Gibraltar company formation
Gibraltar is a popular jurisdiction for company formation due to its low taxes and favourable regulatory environment. There are two main types of companies that can be formed in Gibraltar: resident companies and non-resident companies.
Resident companies are subject to corporate tax, but this is offset by the fact that they can claim double taxation relief on foreign income. Non-resident companies, on the other hand, are only subject to tax on income derived from Gibraltar. Capital gains tax is also not levied on profits earned by non-resident companies.
As a result, Gibraltar is an attractive option for businesses looking to minimise their tax liability.
When forming a company in Gibraltar, it is important to work with a reputable formation agent who can help you navigate the process and ensure that all the necessary paperwork is in order.
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Gibraltar Companies Act
Gibraltar Companies Act
Gibraltar non-resident company key features
To be a non-resident company, a Gibraltar-registered company has to satisfy the following criteria:
- The company must be owned by persons, who are not resident in Gibraltar.
- The company must be controlled (directed) by persons who are not resident in Gibraltar.
- The Gibraltar non-resident company may not trade or carry-on business in Gibraltar with residents of Gibraltar. It may however trade with other exempt or qualifying companies or non-resident persons.
- The company must maintain its Company Register, Registered Office and Resident Secretary in Gibraltar.
- The company must not remit income to Gibraltar.
Gibraltar company formation set up timescale
A Gibraltar company can be incorporated in five days, once all information and proof of identity has been received.
Registration of an offshore company in Gibraltar
To register an offshore company in Gibraltar company, you will need to provide the following information:
Taxation of a non-resident company in Gibraltar
Corporate taxation in Gibraltar is based on the principle of value-added tax. This value-added tax is levied on the value of goods and services produced in Gibraltar. The value of goods and services taxable in Gibraltar is generally the same as the value of goods and services taxable in the United Kingdom.
However, some double taxation treaties between Gibraltar and other countries may exempt certain types of income from value-added tax. Double taxation treaties are also used to avoid double taxation of income earned in Gibraltar by non-residents.
In addition to value-added tax, Gibraltar also imposes a wealth tax on individuals and companies. This tax is levied on the value of assets held in Gibraltar. The rate of this tax depends on the type of asset held.
For example, the rate for real estate is 0.5%, while the rate for shares is 1%. The rate for bank deposits is 2%. The rate for life insurance policies is 3%. The rate for other types of assets is 4%. Income taxes are also imposed on individuals and companies in Gibraltar.