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Tuesday, 23 July 2013

Setting up a Business in Gibraltar

Starting a new enterprise or moving an existing business to Gibraltar can be daunting and very, very expensive. We know because we went through the process of moving from the UK to Gibraltar back in 2003. The advantages of operating in Gibraltar far exceeded the additional cost of moving the business and the decision has proved to be the right one. 

Where do I start?

As with creating any business, you will need to get the necessary information together. Most commonly you will need:
  • Copies of your passport, certified by an accountant or bank
  • Proof of address for the last three months (bills/ mortgage statement/ lease)
  • A letter of reference from an accountant or bank
Do not be afraid to make 5/6 certified copies as you will need them for other useful items such as your ID card.

What Fees Should I Pay?

Fees can be broken down into those payable for the setting up of the business (legal fees/ time etc.) and Government Fees paid for the actual company formation:
  • Incorporation Fee – paid to the Government to start the business
  • Annual Filing Fee – paid to the Government on an annual basis
  • Annual Report – must be filed every year to the Registrar to keep the business open
The second set of fees is paid to business services for helping you to open your business. However, there really are only two real services you should pay for:
  • Setup – paid for setting up your business
  • Accounts – preparing your annual accounts
We then come to the fees which you should really either do yourself, or use Easy.Office for:
  • Bank Account – can be opened by you once you have the business incorporated
  • Postal Address – use the Easy.Office address
  • Office space – can be provided by Easy.Office

How Long Does All This Take?

The real answer this question is how long 'should' it take as the unforeseen has a habit of raising its head from time to time. Ideally, you should aim for:
  • Opening an Easy.Office account: 1-3 days
  • Completing the Company Registration: 5-10 days
  • Bank account: 2-6 weeks
All in all, start with the simple matter of completing the forms and submitting them. Once you have your certificate of incorporation and personal details it should be a formality to open your bank account.

Who Should I Use?

At Easy.Office we have created a preferred list of suppliers whom we have met in person, used for various services and know personally. The local network of business people in Gibraltar may be small, but you still need to know who to use. The preferred suppliers list is constantly growing, please visit: http://easy.office.gi/preferred.asp.

Disclaimer

I am not a legally registered lawyer or solicitor so all the information I have listed is based on personal experience. However, I think it is only right that someone who has been through the same experiences as you are about to, should share their thoughts on the matter. Good luck with your new venture and remember, Easy.Office is only an email away.