Gibraltar Launches New Incentive Scheme for Start-Ups
Gibraltar’s Government has recently launched a new scheme through which start-up companies will receive financial assistance. Analysts have welcomed the initiative, as start-ups are important for the Rock’s economy and this is the perfect time to support them. Our company formation representatives in Gibraltar can help you start a business in this country.
What does the new scheme provide for?
Gibraltar recently launched its revised budget for 2016 which now includes a new incentive program for start-up companies operating in the Rock. The new program is considered a “a good step in the right direction”, according to economists, also taking into consideration the recent development after UK’s referendum to exit the European Union.
According to the Government, companies registered in Gibraltar in their early stages will benefit from a new tax credit which can go up to 50,000 pounds per year for the first three years. Through the new measure, the Government also wants to encourage those who want to start a business in Gibraltar. The program is also expected to attract a larger number of foreign investors.
Specialists say that online companies and even employment agencies are the perfect candidates for the new scheme, nevertheless other companies expected to make profits during their first three operational years are also expected to benefit from the new scheme.
What Gibraltar companies can qualify for the scheme?
The Government wants to make sure that after Brexit Gibraltar remains on the investor’s radar, considering the Rock’s connection to the UK, this is why the new incentive program was enabled. Without wasting further time with the implementation of the program, officials have announced that anyone opening a company in Gibraltar by the end of June 2017, are eligible for the incentive. The company must be registered for the first time in Gibraltar and it must employ at least 5 individuals in its first year. One of the most important aspects is that the incentive is also available for partnerships established in Gibraltar.
For complete information about the new program and other incentives available for foreign investors, do not hesitate to contact our company incorporation representatives in Gibraltar.