Asset Protection Library
 

Disclaimer
Gibraltar
EXEMPT COMPANIES
  • What is a Tax Exempt Company?
A company incorporated in Gibraltar which is owned by non-residents thereof and does not conduct business with other Gibraltar Resident Companies or individuals, may apply for Tax Exempt Status under Gibraltar legislation.
  • What are the requirements of a Gibraltar Tax Exempt Company?
In order to qualify for exempt status in Gibraltar, investors must supply references from a bank, accountant, or qualified attorney with regard to the company’s ultimate beneficial owners and its future activities.
  • That the minimum paid-up share capital of the company be no less than L100.
  • That no Gibraltarian or resident of Gibraltar or resident of Gibraltar has a beneficial interest in the shares of the company. (This does not preclude Gibraltarians or residents of Gibraltar from acting as nominees).
  • That the company can only carry on business with similar companies which must originate from persons other than Gibraltarians or residents of Gibraltar.
  • That the company must maintain its Company Register and Registered Office in Gibraltar.
  • What are some of the advantages of a Tax Exempt Company?
      • A Gibraltar Tax Exempt Company can be ordinarily resident in Gibraltar, fully managed and controlled from Gibraltar, set-up a place of business here, employ staff, and in effect, control its world-wide operations from the Rock while enjoying total exemption from income tax and only paying a low flat rate of tax of L225 per annum.
      • If on the other hand, it was decided to make the Tax Exempt Company non-resident in Gibraltar, then a flat tax of just L200 per annum would become payable to the Gibraltar Government.
  • What are the advantages of a smaller individual investor?
    • Appoint Gibraltar resident directors as well as resident nominee or trustee shareholders – which means that the company can have its Registered Office, management, and all its officers and members in Gibraltar at the same time as the Beneficial Owner of the Company enjoys and element of privacy/anonymity. This means that a resident of Gibraltar having experience in a relevant business or trade can be appointed as director to the company, thereby ensuring that "resident expertise" can sit on the company’s Board of Director to take decisions in Gibraltar.
    • Open a Bank account in Gibraltar, which accrues interest tax-free.
    • Hold shares and debentures in the company which are not liable to Estate Duty in Gibraltar.;
    • Prior permission from the Financial and Development Secretary having been obtained, shared in the company can be transferred without this becoming subject to Stamp Duty.
INCORPORATION OF A TAX EXEMPT COMPANY
  • How long does it take to confirm a corporate name?
  • How long can corporate names be reserved in the Registry?
  • The corporate name of a Tax Exempt Company must include: 
      • Names must end with the word "Limited" or "Ltd".
  • The corporate name of a Tax Exempt Company may not include: 
    1. Any of the following words or abbreviations cannot be included: 
      • Assurance
      • Bank
      • Building Society
      • Chartered
      • Co-operative
      • Municipal
      • Fund Management
      • Insurance
      • Trust
  • How long does it take to register a Corporation?
    • What resolutions or amendments shall be filed in the Registry office?
    • Can banks, insurance, reinsurance or trust companies be organised under an IBC?
    CAPITAL AND MEMBERS
    • What is the minimum authorised capital for a Tax Exempt Company?
    Companies are incorporated, under normal circumstances, with an Authorised Share Capital of  

    L2,000. This is the maximum Share Capital for the minimum Duty payable at the time of incorporation.
    • What type of shares can be issued by a Tax Exempt Company?
    Registered Shares.
    • Can any of the shares be issued on behalf of local residents?
    • Is confidentiality of the Shareholders available in the Bahamas?
      • DIRECTORS AND OFFICERS
       
    • What is the minimum number of Directors and Officers a Tax Exempt Company can have?
    The minimum number of Directors is one, either corporate or individual.
    • How are the Directors and Officers appointed?
    • What qualifying factors should the Directors and Officers of a Tax Exempt Company submit? 
    • Directors may be of any nationality and there is no requirement that they should be residents of Gibraltar.
    • All Gibraltar Tax Exempt companies must appoint a resident Company Secretary, which may be either an individual or a corporate entity.
    • What information can be revealed about the Directors and Officers?
      1. Details of the Directors appear on public record; however, anonymity may be preserved by using offshore Directors.
    • Can the directors or officers bind the company?
    MEETINGS
    • Is it necessary to hold annual meetings of Shareholders and/or Director? 
    • Where can these meetings be held?
    Board and shareholder meetings may be held anywhere.
    • What constitutes quorum at a meeting of the Shareholders or of the Board of Directors? 
    • Can proxy (substitute) represent a member/shareholder?
    • What are the requirements with respects to Notices given for meetings?
    • Can resolutions of the Directors and/or Shareholders be adopted by consent?
    BOOKS AND REGISTERS
    • Is it necessary to prepare or file accounts?
    • What books or registers are requisite for the Company?
    • Does the company require a corporate seal, and where is it kept?
    • Must a Company file annual tax returns?
    • What information about the Company is available to the public?
    • What resolutions or amendments shall be filed in the Registry office?
    RE-DOMICILIATION
    • What is re-domiciliation?

      • Is the re-domicile contemplated in the Act?
    Gibraltar Tax Exempt Company
     
    A. INCORPORATION: L450
    B. ANNUAL RESPONSIBILITY FEE: L500
      (Includes: Company Secretary; Nominee Shareholders and Directors)  
    C. ANNUAL FEES: L656
      (Government Tax Exempt fee L225; Annual return filing fee L31; Tax Exempt Status application preparation fee L50; Registered Office/Agent L350)  
    D. COURIER (EACH) L30
    E. Initial Invoice Total (A,B,C, & D) L1,636
    F. Second Year’s Invoice Total (B&C) L1,156
    G. OPTIONAL SERVICES  
      Opening a Bank Account L100
      Isle of Man VAT Registration L100
      Annual VAT Responsibility Fee L200
      Registration on the Isle of Man "F" Register L225
      Annual Isle of Man Exempt Application preparation fee. L50
      Annual Isle of Man Tax Exempt Fee L300
    For Information on how to utilize Gibraltar in your investment program Click Here 
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    Disclaimer: This information is designed to provide accurate and authoritative information in regard to the subject matter covered.
    It is posted with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services.
    If legal advice or other expert assistance is required, the services of a competent professional person should be sought.