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Procedure for Registering an Offshore Company in Gibraltar in 2024

by | Feb 26, 2024 | Gibraltar

In the ever-evolving landscape of international business, Gibraltar has emerged as a prime destination for entrepreneurs seeking to establish offshore entities. Renowned for its strategic location, business-friendly environment, and robust legal framework, Gibraltar offers a gateway to global expansion. 

On Friday 23rd February 2024, the Financial Action Task Force in Paris announced that Gibraltar had been removed from the grey list which opens further opportunities as a jurisdiction. 

In this guide, we will navigate through the essential steps to register an offshore company in Gibraltar in 2024.

Understanding Offshore Companies in Gibraltar:

Gibraltar has become increasingly more popular over the last 5 years for setting up offshore companies. Tailored to cater to international business needs, Gibraltar provides a favourable environment for entrepreneurs aiming to conduct global business operations.

Key Advantages of Offshore Companies in Gibraltar:

Tax Efficiency: Gibraltar’s offshore companies enjoy a low-tax regime, making it an attractive jurisdiction for those looking to optimize their tax structures and minimize liabilities. With a corporation tax rate of 12.5% on income which is accrued and derived in Gibraltar, non-resident companies are highly attractive. Gibraltar has no VAT or Capital Gains Tax either. 

Global Recognition: Offshore companies in Gibraltar benefit from international recognition, facilitating seamless business transactions and fostering partnerships on a global scale.

Asset Protection: Gibraltar’s legal framework ensures a secure environment for assets, offering confidentiality and robust protection against potential risks.

Confidentiality: Gibraltar’s registry information can be accessed by anyone with an account at Companies House but the information is not as freely available as in the UK so Gibraltar companies have become more popular to protect information from competitors. 

Procedure for Registering an Offshore Company in Gibraltar:

  1. Name Check:

Begin the process by selecting a unique and appropriate name for your company. Gibraltar has a list of sensitive words and expressions that have restrictions. Octopus can check online and advise accordingly.

  1. Engage Professional Services:

Consider the services of professional service providers like Octopus who have the experience and knowledge when registering a Gibraltar company. Our expertise will guide you through legal complexities and ensure compliance with regulations.

  1. Know Your Customers (KYC)  / Due Diligence Requirements:

Octopus will guide you through the requirements to obtain identification documents, source of wealth and source of funds to ensure our regulations are complied with. 

  1. Submission of Documents:

Octopus will prepare and submit the necessary documents for company registration. This includes the Memorandum and Articles of Association, details of directors and shareholders, and a registered office address in Gibraltar.

  1. Legal Compliance:

Ensure strict adherence to Gibraltar’s legal requirements, particularly in areas such as anti-money laundering (AML) and combating the financing of terrorism (CFT) standards.

  1. Financial Considerations:

Octopus can assist opening an Electronic Money Institution or a Bank account for your offshore company. Gibraltar has different options available in addition to banking options outside of Gibraltar. Selecting the right banking partner is pivotal for smooth financial operations and transactions.

  1. Limited Liability Structure:

Consider the structure of your offshore company. Many entrepreneurs opt for a Limited Liability Company to safeguard personal assets and enhance financial security. In Gibraltar the most common type is Limited by Shares. 

  1. Ongoing Compliance:

Stay informed about ongoing compliance requirements in Gibraltar. This involves Octopus filing annual returns and adapting to changes in regulatory frameworks to ensure sustained legal standing. The annual requirements also consist of transaction monitoring, filing of accounts and tax returns.

Conclusion: Setting Sail for Success in Gibraltar

In 2024, registering an offshore company in Gibraltar remains a beacon of opportunity for entrepreneurs seeking global business success. With its strategic location, favourable tax regime, and commitment to a robust legal framework, Gibraltar stands as an ideal environment for expanding business horizons or reducing your tax.

Whether you’re interested in incorporating a Gibraltar non-resident company or forming a resident local trading company, at Octopus, we understand the procedure and provide professional services to set you on the right course. As you navigate the complexities of international business, Gibraltar invites entrepreneurs to embark on a journey of success and growth.

Octopus provides guidance for relocating to Gibraltar, setting up a business locally or as a non-resident. Please contact info@octopus.gi for a free consultation.