Gibraltar

Situated at the entrance to the Mediterranean Sea, Gibraltar has its own government, but is a UK dependency and is within the European Union. The population is approximately 30,000 and English is the official language. Company law is based on UK legislation. The official currency is the English pound.

Gibraltar was the first European jurisdiction to introduce the concept of the 'exempt company' allowing a company to be managed and controlled in Gibraltar, whilst enjoying preferential tax status. In order for Gibraltar to comply with certain EU rules, the Government has taken steps to eliminate differentiation within the tax system of local and international or 'exempt' companies.

Other features of a Gibraltar international company are:

• A single member company is allowed.
• A single director is allowed which may be a corporate entity.
• There are no restrictions to the nationality or residence of the directors.
• Shares without par value are not permitted.
  Shares may be registered or bearer, although bearer shares are not common.
• A minimum paid up capital of £100 (or foreign equivalent) is required at all times.
• An annual general meeting is required but need not take place in Gibraltar.
• The register or members must be kept in Gibraltar.
• A registered office must be situated on the island.
• There is an annual fee payable to the Government of Gibraltar of between £200 and £300.
• The beneficial owner must be disclosed to the Financial Services Commission, but confidentiality of this information is guaranteed by law.
• The company must retain a registered office in Gibraltar plus at least one officer must be resident.