also a requirement for any person working in Gibraltar to be registered in advance as an employee with the Employment Service (see above). There are no restrictions on doing business with certain countries or jurisdictions in Gibraltar. Such individuals must have a minimum net worth of £2 million and must purchase a qualifying residential property in Gibraltar. Invest Gibraltar. Mon-Fri 0900-1700; 0800-1400 in summer. Private funds are funds offered to a restricted class of up to 50 investors. 4. Gibraltar’s forward-thinking approach to crypto has been mirrored by its banking industry; at the time of writing both Turicum Private Bank and Gibraltar International Bank have announced their readiness to provide banking services to crypto businesses and individuals. This Guide is intended to assist We represent the business community and pressure Government on our members behalf. In Gibraltar there are two types of companies: resident and non-resident. (The exception being a specific sector of utility companies, who instead pay 20%.) Dress. Ships registered in Gibraltar are designated as British, and therefore fly a local variant of the Red Ensign flag. There is also a strong regulatory emphasis on responsible gambling and anti money laundering legislation. • Consistent economic growth, scores high across key indicators with GDP per capital of £56,612 and an unemployment rate of just 1%. PCCs allow specific assets and liabilities to be cordoned off into specific cells, which operate as part of the same core company, but are also distinct and separate from each other cell. As a member of the Commonwealth of Nations, Gibraltar also belongs to a close, international community which, in 2016, saw intra-member trade worth $560 billion. The results mirrored the sovereignty referendums of 2002 and 1967 when 98.48% and 99.64% of voters respectively elected to remain British. Whether entertaining clients, or just looking to relax after a long day, Gibraltar offers plenty of entertainment and diversion, including pubs, bars, clubs and casinos, and plenty of fine dining. Under the Supreme Court (Amendment) Act 2015, those who have been called to the Bar in England and Wales must then gain an additional certificate in Gibraltar law from the University of Gibraltar. Gibraltar’s small size and close-knit community delivers considerable speed to market with easy accessibility to key decision makers in the jurisdiction. No VAT, no capital gains tax, and 10% corporation tax make the territory ideal for international business. It has its own autonomous parliament and has competence to pass its own laws. In addition to Gibraltar’s bars, restaurants and casinos, visitors can also enjoy VAT-free shopping while soaking in the unique atmosphere. The leading activities in Gibraltar are Financial Services and E-Commerce, Insurance, Bunkering, Property, Tourism and Transport as well as maritime related services given Gibraltar… Gaming operators are regulated by the Gibraltar Gambling Commissioner with strict guidelines on advertising, data protection, accountancy and payments. finance, gaming), specific trade licences (e.g. A copy of the Charter must also be then supplied to Companies House, who keep a record of all foundations in Gibraltar, in order to complete the foundation’s registration process. Includes investing and setting up a business in the UK and doing business in Gibraltar. Recent developments in Gibraltar’s crypto industry, meanwhile, have prompted recommendations by the Gibraltar Funds and Investment Association (GFIA), that crypto funds be managed as The move was welcomed by investors, widely applauded by others within the crypto community and resulted in a surge of licence applications to the Gibraltar government. Trust A trust can be set up for the purposes of asset protection, for the transfer of assets, ownership of property or for estate planning purposes. 6 Doing business in Gibraltar. No tax is payable on a Gibraltar trust, provided the trust does not earn income locally and/or the Beneficiary is not a Gibraltar resident. 0000001720 00000 n On January 1st, 2018, Gibraltar made headlines globally when it introduced its ground-breaking Distributed Ledger Technology (DLT) Regulations. There are two main types, Public Limited Companies (PLC), whereby shares are available to the public, and Private Companies (Ltd), which are limited by shares or guarantees. 0000007885 00000 n Trust 0000037626 00000 n Gibraltar’s EIF regime was introduced in 2005, and its popularity has helped boost the growth of Gibraltar’s fund industry. Gibraltar’s financial industry is regulated by the Gibraltar Financial Services Commission (“GFSC”) which operates in concord with key overseas agencies including the OECD, IMF and FATF. Gibraltar’s banking industry is extremely business-friendly and enjoys a positive reputation globally. Online Gaming Tax Online Gaming operators (e.g. 0000063031 00000 n Gibraltar companies may also undertake court-sanctioned cross-border mergers, schemes of arrangement, amalgamations and reconstructions. Businessmen and women are expected to dress smartly in Gibraltar, with most men wearing suits to the office. 0000007558 00000 n A director of a Gibraltar company is not required to be resident in Gibraltar, though residence substantiates management and control of the Gibraltar company, which is a basis upon which tax residency is determined in Gibraltar and many other jurisdictions. Gibraltar’s business-friendly environment, prudent regulation and unblemished global standing has proven particularly inviting to the finance and insurance industry. trailer<] >> startxref 0 %%EOF 337 0 obj <>>> endobj 367 0 obj<. Gibraltar’s official currency, the Gibraltar Pound, is minted in Gibraltar and shares parity with the British Pound – both currencies are legal tender in Gibraltar. Tourism and retail are two significant contributors to Gibraltar’s economy, particularly where both areas intersect, with a steady stream of tourists year-round shopping for VAT-free bargains on jewellery, electronics, fashion and cosmetics. The Gibraltarian lifestyle is a unique hybrid experience where British influences are paired with Mediterranean flair, alongside additional North African and Asian infusions. Doing business in Gibraltar: This guide is prepared by Gibraltar office of Baker Tilly . (See chapter on Setting up a business in Gibraltar.). 0000043556 00000 n Dividend Receipts Income tax is not charged on dividends received by a company. Gibraltar has been a British territory for over 300 years. Gibraltar’s business-friendly environment, prudent regulation and unblemished global standing has proven particularly inviting to the finance and insurance industry. Every entity with a non-trading office in Gibraltar must establish a place of business. Of course there is so much more to Gibraltar than just business opportunities and low taxes. Generally speaking, however, Gibraltar’s swift legislative turnaround means the jurisdiction is fully up to date with EU laws and directives, where applicable, such as the General Data Protection Regulation (GDPR), and will continue to maintain this harmonisation for the foreseeable future. Benefits of Doing Business in Gibraltar. Economic and political outlook. Doing Business in Gibraltar Gibraltar combines strong economic growth and a favourable tax regime with a warm, Mediterranean climate and vibrant lifestyle. In March 2018, the government released its Token Regulation Policy Document with clear definitions on token types and their utility, and the myriad responsibilities of token issuance. EY Gibraltar tax alerts and other documents. Partnership A business comprised of two or more parties, who share the operation of the business, as well as the seed capital, running costs and risks of the business. Key Benefits of Gibraltar. Invest Gibraltar is here to facilitate and help start your business in Gibraltar. As with Gibraltar’s gaming industry, however, only the most trusted, top-tier applicants will be granted a coveted operating licence. A foundation is established by a Founder, who then provides a permanently binding transfer of an asset, or assets, to the foundation. This Guide is intended to assist These types of trusts require more disclosure, however, including registration with the GFSC and the Registrar of Dispositions. The sale or transfer (except between spouses) of property within Gibraltar is subject to stamp duty; the amount is variable and is based on the value of the property and sale price. Forming a company in Gibraltar is relatively simple and has quite a few advantages compared to other EU jurisdictions. Gibraltar’s fascinating culture and history and stunning landscape, combined with its sunny climate, makes it a popular tourist destination, with over ten million visitors arriving in 2016 alone, resulting in a total revenue of £211.9 million. • Stable, business-friendly and non-bureaucratic government legal system based on English Common Law and Pound Sterling as currency. Whatever the outcome, Gibraltar has a proven track record of maintaining stability in the face of crises spanning millennia. Foreign Companies doing business in Gibraltar or from Gibraltar-Part XII and Part XIV (Branch) Registration Updated January 2018 1 A Foreign Company can carry on business in Gibraltar or from Gibraltar, provided that it registers under Part XII or Part XIV of the Companies Act. Gibraltar permits foreign shareholders, welcomes foreign investment and does not restrict capital imports or foreign earnings such as interest, royalty payments or other similar earnings. EIF’s. Airport, port and marina facilities. It enjoys an unemployment rate of 1% with the labour market bolstered by a combination of native and expatriate commuters arriving daily from Spain. Short-term business travellers Subject to the “income from occasional presence” exemption above, individuals working in Gibraltar on a temporary basis are taxable in Gibraltar from day one. There are, however, restrictions on specific industries which require special licensing. Limited Liability Partnership (LLP) Similar to above but for one very important distinction; each partner in an LLP is insulated from liability which may result through the actions, or inactions, of any of other partners. 0000006253 00000 n 0000006581 00000 n Foundation The Private Foundations Act 2017 came into force in April 2017 allowing for the establishment of foundations in Gibraltar. Doing Business and Investing in Gibraltar. The GFSB is a non-profit organisation that exists to help small businesses in Gibraltar to start, grow and thrive. In addition to background facts about Gibraltar, it includes relevant information on business operations and taxation matters. It has endured fourteen sieges, Barbary pirate raids, Napoleonic wars, Axis aggression and a 16 year border blockade by the Franco regime. Gibraltar is also the perfect place to raise a family, it’s safe, friendly and immaculate with plenty to entertain the little ones ones too. Si sigues utilizando este sitio asumiremos que estás de acuerdo. Only the first £80,000 of their assessable income is taxable in Gibraltar subject to a minimum tax payable of £22,000 and a maximum of £29,800. Dress Businessmen and women are expected to dress formally and conservatively in Gibraltar, with most men wearing suits and ties to the office. If you run or are starting a business in Gibraltar you should consider joining us. Stamp duty is only payable in respect of the transfer of real property situated in Gibraltar and, in respect of the creation and increase of share capital. %PDF-1.5 %���� 336 0 obj <> endobj xref 336 32 0000000016 00000 n 0000003507 00000 n Gibraltar is not part of the UK, but contrary to all other British Overseas Territories was a … High-net worth or Category 2 individuals benefit from low income tax, no inheritance tax and no estate duty, not to mention the Rock’s lifestyle opportunities. Gibraltar also has its own University of Gibraltar, which opened in 2015. Throughout its often-turbulent history, Gibraltar’s strategic importance, economic status and prosperity has rarely wavered. Under the Gambling Act 2005, all gaming operators in Gibraltar require a special gaming licence. Therefore it employs a legal system closely based on English Common Law and uses the Gibraltar Pound as currency, though shares the CET timezone (UTC+1) and, as with the rest of mainland Europe, traffic drives on the right. 0000042997 00000 n An Experienced Investor Fund (“EIF”) is a regulated collective investment scheme exclusively for investment by experienced investors and is established under the EIF Regulations 2012, and registered with the GFSC. 0000003603 00000 n Business hours 9am to 5pm from Monday to Friday. The primary characteristic of a Foundation is that it exists and operates as a separate legal personality, with the ability to hold and manage property in its own name. 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