Going Offshore - Crowe Horwath International

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Horwath MAK Member Crowe Horwath International 11. GIBRALTAR Geography, Location & General Information Gibraltar is a peninsula at the southern tip of Spain with an area of approximately 7 square kilometers. 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 itself is made of limestone and is almost 425 meters high. The Port of Gibraltar enjoys free port status and hosts frequent calls from many of the world’s shipping lines, both passenger and freight. 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 defense, 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. Summary The attractions of Gibraltar as a financial centre can be summarized as:- • Exemption from Gibraltar taxes. • Excellent domestic and international banking • Membership of the European Community • No foreign exchange controls • No double taxation treaties. Audit | Tax | Advisory | Risk 22 © 2013 Horwath Mak
Horwath MAK Member Crowe Horwath International SN DETAILS GIBRALTAR 1 Types of company: (a) Type of company preferred for international transactions: Private company limited by shares/Limited Partnerships. (b) Shareless companies: Campany limited by guarantee and not having a share capital. 2 Capital requirements: No minimum capital requirement for private companies. GBP 20,500 minimum for public companies. 3 Fees paid to authorities GBP 50 to Companies House and GBP 10 for Stamp Duty. to incorporate: 4 Annual fees paid to authorities: GBP 45 for annual returns and GBP 10 for accounts. 5 Taxation rates applied to companies generally: Under the new Income Tax Act 2010 most companies will pay tax at the rate of 10% on taxable profits. However, utility companies (water, electricity, telecoms, sewage and petroleum) and companies which "abuse a dominant market position" will pay tax at the higher rate of 20%. (a) The taxation of companies in 2(a): As above. 6 Minimum number of One for a private company and seven for a public company. members: 7 Directors and secretary: (a) Are corporate directors allowed? Yes (b) Are "shadow" directors required to be registered? Not allowed. 8 Annual meetings: Yes, however, companies may dispense with AGMs if they pass a special resolution. 9 Is an annual return filed with details of directors and members? Yes Audit | Tax | Advisory | Risk © 2013 Horwath Mak 23
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Going Offshore - Crowe Horwath International

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