Setting up a business in Gibraltar and opening an account in the UK payment system

The desire to take care of their income in full compliance with the law explains the intention of many business people to place their capital in areas with better and more legal taxation. Gibraltar certainly is one of these areas – it is a very popular destination for registering European offshore companies among many foreign entrepreneurs.

We are glad to offer you the service package “Company in Gibraltar + Bank Account in the UK Payment System” costing 7750 EUR. For other corporate services connected with Gibraltar, please consult our experts at info@offshore-pro.info.

Peculiarities of the Gibraltar Jurisdiction

Even though the rocky peninsula of Gibraltar belongs to Europe, geographically the country is very close to Africa, which makes its location strategic. The waters of the Mediterranean Sea and the Atlantic Ocean meet here, and the influences of the legal and financial systems of Europe and Africa create a unique mix that make the jurisdiction attractive to businessmen who intend to register a non-resident company. There are a number of reasons for such popularity:

• company registration procedure is quick and inexpensive;
• no tax on income, inheritance, and capital gains;
• you can open an account in any bank in the world;
• communication is well-established;
• nominee services are available;
• minimum checks by state tax authorities;
• no restrictions on conducting trading activities outside the jurisdiction;
• significant level of confidentiality.

The reputation of Gibraltar today is very high, and the political and economic situation remains stable, which is also an indisputable advantage of starting a business in Gibraltar. 

Requirements for Companies Established in Gibraltar

Following are some regulations of the Companies Ordinance from 1984 concerning companies registered in Gibraltar:

• companies can operate in any country in the world;
• the office of the NRC (non-resident company) must be located in Gibraltar;
• having a local secretary on the staff of the legal entity is an obligatory requirement;
• the name of a registered NRC must contain the word Limited.

Additional Requirements for Registering a Company in Gibraltar:

• the company must have at least one director and one shareholder (a non-resident individual or a legal entity);
• all the information about shareholders and beneficiaries of the company is not shared in the public domain and is confidential;
• the meetings of shareholders can be held anywhere in the world;
• there are no accounting obligations, but reporting is required;
• it is possible to issue shares, payable to bearer, without denomination;
• company documentation can be kept both in the Gibraltar office and outside the country of business incorporation. 

Why Is It a Good Idea to Open an Account in the UK Payment System

It is a mistake to think that only banks provide the opportunity to open an account for any purpose. Payment systems today are a great alternative to banks.

The UK payment system offers a number of advantages that business founders in Gibraltar will appreciate:

• The account is opened within a few days without the need to make a personal visit to the organization’s office in order to sign the contract;
• The owner of the account can make international transactions in any currencies, including to / from third countries;
• There is a direct connection to SEPA Instant and Open Banking API for fast processing of incoming and outgoing transactions;
• Owners of the accounts are offered a wide range of services:
  • transfers;
  • currency conversion;
  • payments in more than three dozen different currencies of the world;
  • lending and trade finance;
  • invoicing;
  • escrow accounts;
  • marketing and IT development;
  • services for projects connected with crypto-currency, etc.;
• Registration of a contactless business card;
• Commission for opening a corporate account – from 1000 €;
• Commission for account maintenance – from 100 € per month;
• Transaction fees from 45 €.

The UK payment system is reliable, and the clients’ money is kept in correspondent accounts in central European banks. 

Doing business in Gibraltar – other services

from 4600 EUR

Non-Resident Company in Gibraltar

from 7699 EUR

Non-Resident Gibraltar Company Plus Macedonia Bank Account

from 4999 EUR

Re-Domiciliation of LLC/BC from Nevis to Gibraltar

from 4999 EUR

LLC or IBC Redomiciliation from the Marshall Islands to Gibraltar

Tariffs for Corporate Clients in the UK Payment System

Commissions:

• Submitting an application and all the required documents for opening an account and issuing a card – from 1,000.00 EUR;
• Monthly account maintenance – from 100.00 EUR;
• Custody of funds (annual interest):
  • Up to 100,000 EUR (or their equivalent in another currency) – from 0.50% of the sum total;
  • Over 100,000 EUR (or their equivalent in another currency) – from 1% of the sum total.
• Inactive account (<2 of the outgoing SEPA/SWIFT payments per month) – 100.00 EUR.

Payments and Transfers:

• Transfers of funds – free of charge;
• Transfers of funds between accounts within the UK payment system – free of charge;
• Account replenishment using the Client’s payment card – 3%;
• SEPA transfers – from 45 EUR;
• International transfers – from 75 EUR.

Payment Card:

• Issuing the first card – included in the account opening fee;
• Monthly fee – 10 EUR;
• Cash withdrawal from an ATM – 2% (minimum 2.5 EUR);
• Commission for currency conversion – 3%.

Virtual Client Card:

• Issuing the first and each subsequent virtual card – 10.00 EUR;
• Monthly fee for the virtual card – 10.00 EUR;
• Conversion fee (in cases when the virtual card account currency and the transaction currency do not match) – 3.00% of the amount;
• Shopping – 0%.

The full list of fees of the UK payment system for corporate clients is variable and depends on the particular conditions and the risk category the company operates in. 

Conditions for Opening an Account in the UK Payment System

To open an account, a foreigner must first fill out the application form correctly and scan it in. It is important to remember that all documents are accepted only in high-quality color scans. The images should not have any glare or inscriptions, and all the documents need to be translated into English.

Documents Required for Opening an Account in the UK Payment System 

Directors and owners of a company must provide the following papers:

• a copy of a travel passport certified by a notary;
• a short personal biography;
• notarized or original documents proving the current place of residence – utility bills, contracts for sale or lease of real estate, etc.

Corporate documents:

• registration certificate;
• articles of association and memorandum;
• proof of business activity – declaration, reports, bank statements, etc.

You will also need to submit a brief business plan, describe the scope of the company’s activities, pay-off settlement schemes, turnover, and a list of the main counterparties. The legal department of the payment system reserves the right to require additional information. 

Why it is Useful to Request Support of the Offshore Pro Group Experts When Opening an Offshore Business in Gibraltar

1. Offshore Pro Group is a international multilingual portal; 
2. All the services are provided by world-class experts with vast experience and proven qualifications in their fields;
3. Offshore Pro Group does not hold any political interests or views and is determined to follow the existing world and domestic legislation of all the jurisdictions it works with.
4. The experts of the portal strictly respect the confidentiality of the information provided by the clients;
5. We do not take on impossible or illegal tasks and do not support any projects that deviate from the law;
6. Our experts maintain an individual approach to each client.

To open an offshore company in Gibraltar with a corporate account in the British payment system quickly and safely, contact the portal’s experts and follow the instructions they provide.