Tax-free company registration in Gibraltar
Company registration in Gibraltar without taxes is relevant, as there is no need to pay various fees, you can optimize the payment of contributions. There is no need to pay fees for capital gains, inheritance, value added, but some companies must pay an income tax. To learn more about the features of starting a business in this country, please contact our specialists at IT-OFFSHORE.
Features of business registration
Gibraltar is the British overseas territory. The official language is English. There are just a few forms in which you can create a company. Which of them are the most common:
- Individual Entrepreneur (ST);
- Partnership (LLP);
- Joint Stock Company (LTD);
When opening a firm, it is necessary to choose a unique name without using words related to trusts, banking activities. Otherwise, a special permit is required.
Once the name is approved, a number of documentation must be provided. These include the Articles of Association, declaration of conformity, data on address, capital. In the structure of the company requires at least one shareholder - a legal entity or individual. There are no residency requirements.
At least 1 director and secretary is required. There are no strict requirements regarding residence, the status of a person. The firm is registered within the jurisdiction. Requirements for submission of accounting documents may vary depending on the size of companies.
If a micro company is registered, a balance sheet is required. Average size companies require an additional profit and loss statement and an audit. The same documents are also required for large companies.
Pros and cons of the company
There are several advantages to opening a company in Gibraltar. The principle of taxation is territorial - profit tax should be paid only in case of activity within the jurisdiction. With this rule in mind, a tax-exempt company in Gibraltar will be considered if the activity is carried out outside the territory.
This jurisdiction is one of the few ones where no value added tax is applied. There are no fees at the source of payment for the transfer of dividends. There is no currency control.
The main drawback of business development in the country is that any enterprise has to submit a number of reporting documents. Taxes from activities within Gibraltar will need to be paid - the standard rate of income tax is 10%. There are special tariffs at the rate of 20%.