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What does my company need to do to become fully compliant in Gibraltar?

Initially, you will need to incorporate the company and register the same with Companies House, the tax office and the Office of Fair Trading if a business licence is required. A separate registration will need to be made with the Employment and Training Board should the Company require employees to be registered in Gibraltar. It is advisable to engage a local service provider to ensure that on-going annual statutory compliance matters such as the preparation and filing of accounts and tax returns are dealt with in a timely manner.

How long does this process take?

A company typically takes 2-3 days to incorporate although an urgent incorporation fee can be paid should you require the company within 24 hours. The various registrations can take between 1-8 weeks. But this will depend on the registrations that your business will require.

Can we open a bank account outside of Gibraltar even if our business is based in Gibraltar?

Gibraltar offers several banks that generally accept Fintech based businesses and although it is recommended to open a bank account in Gibraltar, there are no legal restrictions to opening a bank account in or outside of Europe.

I have an existing company. Can I re-domicile it to Gibraltar?

Gibraltar accepts most companies re-domiciling from other jurisdictions, but you will need to check whether there is a legal process in place in the existing/exiting jurisdiction to re-domicile your company or fund to Gibraltar. Alternatively, we can check this for you and guide you through the process.

Can I be a Director of my company and also have a Corporate Director?

There are no legal restrictions with regards to appointing corporate directors or individual directors. Therefore you can appoint a board of both individual and corporate directors.

Do all Directors need to be full time resident in Gibraltar?

There is no legal requirement to appoint Gibraltar resident directors. However, the residency of the directors may affect the tax residency of the company and therefore is advisable to have discuss with professionals prior to decisions being implemented.

Can I become a Gibraltar tax resident myself?

There are various cost efficient options available in Gibraltar to become an ordinary tax resident or obtain special tax status such as the Category 2 regime whereby income is capped at £80,000. The different options need to be analysed based on the individual’s circumstances to find the most suitable option for you your family.

What effect may Brexit have on Gibraltar companies?

We cannot foresee that Brexit will have an impact on Fintech businesses generally. As we can all appreciate the beauty of technology based companies is that they communicate worldwide efficiently without dependency on physical frontiers and trade barrier negotiations. Any negative or difficult outcomes will most probably have a greater impact on physical trading companies whose day to day business depends on imports and exports of physical stock.

Can you recommend a Gibraltar lawyer that has experience in the FinTech space?

We work with a panel of lawyers which we can correspond with and/or recommend. We will choose the most suitable lawyer based on skill set and experience in addition to their fee levels.

Can Abacus help with the set up and administration of a crypto currency fund?

Once we are satisfied that we have obtained all the necessary information to advise you correctly and professionally, Abacus will take you under their umbrella and assist you will all the requirements necessary to set up your business including negotiating fees with other local service providers, providing you with different options available to set up in Gibraltar as well as ensuring that your company and business is in compliance with local regulations.

Phil Cartwright

Senior Manager
Contact Us
+350 200 78777

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