Foreign entrepreneurs coming to Gibraltar can choose from a variety of business forms when setting up a company. From the sole proprietorship, which is the simplest forms of owning a small business in the Rock to the public limited company which is destined to enterprisers with a large investment potential, the new Companies Act allows for the incorporation of several types of structures. A particularity of Gibraltar when it comes to sole traders is that these must be registered as any other company with the Trade Register. This also makes the process of changing company types easier than in other European countries.
While most European countries require the de-registration followed by the incorporation of a new company when switching to another business structure, Gibraltar only requires the company to be re-registered under the new form. Under the Companies Act 2014, one can file for various changes at company level, including changing of company types. The following transformations are available in Gibraltar:
The process of changing company types in Gibraltar is known as re-registration.
Depending on the company type one wants to change, several documents must be filed with the Companies House in Gibraltar. All types of companies must submit a resolution passed by the shareholders in which they approve the change. The amended Memorandum and Articles of Association must also be filed, together with a copy after the last balance sheet.
Additionally, a private company in Gibraltar must submit a solvency statement when re-registering as public company. When switching to an unlimited one, the private company must file a form of assent.
If you need assistance in changing business forms in Gibraltar, do not hesitate to contact our local company formation representatives.