Is an offshore company in Gibraltar relevant in 2021?

There are some features of opening an offshore company in Gibraltar in 2021. This area is part of the European Union. The economy of the jurisdiction is based primarily on the service of shipping. The financial sector, including offshore, provides the territory of about 1/5 of GDP.

Basic requirements

When planning to register an offshore company in Gibraltar in 2021, you should familiarize yourself with the basic requirements for companies. It is necessary to have a registered office, where company protocols and decisions, data on the transfer of shares, accounting reports, etc. are stored.

It requires at least one director to open an offshore company. He or she may be a legal entity or an individual of any residency. A secretary and at least one shareholder must be present in the company’s administration. Information about beneficiaries remains confidential.

There are requirements for the submission of reporting documents. Access to reports is open. There are no conditions regarding the mandatory audit. Jurisdiction has signed an agreement on the exchange of tax data with 26 countries. Usually international firms in a country are opened as non-resident companies (NRC).

Features of tax assessment and advantages of opening

There are many advantages to buying an offshore in Gibraltar. Information about shareholders and banking transactions is confidential. It is relatively easy to open a company.

The main advantages are the following:

• Low opening costs;
• No currency control;
• No residency conditions for directors;
• Nominal service may be used.

Jurisdiction is tax-free, and foreign companies can optimize taxation if they comply with a number of rules. Only in the case when a firm is conducting business on the territory and a director is a foreign person it is possible to avoid payment of fees.

Stages of incorporation

To register a company, individuals will need to provide a passport and address data. Legal entities need registration documents and data on persons participating in the structure.

The name of the company is checked and confirmed beforehand, then documents such as a memorandum and resolutions are collected. Duties and fees are paid, and incorporation into the Register takes place.

The most relevant areas for work in Gibraltar are electronic commerce, information technology and software. To register a company in Gibraltar, please contact our specialists at IT-OFFSHORE.