Gibraltar non resident company
Non-Resident Company
The Gibraltar non-resident company is the simplest and cheapest type of
all offshore corporate entities available in Gibraltar. The Gibraltar
non-resident company has been long recognized as an excellent
alternative to the Irish non-resident company which itself was very
popular as offshore vehicle until 1999. As a matter of fact, many of the
Irish non-resident companies have since been re-domiciled to Gibraltar.
The Gibraltar non resident company is also in many ways similar to the
pre-1988 non resident company of the UK. A Gibraltar non resident
company only pays a GBP 30 annual filing fee to the Registrar of
Companies, payable at the time of filing of the Annual Return. Quite
often the non-resident company is directed by the beneficial owners
themselves, or by nonresident third-party directors appointed by the
owners. The non-resident company will still need to maintain a
registered office in Gibraltar and to have a Resident Secretary - these
functions are provided by us at a competitive fee. Gibraltar
non-resident company is probably the most cost efficient offshore
vehicle in Europe as of now. It also competes very well worldwide under
the same criteria.
Non-resident company. The non-resident company is usually preferred by
more relaxed clients whose personal or business circumstances allow them
to be at relative ease from tax scrutiny. Such clients would often be
individuals who spend most or all of their time outside their home
jurisdiction – for instance, management consultants, software engineers
or other professionals who tend to travel between various countries on
short-term assignments. Just as well, a clients’ business may be purely
international and not particularly tied-up to his home country – like
many internet businesses are. A non-resident company may also be
sufficient for use by clients whose home country does not have the
sophisticated “management and control” tax-rules – this is still the
case in many countries of the world. And, finally, there is no need to
use a sophisticated tax-exempt company when there is no tax planning
purpose – for example, when the company is simply used as a personal
asset-protection vehicle to passively hold some property or investments.
Detailed features of the non-resident company
To be a non-resident company, a Gibraltar-registered company has to
satisfy the following criteria.
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The company must be owned by persons, who are not resident in Gibraltar.
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The company must be controlled (directed) by persons who are not resident in Gibraltar.
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The company may not trade or carry on business in Gibraltar with residents of Gibraltar. It may however trade with other exempt or qualifying companies or non-resident persons.
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The company must maintain its Company Register, Registered Office and Resident Secretary in Gibraltar.
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The company must not remit income to Gibraltar.
The last requirement effectively means that in order to maintain its no-tax status a Gibraltar non-resident company should not hold any bank accounts in a Gibraltar-situated bank. This simply means that the non-resident company would usually operate its bank accounts in another country. Often it would be just a different offshore jurisdiction – like, Isle of Man, for example. It may also be practical to open the offshore bank account in a country situated closer to the place of the actual business of the company - or to the actual location of its beneficial owners.
If the above four criteria are satisfied, a Gibraltar company will be considered "non-resident". As such, it will not fall under the Gibraltar tax system by definition and will not be required to register for Gibraltar taxation purposes. This also means that, unlike the tax-exempt company, the non-resident company can in no circumstances be considered as a Gibraltar taxpayer.
