Gibraltar has become a very appealing destination from a touristic point of view during the last few years. The culture visible in all historical buildings and its location on the shore of the Mediterranean Sea, attract a high number of tourists every year. Lately, foreign visitors have also found another reason to come to Gibraltar: shopping which has led to the development of the retail industry. Our company registration agents can help you open a company in the retail sector in Gibraltar.
Until recently most tourists declared one of the main reasons they came to Gibraltar was the food. Gibraltar restaurants have developed new dishes while incorporating some traditional Spanish and British dishes in their menus, which is why the greatest number of visitors was from these countries. Alongside the restaurants, more and more shopping centers have started to develop in Gibraltar which made tourists change focus from the first to the second ones and this is how the Rock became a sought shopping destination. As exclusive brands started to open shops here, visitors are now referring to Gibraltar as “a retail therapy” destination. From clothing to toys, antiques and even electronics stores, Gibraltar offers a wide variety of products with both accessible and high prices.
The retail industry is quite important for Gibraltar’s economy, especially now with the development of industries over the internet. Gibraltar retail companies have also picked up the trend of setting up websites in order to take their businesses in the virtual world. With its high-speed internet connection, Gibraltar is capable of meeting the necessary requirements for this type of businesses.
From an economic point of view, Gibraltar is worth as a shopping destination because of its VAT-free status. Also, foreign investors setting up retail businesses here will benefit from zero import duties on several goods, among which electronic products, and reduced duties on products like jewelry and clothing articles.
For more information on the industry and assistance in opening an online retail company in the Rock, do not hesitate to contact our company formation representatives in Gibraltar.