1.
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Advantages
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- Gibraltar was the first European jurisdiction to offer the exempt company which allows a company to be controlled and managed from Gibraltar whilst still able to enjoy preferential tax status there
- Probably the most cost-effective European jurisdiction
- The exempt certificate gives a 25 year guarantee of exemption from Gibraltarian taxes
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2.
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Disadvantages
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- Not as well established as its European competitors
- As a full member of the EC pressure may be brought to bear at some time in an attempt to force Gibraltar to harmonise its taxes with other member states
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3.
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Company Status
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| Resident: Taxable at 35% of profits and subject to Estate Duty and Stamp Duty Exempt Taxed at a flat rate of £225 pa (or £200 pa if non-resident exempt) and not liable to Estate Duty or Stamp Duty
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4.
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Corporate legislation source
| UK Common Law 1929 Act - introduced locally as "The Companies Ordinance"
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5.
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Company Name
| Prior approval not required. Many words sensitive, eg Royal, Holdings, Group, Gibraltar, International, Bank, Insurance etc. Must end "Limited"
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6.
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Time taken to incorporate
| 5 - 7 days, although same day incorporation can be obtained at an additional cost of £100
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7.
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Are shelf companies available?
| Yes, but application for exemption must be made after acquisition
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8.
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Usual minimum capital
| Exempt company must have at least £100 paid up share capital or currency equivalent
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9.
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Capital Duty
| 0.5%
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10.
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Minimum number of shareholders
| One - but two are usual
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11.
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Are bearer shares/shares of no par value possible?
| Yes but impractical / No
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12.
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Directors: minimum number / corporate directors allowed / location
| One / Yes / May be resident
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13.
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Secretary: mandatory / corporate secretary allowed / location
| Yes / Yes / Must be resident for exempt companies
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14.
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Is there a requirement for a Registered Office / Registered Agent?
| Yes / No
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15.
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Is any information required by the authorities prior to incorporation or prior to tax status being granted?
| References must be supplied to the agents and may be required by the authorities before exemption is granted
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16.
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What information is available on the public file?
| Directors, Shareholders, Registered Office, Memorandum & Articles of Association, Annual Return, Mortgages & Charges (if any)
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17.
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What documents must be kept at the Registered Office?
| Register of Members / Directors / Mortgages & Charges
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18.
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Corporate books & seal
| Required and usually retained at Registered Office / Not Mandatory
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19.
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Are accounts required / filed?
| Yes / Yes
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20.
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Is an annual return required?
| Yes
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21.
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Where are meetings to be held?
| No restriction
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22.
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Annual fees payable to the government: Tax / Annual Return Filing Fee
| £225 (£200 if Non-Resident Exempt) + application or renewal costs / £30
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23.
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Are there any exchange controls?
| None
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24
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Double tax treaties
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None |
