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Gibraltar - Exempt


Gibraltar, situated on the southern tip of the Iberian Peninsula, is a 6,5 km2 overseas territory of the UK, commanding the entrance to the Mediterranean Sea. The limestone rock, rising abruptly in the east, and with a more gradual slope to the west, has a maximum elevation of 426 m., and is home toalmost 28 000 inhabitants. The multi-national community includes English, Italians, Maltese, Portuguese and Spanish, and Gibraltar is also home to the Barbary ape, the only wild monkey in Europe. English is the official language, though thanks to the proximity of Spain (the two are separated only by a narrow, sandy neutral zone), Spanish is also widely spoken. Gibraltar enjoys a mediterranean climate, with warm summers and mild winters. Due to the lack of natural resources, the economy is strongly dependent on shipping, tourism, food processing and the growing financial services sector. Through its links with the UK, Gibraltar is considered part of the EU. The unit of currency is the Gibraltar pound, which is at par with the British pound.


The history of Gibraltar dates back to ancient times when Gibraltar formed one of the Pillars of Hercules, marking the limits of safe navigation. The Rock has suffered at the hands of various invading forces, including the Muslim general Tariq ibn-Ziyad, Algerians, a combined English and Dutch force, and an unsuccessful siege by the Spanish which lasted for three years towards the end of the 18th century. Gibraltar played an important role in World War I as a base for allied naval units, and during the Spanish Civil War many refugees fled Spain and sought shelter on the Rock. The 1960s and 70s were turbulent times, with relations between Spain and Britain becoming increasingly strained. Britain's decision to transfer control over internal affairs to the dependency triggered renewed efforts by Spain to acquire sovereignty. More recently tensions have eased, with both sides adopting a more flexible approach.


The Constitution of Gibraltar was introduced in 1969, following the agreement with Britain on transferring the control over internal affairs. Queen Elizabeth II remains the chief of state, and is represented in Gibraltar by a Governor. Gibraltarians elect 15 members to the Gibraltar House of Assembly, and these are joined by 2 ex officio members. The Governor appoints a Chief Minister from among the elected members (the one most likely to command the greatest measure of confidence), and together with the leader of the opposition they appoint The Gibraltar Council and the Speaker of the House. In addition, the Governor and Chief Minister also appoint the Council of Ministers.

Method of incorporation / registration: The Memorandum of Articles of Association must be signed by the subscriber. The subscribers must be a local persons, licensed for the purpose.
Company legal form: Private Limited Company by shares
Company status: Non-resident Company.
Source of corporate legislation: UK Common Law Act 1929, introduced locally as "The Companies Ordinance".
Possible suffixes to company name: Limited or Ltd.
Restrictions on company name: Prior name approval is required. The terms Bank, Insurance, Royal, Trust, Savings, University, Chamber of Commerce, Euro-, Trustee, Co-operative, and Council may not appear in the company name.
Time required for incorporation: 4-5 weeks
Number of directors: Minimum 1 of any nationality
Number of shareholders: Minimum 1, but 2 is more usual
Capitalisation: No minimum
Accounting / reporting requirements: Annual return is required by law
Type of shares: Registered
Annual tax and duties: 50 GBP
Information publicly available: Registered office and registered secretary, director.
Disclosure of beneficiaries: Required by Financial Services Commission.
Registered office: Local registered office is required by law.
Registered secretary / agent: Local registered secretary is required by law.
Double tax treaty: Gibraltar non-resident companies are not subject to DTTs.

COMPULSORY COSTS (payable prior to registration)

Registration fee: 250 GBP
Notarial certification: 200 GBP
International authentication (Apostille): 200 GBP
Legal expenses, filing fees and stamp duties: 50 GBP
Issuing of share certificates and initial minutes and forms: 200 GBP
Corporate seal: 40 GBP
Courier fees: 50 GBP
Subtotal: 690 GBP
Registered office and registered agent: 1240 GBP
Annual tax and duties: 50 GBP
Subtotal: 1290 GBP
Total: 1980 GBP

The annual fees for the first calendar year of existence of the company are payable in full prior to registration, regardless of the actual date of formation of the company.The amount of 1290 GBP, therefore, must be paid both by a company registered in January and also by a company registered in December, and in both cases amount includes only the annual fees for the calendar year in which the company was formed. Subsequently, the amount of 1290 GBP is payable annually, beginning from January 1 of the year following the year in which the company was formed.Non-payment of the annual fees results in the company being struck off the Company Register.

The amount of 1980 GBP includes the following services:formation of the company, duties payable to the local authorities for the registration of the company, provision of registered office and registered secretary and payment of annual tax for the calendar year in which the company was formed, luxury leather corporate kit containing Certificate of Incorporation with Apostille, Memorandum & Articles of Association authenticated by Registrar, Appointment of First Directors with Notary Public authentication, share certificates, initial forms and minutes, and 2 company seals and postage of company documents to Budapest. The price contains no hidden costs!

Nominee Director (private person): 495 GBP
Nominee director (corporate body): 295 GBP
Nominee shareholder: 175 GBP
Power of Attorney with Notarial Certification: 195 GBP
Notarial Certification or Apostille: 200 GBP
Certificate of Good Standing: 175 GBP
Certificate of Incumbency {#Certficate of Incumbency - Gibraltar#}

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