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Legislation of Gibraltar

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List of state regulatory authorities

Gibraltar Government
Financial Services Commission
Gibraltar Regulatory Authority

Corporate info

Legal system
based on English Common Law
Types of entity
sole trader; partnership; limited liability partnership; company limited by shares; company limited by guarantee with or without a share capital; unlimited company with or without share capital; protected cell company; trust; non-profit making organization; non-resident company
Shelf companies permitted
Yes
Incorporation timescale for a new company
3 days
Company suffix
Limited or Ltd
Sensitive words
association, royal, imperial, trust, trustee, bank, assurance, insurance, holdings, group, Europe, Gibraltar, international
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
register of directors and shareholders, minutes and resolutions, share transfer documents, administrative and book-keeping records
Seal required, type of seal
not required
Redomiciliation (to, from) permitted
permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Company secretary required
Yes
Residency requirements for a secretary
Yes
Qualified secretary required
No
Corporate secretary permitted
Yes

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
Non-resident
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / abroad
Disclosure to local agent
Yes
Disclosure to public
Yes
Beneficiary info disclosure to
Yes

Shares and share capital

Minimum authorized share capital
2
Minimum issued share capital
2 shares
Minimum paid share capital
2 shares
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
Upon issue of shares
Standard currency
GIP
Standard authorized share capital
2000
Standard par value of shares
1
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
30%
Min. rate for corporate tax
10%
Corporate tax (in detail)
The rate for companies is 10%; utility companies and companies that abuse a dominant position are subject to taxation at 20%.
Capital gains tax
No
Capital gains tax. Details
VAT
No
VAT. Details
Withholding tax
No
Other taxes
Exchange control
No
Government fee
£75 annually
Stamp duty
£10

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
Yes
Publicly accessible accounts
Yes
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
on the southern end of the Iberian Peninsula
Total area
6.8 sq. km
Population
29.111 (2013)
Capital
Gibraltar
National currency
Gibraltar pound
Conditional reduction of currency
GIP
Against USD
33.573 (2016)
Climate, average max and min t°
Mediterranean with mild winters and warm summers; avg. maximum temperature (August) +32°; avg. minimum temperature (January) +8°
Time difference from Moscow
- 3 hours
Dialing code
+350
State language
English
Ethnic groups
British 27%, Spanish 24%, Genoese and other Italians 20%, Portuguese 10%, Maltese 8%, and Jews 3%
Literacy rate
96%
History
The history of Gibraltar spans over 3,000 years. Gibraltar was first inhabited over 50,000 years ago by Neanderthals. Gibraltar's recorded history began around 950 BC with the Phoenicians, who lived nearby. During the times of Roman Empire the Rock of Gibraltar belonged to the Romans. Gibraltar became part of the Visigothic Kingdom of Hispania following the collapse of the Roman Empire and came under Muslim Moorish rule in 711 AD. In 1462. Gibraltar became part of the unified Kingdom of Spain and remained under Spanish rule until 1704. It was captured during the War of the Spanish Succession by an Anglo-Dutch fleet. At the war's end, Spain ceded the territory to Britain under the terms of the Treaty of Utrecht of 1713. Spain tried to regain control of Gibraltar, which Britain had declared a Crown colony, through military, diplomatic and economic pressure. Gibraltar was besieged and heavily bombarded during three wars between Britain and Spain but the attacks were repulsed on each occasion. The colony grew rapidly during the 19th and early 20th centuries, becoming one of Britain's most important possessions in the Mediterranean. After the Second World War the Spanish dictator General Francisco Franco revived Spain's claim to the territory. As the territorial dispute intensified, Spain closed its border with Gibraltar between 1969 and 1985. As a result of series of talks between 1997 and 2002 in September 2006 a three-way agreement was signed. Spain agreed to remove restrictions on air movements, to speed up customs procedures, to implement international telephone dialing, and to allow mobile roaming agreements. Britain agreed to pay increased pensions to Spaniards who had been employed in Gibraltar before the border closed. A new noncolonial constitution came into effect in 2007, but the UK retains responsibility for defense, foreign relations, internal security, and financial stability.
Credit rating
Government type
British overseas territory
Executive branch
Government (10 members) headed by the Chief Minister
Legislative branch
Governor and Gibraltar Parliament (17 members and Speaker)
Judicial branch
Supreme Court and Court of Appeal
Unemployment
3%
GDP per capita rank
11 (2008)
Corruption perceptions index rank

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