What Does the Gibraltar Business Nurturing Scheme Imply?
Gibraltar has launched various support programs for companies established here during time and one of the most successful ones is the Business Nurturing Scheme which provides for startups. The new scheme comes as a response to the increasing number of startup companies created in the last two years in Gibraltar. Below, our company formation agents in Gibraltar explain the qualification requirements for the Business Nurturing Program.
The Gibraltar Business Nurturing Scheme to be offered as loan to startups
The Business Nurturing Program was designed by the Ministry for Business and Employment in collaboration with the Chamber of Commerce and the Federation of Small Businesses and provides for 250,000 GBP which will be available for startup companies. The money will be given under the form of a loan to Gibraltar companies. In order to qualify a business must meet certain criteria which will be assessed and granted a score by a commission made up of a representative from each of the authorities mentioned above. In order to qualify, a Gibraltar company must have 50 point out of the total 100 it can obtain.
Our local agents can help those interested to open a company in Gibraltar.
What are the requirements of the Business Nurturing Scheme?
Both local and foreign entrepreneurs with a Gibraltar residence are invited to apply for the Business Nurturing Program based on a solid business plan and a financial projection. They must also submit two recommendations, as well as personal information such as if they support other family members and if they have applied for other loans previously.
Not only individuals are welcome to apply for the program, but local companies are also allowed to enter the scheme. Companies in Gibraltar are required to file information about its directors, audited accounts and a business profile issued by the Trade Registrar.
If accepted, the applicants will be granted a maximum amount of 25,000 GBP each under the form of a loan which must be repaid in 5 years at an interest rate of 2%.
For full information on the government programs meant to assist companies, please contact us. Our local agents can also assist with the company registration procedure in Gibraltar.