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Where to Incorporate Your Offshore Company

View Offshore Information by Country/Jurisdiction:

Belize	British Virgin Islands	Cyprus
Delaware Non-Resident LLC	Gibraltar Tax Exempt Company	Gibraltar Non-Resident
Irish Domestic Companies	Isle of Man	Jersey
Liechtenstein Foundations	Luxembourg Holding Company	Netherlands Antilles
Panama	UK Managed Ltd Company	UK Non-Resident LLP

Gibraltar - Fact File

Gibraltar Tax Exempt companies are companies administrated in Gibraltar but exempted from local tax upon the payment of an annual duty. Such companies may be managed and controlled in Gibraltar by a management firm but local image problems can cause concern especially for administrative purposes.

British Crown Colony- Effectively self governing in all matters save defense and foreign affairs, However, ultimate power still rests with the United Kingdom. Good efficiency. English and Spanish speaking. Excellent air and sea communications. Scandals in the 80's together with ongoing claims, mostly from the Spanish, of money laundering have severely effected this jurisdiction's reputation. In recent years local regulations have been more rigorously enforced. Unlike most other tax havens, Gibraltar has high individual and corporate taxes, although there are certain incentives for high net worth foreigners. Residents may, with certain exceptions, be taxed on their world-wide income.

There are three main types of company: the Exempt Company, the Qualifying Company and the 1992 Holding Company. It is also possible to have a nonresident company. Single subscriber companies have been introduced in concurrence with EU directives. Legal system is based on English common law. Favorable company and trust statutes. Unlike Jersey, Guernsey or the Isle of Man, Gibraltar is a full member of the European Union save for the Common Agricultural Policy icy, Common Customs Tariff and VAT. Significant number of ship and yacht registrations. Growing banking sector, however, financial services district has not been as successful as hoped. No tax treaty network even with the UK.

Star Ratings:

• Corporate registration efficiency: 5 / 5
• Cost: 5 / 5
• Confidentiality: 3 / 5
• Local banking facilities: 4 / 5
• Legal system: 5 / 5
• Political stability: 3 / 5
• Reputation: 3 / 5

Tax Planning Credentials

Location

Located at the tip of the Iberian Peninsula at the opening of the Mediterranean Sea with the Atlantic Ocean, north of Morocco and south of Spain. The coast of Africa is only 12 kilometers away across the Straits of Gibraltar. Gibraltar is approximately 5 kilometers long and 1.2 kilometers wide, with a population of approximately 30,000.

Relationship with the EU

Gibraltar has been a full member of the EU since 1973, when it joined as a UK Dependent Territory (see Article e 227(4) Treaty of Rome). The Common Agricultural Policy, Common Customs Tariff and VAT, however, do not apply. To try and utilize its position in the EU, Gibraltar introduced a 1992 Holding Company. The object is to a low the owner of such companies to benefit from the Parent/Subsidiary Directive 90/435. This permits dividend payments to be deferred from one EU member state to another without any withholding taxes. Notwithstanding the introduction of the said company other EU members do not appear to accept the veracity of these companies.

General Gibraltar Advantages

• A Gibraltar Exempt Company need only have a paid capital of UK£100.00. A Qualifying Company needs UK£1,000.00.
• All Gibraltar companies require a local registered office for the service of process but there is no specific requirement for the appointment of a registered agent.
• Both registered and bearer shares can be issued.
• There must be at least one director. A director can either be a real person or a corporate entity. Details are on public record.
• There are no nationality or residence requirements.
• There must be at least one shareholder. A shareholder can be a corporate entity and there are no nationality or residence requirements.
• Nominee directors can be supplied internally or externally. There is a disclosure requirement for Exempt companies of the name and address of the beneficial owner but all such information is protected by a legal guarantee of confidentiality. A full register of members and charges must be kept at the registered office in Gibraltar.
• The name of the required company should be checked with the Registrar and the ending will be either Limited or Public Limited Company.
• Developed and favorable corporate law.
• Statutes less bureaucratic than British equivalent.
• More corporate possibilities than in the Channel Islands
• Branches of foreign companies in Gibraltar can apply for special exempt tax status. There will, however, be an annual duty of E300.00 per annum.
• Single subscriber companies available.
• No capital gains tax and no exchange controls.
• No-accounts or annual returns to be filed with the Government in the case of Exempt companies.

Taxation

As stated, Gibraltar does not have low indigenous individual or corporate tax rates; In fact, the rates can be as high as 35% for companies and 50% for individuals. Taxation is on worldwide income. Fiscal beneficial entities are, with certain exceptions, only available where real or beneficial ownership does not rest with a Gibraltar resident and trade is not dependent on the internal market. The taxation liabilities of non-indigenous companies are as follows:

1. Exempt Companies zero tax
2. Qualifying Companies = tax varies between 2% and 35%
3. 1992 Holding Companies = technically subject to 35% but withholding taxes on distributed dividends no more than 1%

Popular Options

1. Corporate Combined Register (Completed) & Company Seal: Taken by almost all our offshore clients, this includes all appropriate minutes, including where appropriate pre-signed transfer minutes, pre-prepared bearer or named share certificates, registers for members, directors, interests, allotments, transfers and of course your company's certificate of incorporation - Cost US$150.00.
   
2. Apostilling of company documentation pursuant to the Hague Convention of 1961: Many banks now require official company documents to be legally confirmed as original under the internationally accepted apostilling procedure which SMB can provide at the registration/pre-transfer stage of your company incorporation. Before ordering please confirm whether this process will be necessary with your bank- Please refer to fee schedule.
   
3. If you have any other requirements please contact us by e-mail, telephone or facsimile as we can provide virtually all offshore services including recommending a bank that will accept standard/apostilled company documentation.