The main law governing the incorporation of companies in Gibraltar is the Companies Act which was first enabled in 1930. The Government amended the old legislation in order to create a more suitable and attractive law for foreign investors coming to Gibraltar. As a result of the amendments brought to the new law, Gibraltar has now become one of the most attractive venues for companies operating in the financial and gaming industries. The Companies Act came into effect on November 1st,2014.
The new Companies Law was updated so that it provided for simpler company registration procedures. In order to accomplish that, the new law provides has given a new form to the Memorandum of Association which has been shortened. Foreign investors registering businesses under the Companies Act 2014 of Gibraltar are no longer required to declare the object of activity of the business.
The Articles of Association have also been altered, as a new simplified form has been drafted. The new Articles have a standard form and can be customized. The law also specifies that Gibraltar companies using an old template for these documents are not required to replace them.
The 2014 Companies Act also provides for a new type of company: the micro-entity. This type of company can have an average number of 10 employees, a net turnover of 362,000 £ and its total assets must be evaluated at 316,000 £.
Our company formation agents in Gibraltar can provide you with more information about the Companies Act of 2014.
You can also watch our video in the Gibraltar Companies Act 2014:
The second and most important amendment brought to the Companies Law 2014 refers to auditing and accounting standards. Under the new legislation, the Gibraltar Trade Register will accept electronically filed accounts and balance sheets. The company must obtain an unique identifier in order to gain access to the system.
Private companies in Gibraltar may now file their annual accounts within 12 months from the end of the financial year. The new accounting regulations have been enforced at the beginning of 2016.
If you want to register a company in Gibraltar and need assistance, do not hesitate to contact our local consultants.