GIBRALTAR

Gibraltar is situated on the Southern coast of Spain and its territory is 2.75 square miles.

Political system: a British colony having the local government.

The population is 30,000 people. The official language is English.

The legal system is based on the British law.

Currency: Gibraltar pound (GIB=GBP).

1	Advantages	The cheapest European jurisdiction with the status of a tax-free company. EC membership. A guaranteed 25-years’ tax-free period. Possible registration of capital protection trusts.
2	Disadvantages	Political instability.
3	Corporate Law	The Companies Law of 1984, with amendments of 1992, 1996
4	The form of tax-free company	A tax-free Company, hereinafter referred to as the “Company”
5	Conditions of the acquisition of the tax-free company status	Paid-in share capital of at least GBP 100 No changes of the shareholders, beneficial company owners or the company’s objects without notifying the governmental institutions The register of participants should be in Gibraltar One officer of the Company should be Gibraltar’s resident. The Company’s secretary may be a corporate entity
6	Permitted activities	Any activity not prohibited by the law. A special license for banking, insurance, reinsurance and trust services is required.
7	Prohibited activities	Making transactions with residents of Gibraltar, ownership of real estate in Gibraltar
8	Taxation	The Company is free from any taxes and duties on operations beyond the border=1s of Gibraltar
9	The period of tax-free regime	Every company is issued the tax exemption certificate (income tax, property tax and stamp duty) valid for 25 years
10	The period of registration	Up to 1 week
11	The possibility to buy a shelf company	Yes, but the subsequent acquisition of tax-free company status is required
12	The name of the Company	Should not be identical or similar to any one registered. The name should end in the word “Limited”. The words: “Association”, “Bank”, “Chamber”, “Charter”, “International”, “Group”, “Municipal”, “Royal”, “Fund” and a number of others may be used only after the approval of the Register of Companies
13	The documents required for the registration	Memorandum of incorporation, the Articles of Association, the application of the availability of the registered office and of the share capital
14	Who signs the incorporation documents?	At least two subscribers who appoint the first Director
15	The share capital of the Company	The share capital of the company is authorized. Minimum size of the share capital is GBP 100, this amount should be paid in.
16	The recommended share capital	GBP 2,000 divided into 2,000 shares with face value GBP 1 per share
17	Shares	Only registered shares with face value are issued.
18	Shareholders: -- minimum number -- nominee shareholders -- trust ownership of shares	A single private individual or corporate entity permitted permitted
19	Possible re-domiciliation of the company in any other jurisdiction	Yes, but in a limited number of countries
20	Whether the law provides non-disclosure of the information: -- on the beneficial owner of the Company -- on banking operations	The beneficial owner of the Company cannot be identified in case the shares are held by a nominee shareholder Yes
21	Directors: -- minimum number -- ethnic origin and nationality -- status	A single private individual or corporate entity No requirements All rights except those within the exclusive competence of the shareholders (determined by the Articles of Association)
22	The existence in the territory of Gibraltar of: -- registered office -- registered agent -- a local secretary	Obligatory Not obligatory Obligatory, should be a resident of Gibraltar
23	Meetings of -- shareholders -- directors	The meetings may be held in any part of the world and the minutes of the meetings may be kept in any place. The annual meeting of shareholders is obligatory No requirement
24	The requirement of: -- the accounting -- preparing the annual statement -- submission of the auditors’ opinion	None Yes, including the information on the names and addresses of directors, shareholders and the number of shares owned by them as at 1 January. None
25	The information available upon request of any third parties	Names and addresses of directors and shareholders, registered office, memorandum and Articles of Association, creditors’ claims
26	Documents kept in the registered office	The register of shareholders and directors, creditors’ claims
27	Double taxation avoidance treaties	None
28	Currency control	None