Set up your business in Gibraltar

In Gibraltar, the corporate tax rate in Gibraltar is set at 10% and corporate tax is a key aspect of the jurisdiction's tax system. It's worth noting that this rate applies to the taxable income of companies operating within the jurisdiction.

Gibraltar's attractive corporate tax rate is one of the factors that make it an appealing destination for businesses seeking a favorable tax environment. However, it's crucial to consider that the specific tax obligations of a company can depend on various factors. The nature of the business, the industry it operates in, and the types of activities conducted can all influence the overall tax liability.

To ensure accurate and up-to-date information on corporate tax in Gibraltar, it is advisable for businesses to consult with qualified tax professionals or directly reach out to the Gibraltar Revenue Authority. Tax regulations can evolve, and seeking professional advice helps ensure compliance with the latest tax laws and regulations. This proactive approach can also assist businesses in optimizing their tax positions within the legal framework established in Gibraltar.

The cost of setting up a company in Gibraltar can vary depending on various factors, such as the type of company, the services you require, and whether you use professional assistance. Here are some general aspects to consider:

• Incorporation Fee: This is the fee you pay to register your company with the Companies House in Gibraltar. The fee can vary based on the type of company and its share capital.
• Registered Office Fee: Companies registered in Gibraltar are required to have a registered office in the country. You may need to pay for this service, especially if you don't have a physical presence in Gibraltar.
• Director and Shareholder Services: If you need nominee director or shareholder services, you might incur additional costs.
• Professional Services: Many businesses choose to use the services of a professional firm, such as a corporate service provider or law firm, to assist with the incorporation process. The fees for these services can vary.
• Bank Account Opening: If you plan to open a bank account in Gibraltar for your company, there may be associated fees and minimum deposit requirements.

It's recommended to contact local authorities, legal professionals, or corporate service providers in Gibraltar to get accurate and up-to-date information on the costs involved in setting up a company. They can provide tailored advice based on your specific business needs and structure. Additionally, you should consider ongoing costs such as annual renewal fees, accounting, and compliance costs.

Gibraltar was commonly labeled as a tax haven due to its reputation for offering a low-tax regime, making it attractive to businesses and individuals seeking favorable tax environments. The jurisdiction's policies featured notably low corporate tax rates and various incentives.

The designation of Gibraltar as a tax haven is subject to international scrutiny, as global efforts to combat tax evasion and ensure financial transparency have intensified. Entities like the Organisation for Economic Co-operation and Development (OECD) and the European Union have been actively working to establish and enforce standards to curb what they perceive as harmful tax practices.

To ascertain the current status of Gibraltar as a tax haven, it is essential to refer to the latest information from authoritative sources, including the Gibraltar government, tax authorities, and international regulatory bodies. Changes in local laws and evolving international agreements can significantly impact Gibraltar's standing, emphasizing the importance of staying informed about recent developments for accurate assessments regarding its tax haven classification.