Gibraltar Company Formation
Opening a company in Gibraltar
Why open a company in Gibraltar? What are the advantages in the state of Gibraltar?
Gibraltar is a territory of England. Gibraltar borders Spain, it is 7 km in size in the Mediterranean Sea, and historically it was (and still is) of military importance.
The local currency is the British pound (GBP). Gibraltar is an expensive place.
As far as England is concerned, Gibraltar has an independent status from the governmental aspect, in that it has its own parliament (an independent legislative body), and it has its own government. It is still a territory of England because England has responsibility for the defense of Gibraltar, and England determines Gibraltar's foreign policy (foreign policy is the way in which a certain country decides to treat other foreign countries. For example, in friendly relations, in hostile relations, etc.)
The official language in Gibraltar is of course English.
In Gibraltar there is 0% tax on all income originating outside the country. Because Gibraltar is a country with a size of only 7 km, it follows that usually all the income is outside the country.
The process of opening a company in Gibraltar
Opening a company in Gibraltar begins with filling out forms, signatures and verifications of identification documents. The documents are sent with a courier urgently to Gibraltar to a local agent on our behalf who will open the company. After receiving the documents, the company is established within a few days.
In Gibraltar there is no need for a local director or local shareholder. In Gibraltar you also do not need any European citizenship to open a company. You can open a Gibraltar company even if you are a foreign citizen. This means that it is possible to open the company with 100% shareholding in the name of a foreign citizen - in your name, or even in the name of a foreign company. The director can be foreign and there is no need for a local director.
Equity Requirements
Similar to all the "English" countries, to open the company in Gibraltar, there is no need to deposit equity capital. This is different than countries such as Germany, Bulgaria, Estonia, Spain, Austria, etc., which require an actual deposit of money as equity in a minimum amount that varies from country to country, as a condition for opening the company. As mentioned in Gibraltar, this is not the case, and the company can be opened without paying a single pound in favor of equity.
After opening the company, a "Certificate of Incorporation" is issued, like this one of a company we opened:
Opening a bank account in Gibraltar - current account for the company
After opening the company, it is time to open a current bank account in Gibraltar for the company.
Anyone who wants to open a bank account in Gibraltar is required to come to the country. The banks in Gibraltar make it a bit difficult for new accounts, asking for a minimum deposit of £20,000.
However, there is an alternative, and that is opening an internet bank account. Indeed, similar to our "Zero One" bank, there are internet banks in Europe that would be happy to accept your company in Gibraltar as a customer.
Registration with the Tax Authority
After opening the company, registration will be made with the Tax Authority. However, there is no need to pay taxes as long as all the company's income is outside of Gibraltar.
Company maintenance
The company requires annual maintenance of payment of fees, annual submissions, local address (which we will provide for you), as well as submissions to the tax authority.
Tax in Gibraltar
The corporate tax in Gibraltar is only 12.5%, but the company in Gibraltar is completely exempt from any tax on profits whose source is outside of Gibraltar. In other words, 0% tax on all income outside of Gibraltar.
For sales to the local Gibraltarian market, the VAT is 0% as well. That means there is no VAT at all in Gibraltar.
Questions and answers
Question: Is it necessary to physically fly to Gibraltar to open a company in Gibraltar?
Answer: The entire process is carried out remotely and at no stage is it necessary to physically come to Gibraltar. There is no need to fly to Gibraltar to open the company. However, in order to open a bank account it is necessary to physically arrive in Gibraltar. However, the entire process of opening a company in Gibraltar is carried out remotely without setting foot on Gibraltar soil.
Question: Who provides the local address for the company in New Gibraltar?
Answer: We will provide the local address.
Question: How can I find a good accountant to handle our new Gibraltar company?
Answer: We will connect you with a local accountant.
Question: If I want to come to Gibraltar to open a bank account, what should I do?
Answer: We will try ahead of time to arrange a meeting for you at the branch for the purpose of signing the account opening forms, so that everything will be in order before you arrive, so that you will not just walk around the city in order to find a branch that will accept you and open a bank account for the company in your new Gibraltar.
Question: What type of company in Gibraltar should I open?
Answer: In Gibraltar there is only one type of company - the Limited ("Ltd"). Therefore there is really nothing to be confused about.
Question: Do you need a European passport to open a company in Gibraltar?
Answer: There is no need for a European passport. We can open a company in Gibraltar for any foreign citizen as long as he has a valid passport.
Question: How long does it take to open a company in Gibraltar?
Answer: The process of opening the company, including signing the power of attorney and sending it, should take about 3 weeks. After that, the process of opening a bank account takes between 1-3 weeks, depending on the readiness of the banks to accept the new company as a customer. Of course, these are times that depend on third parties, so this is only an estimate.
Question: Is it possible to open a company in Gibraltar for a person with American citizenship or a person living in the USA?
Answer: Yes. We know how to open a company in Gibraltar for a person with American citizenship or a person living in the USA.
Question: How much does it cost to open a company in Gibraltar?
Answer: Click here to contact us and get an up-to-date quote for free!