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BACKGROUND
Geographical Location
Gibraltar is a peninsular at southwestern Europe, bordering the Strait of Gibraltar, which links the Mediterranean
Sea and the North Atlantic Ocean, on the southern coast of Spain.
It is adjacent to Africa yet within Europe, and has an historically strategic position at the junction of the Atlantic
and the Mediterranean. The Rock of Gibraltar is made of limestone, is almost 425 metres high, and is riddled with
tunnels from various military campaigns. The name itself derives from the Moorish leader Tariq who used Gibraltar
as a base in the eighth century, "Gibel Tariq" meaning the Mountain of Tariq.
Climate: Mediterranean with mild winters and warm summers.
Population
The population of Gibraltar is approximately 29,165 (July 1999 est.) although a substantial number of the working
population commute daily from homes nearby in Spain. The population consists primarily of Gibraltarians but there
are a number of Moroccans, British expatriates and Indians
Political Structure
Gibraltar is a British Dependent Territory and is a Crown Colony with internal self-government. It has its
own elected House of Assembly which legislates on domestic matters. The United Kingdom is responsible for defence,
foreign affairs, financial stability and internal security. Gibraltar is a member of the European Community by
virtue of Article 227 paragraph 4 of the Treaty of Rome in its capacity as a territory for whose external relations
a Member State (the United Kingdom) is responsible. Gibraltar enjoys special status within the Community and is
exempted from the common Customs Tariff, the Common Agricultural Policy and the Value Added Tax. Gibraltar is politically
stable and the current Government, recently re-elected with a large majority, actively promotes Gibraltar as a
first-class international financial centre.
Infrastructure and Economy
Since the opening of the border with Spain in 1985 the level of tourism and investment has increased dramatically.
Several international banks and insurance companies now have offices in Gibraltar.
Gibraltar has excellent modern postal and telecommunications systems. Thanks to a joint venture between the
Gibraltar Government and the Nynex Corporation of the USA, Gibraltar enjoys the latest in digital and fibreoptic
telecommunications.
There are daily flights between Gibraltar and London and frequent scheduled air services to Manchester and Tangier.
Although it is not at present possible to fly direct from Gibraltar to Spain and other destinations the airports
at Seville, Jerez and Malaga can easily be reached by road and provide direct services to many international destinations.
The Port of Gibraltar enjoys free port status and hosts frequent calls from many of the world's shipping lines,
both passenger and freight.
Language
The official and spoken language is English although because of Gibraltar's close proximity to Spain, Spanish
is spoken widely.
Currency
Pound Sterling. Local Notes and Coins are produced but U.K. Currency is accepted, as is the Spanish Peseta,
with most shops displaying dual currency price tags.
Exchange Control
None
Type of Law
Common Law
Principal Corporate Legislation
The Companies Ordinance
KEY FEATURES TABLE
| General |
| Political Stability |
Good |
| British Based Legal System |
Yes |
| Type of Company |
Exempt |
| Disclosure of Beneficial Owner |
Yes |
| Migration of Domicile Permitted |
No |
| Tax on Offshore Profits |
Nil |
| Non-English Language Names Allowed |
Yes |
| Corporate Requirements |
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| Minimum Number of Shareholders |
One |
| Minimum Number of Directors |
Two |
| Bearer Shares Allowed |
No |
| Corporate Directors Permitted |
Yes |
| Secretary Required |
Yes |
| Standard Authorised Share Capital |
£2,000 ($3,600) |
| Local Requirements |
| Registered Office/Agent |
Yes |
| Company Secretary |
Yes |
| Local Directors |
No |
| Local Meetings |
No |
| Government Register of Directors |
Yes |
| Government Register of Shareholders |
Yes |
| Annual Requirements |
| Annual Return |
Yes |
| Audited Accounts |
No |
| Recurring Government Costs |
| Annual Tax/Licence Fee |
£225 ($360) |
| Annual Return Filing Fee |
£26 ($50) |
COMPANY FORMATION
Type of Company for International Trade and Investment
Exempt Company
Procedure to Incorporate
Filing of Memorandum and articles of Association, Statement of the situation of Registered Office, A Statement
declaring the Authorised Share Capital and a Declaration of Compliance.
Restrictions on Trading
Cannot trade in Gibraltar or with residents of Gibraltar. Cannot solicit funds or sell its shares to the public.
Powers of Company
A company incorporated in Gibraltar has the same powers as a natural person.
Language of legislation and corporate documents
English
Shelf Companies available
Yes
Time Scale to Incorporate
Three Days
Name Restrictions
Any name that is identical or similar to an existing company. Any name which, in the opinion of the Registrar,
is undesirable. Any name which suggests Royal or Government (either in Gibraltar or the United Kingdom) patronage,
unless prior consent is obtained.
Language of Name
The name can be in any language that uses the Latin alphabet, but must be accompanied by a translation to ensure
that the name is not prohibited
Names requiring Consent or a Licence
Banking, Insurance or the provision of Trustee services are licensable. "International" and "Gibraltar"
cannot be used without consent unless they are bracketed.
Suffixes to denote Limited Liability
"Limited" or "Ltd".
Disclosure of Beneficial Ownership to Authorities
Yes, Application for exempt status must be made to the Financial and Development Secretary, but such information
is not available on public record.
SHARE CAPITAL, TAXATION, LICENCE FEES AND COMPLIANCE MATTERS
Authorised Share Capital
Normally £2,000 ($3,600) divided into 2,000 shares of £1.00 each.
Classes of Shares Permitted
- Registered Shares
- Bearer Shares (but unusual in the case of an exempt Company)
- Preference Shares
- Redeemable Shares
- Shares with or without voting rights
Bearer Shares Permitted
Possible, but not usual in the case of an Exempt Company.
Taxation
A Gibraltar Exempt Company is exempted from local taxation.
Double Taxation Agreements
Gibraltar is not a party to any Double Taxation Treaties
Licence Fees
£225.00 ($360) per year.
Financial Statement Requirements
There is no requirement to file Financial Statements, but a company must keep records to reflect the Company's
financial affairs.
STRUCTURE OF MANAGEMENT
DIRECTORS
Minimum number of Directors
Two
COMPANY SECRETARY
Company Secretary Required
Yes, must be Gibraltar resident, but can be a corporate Secretary.
SHAREHOLDERS
Minimum number of Shareholders
One
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