Guide on Setting Up a Private Trust Company in Gibraltar
When it amended its Company Law last year, Gibraltar also introduces new types of companies that can be established here. One of these companies is the private trust company (PTC). Benefiting from its own law, the Private Trust Company Act, this type of structure is best suitable for those setting up family offices in Gibraltar. Our company registration agents in Gibraltar can offer information on the Private Trust Company Act.
It is safer to set up trusts in Gibraltar now
The Gibraltar government wanted to offer more security to those establishing trusts in the Rock, when it decided to enable the new Private Trust Company Act last year. The new law will most likely attract more clients interested in receiving fiduciary services in Gibraltar, but will also enable those setting up trusts to benefit from enhanced protection related to the management and safeguard of their trusts.
The new law provides for specific regulations trustees must comply with and new licensing requirements for limited liability companies in Gibraltar to be allowed to offer trustee services. This way these entities would be called private trust companies and would be able to offer multiple trustee services. Among the advantages of relying on the services offered by a PTC in Gibraltar are:
- - the option of reuniting several family trusts under an umbrella for enhanced protection;
- - the option to have a better control over the assets;
- - more flexibility in terms of administration of assets on a long-term;
- - enhanced fiduciary protection.
PTCs can register voluntarily with the Gibraltar Financial Centre, in order to maintain a balance between small and large trust companies.
The new registration procedures for Gibraltar PTCs
The registration of a private trust company in Gibraltar offers many advantages nowadays, especially for investors who will benefit from increased confidence from new clients, however they must know certain requirements must be met in order to set up the PTC. First of all, it must appoint an administrator who is a Gibraltar resident and hold at least a board meeting every year. The administrator must also comply with several regulations:
- - they must have a class VII or class VIII license;
- - they must have the instrument identifying them as designated individual;
- - they must file a declaration of compliance with the Companies House every year.
For assistance in setting up a PTC, please feel free to contact our company registration consultants in Gibraltar.