One of the main business sectors in Gibraltar is tourism, as the peninsula offers beautiful landscapes for tourists around the world. Still, a major part of the economy is represented by imports and exports related activities.
Main Sectors in Imports and Exports in Gibraltar
At the level of 2013, the most profitable sectors in exports industry in Gibraltar were the following:
-passenger and cargo ships,
-collector’s item and other sea vessels.
All the exported products had a total value of $ 584 million.
In terms of imports, the top sectors were: refined petroleum, petroleum gas, industrial fatty acids, oils and alcohols and cars, with a total value of $ 18 million.
The top export countries for Gibraltar are: Poland, Greece, Italy and Japan, while the main imports come from Belgium, United States of America, Spain, Italy and Greece.
Exports in Gibraltar have increased in the last year by an annual rate of 21.9%, while imports also grew by 16.4%, stating the fact that, in terms of economics, opening a company in Gibraltar represents an advisable move for foreign investors.
The video below offers information on imports and exports in Gibraltar:
Imports and Exports Duties
Imports and exports duties are calculated to the value of imported goods, to which it is added the cost of shipping and insurance. Duty rates for imports and export in Gibraltar are usually calculated at the average rate of 6.8%. Gibraltar also imposes an excise tax for several products, such as alcohol and tobacco.
Documentation for Import -Export Services
If you want to set up a company in Gibraltar in the field of import-export activities, the Gibraltar Chamber of Commerce requires a number of documents, such as:
•a certificate of origin, stating the proof of origin for good imported; the document is legally recognized by most of the government agencies overseas;
•a certificate of registration, offering to the applicant evidence for certification of his or her commercial activity;
•the ATA Carnet, a permit that offers duty-free and tax-free exemptions on imported good for a period that can cover one year; it is issued for goods, equipment and products that are used for fairs or international exhibitions.
You should note that from 1st of July 2014, import and export duties on artwork (paintings, sculptures, engravings) were reduced from a rate of 12% to 0, as the trade on artwork in Gibraltar reaches a value of 40 billion GIP (Gibraltar pounds) a year and the Gibraltarian government offered this incentive to sustain the developing artwork market.
Call us now at (+44)203-287 0408 to set up an appointment with our lawyers who are handling company formation procedures in Gibraltar. Alternatively you can incorporate your company without traveling to Gibraltar.
As a Bridgewest client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Gibraltar.