As a sophisticated and modern finance centre, Gibraltar recognises the value of providing certainty of law in the context of Gibraltar company law and practice wherever possible. To this end, and acknowledging the value of enabling companies to move their domicile as business demands may require it, the Companies (Re-domiciliation) Regulations 1996 were published in early 1996 to provide for the orderly re-domiciliation of companies into and out of Gibraltar.
There is a difference in the treatment of Foreign Companies as defined by the Companies Act 2014 and a foreign company taking up domicile in Gibraltar under the provisions of the Regulations. The effect of re-domiciling to Gibraltar is that the foreign company becomes, for all intents and purposes, a Gibraltar Company.
Countries where companies may re-domicile from and to in respect of Gibraltar
The countries from where a company may re-domicile into Gibraltar and to which a Gibraltar may re-domicile are set out in the Schedule to the Regulations as:
(a) EEA States;
(b) Anguilla, Bermuda, British Antarctic Territory, British Indian Ocean Territory, Cayman Islands, Falkland Islands, Guernsey, Isle of Man, Jersey, Montserrat, Pitcairn, St. Helena, Turks and Caicos Islands, British Virgin Islands;
(c) States which are members of the British Commonwealth: Liberia; Panama; Singapore; Switzerland; Hong Kong; and the United States of America
Benefits of Redomiciliation in Gibraltar
Gibraltar’s tax benefits, which include zero VAT and a corporate tax rate of just 10%, make it a highly attractive location for re-domiciliation. Another key advantage is that a company looking to redomicile to Gibraltar does not need to transfer its assets, thus reducing costs considerably.
Over the years, Gibraltar has attracted businesses looking to leverage our prior membership of the EU and the consequent access to the Single Market that engendered. This was especially relevant in the insurance whereby over one in five cars on UK roads was insured from Gibraltar.
Re-domiciliation and Brexit
Further to Gibraltar’s de jure departure from the EU at midnight on 31 January 2020, Gibraltar’s appeal has evolved into being a centre of choice for financial services businesses seeking access to the UK market. This access was secured bilaterally with the UK Government in the months following the Brexit referendum, as confirmed by the then International Trade Secretary Liam Fox MP during the Gibraltar Day in London Financial Services Lunch in October 2016.
The publication in October 2020 of the Financial Services Bill 2020 confirmed Gibraltar’s position as a gateway to the UK, in a manner that is distinct and unique from the offering of all other British Overseas Dependent territories – read more. Further articles with information relating to UK market access can be accessed in our Views section below.
Equally, Gibraltar and Hassans are leading the charge in the shaping of solutions for insurance and other financial services businesses looking to retain or expand into EU Single Market access. In this regard, we have advised numerous companies, including industry leaders in fields such as gaming, financial services and insurance, to successfully re-domicile from Gibraltar to other jurisdictions and can draw on considerable legal assistance through a worldwide network of partners, to assist your company in doing likewise.
Hassans’ Track Record
Hassans have an enviable track record in this area and have helped countless companies worldwide successfully redomicile their companies in Gibraltar. We have a long-standing professional relationship with the local authorities and are able to work closely with them to ensure a speedy and efficient re-domiciliation process.
Click the link for further information on redomiciliation of a Company into or out of Gibraltar.
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