Companies Act in Gibraltar

Companies Act in Gibraltar

A presentation brought to you by CompanyFormationGibraltar.com

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History of the Gibraltar Companies Act

The Companies Law in Gibraltar is based on the Companies Act first released in 1930 which was based on the Companies Act of England and Wales.

However, the Companies Act suffered major changes at the end of 2013 and a new Commercial Law was enforced in 2014.

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The Modern Company Law in Gibraltar

The Companies Act was modernized in order to adhere to the newest international standards on corporate governance practices, but also to accommodate EU Directives in the national legislation.

The new Companies Act was also amended in order to correspond with other industry regulatory bodies among which the Gibraltar Companies House, the Society of Accountants and the Fund and Investment Association. 

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Changes Brought to the Gibraltar Companies Law

The new Companies Law was updated so that it provided for simpler company registration procedures.

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 new law provides has given a new form to the Memorandum of Association which has been shortened.

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Other Changes Brought to the Companies Act

The Articles of Association have also been altered, as a new simplified form has been drafted. 

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 £.

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Business Forms under the 2014 Companies Act

The Companies Act 2014 allows the following types of Gibraltar companies to changes their status:

from private to public companies; from public to private companies; from private limited to unlimited companies; from unlimited to limited companies; from company limited by shares to company

limited by guarantee; from company limited by guarantee to

company limited by shares.

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Accounting Changes in the 2014 Gibraltar Companies Law

Under the new legislation, the Gibraltar Trade Register will accept electronically filed accounts and balance sheets.

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.

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Requirements to Open a Company in Gibraltar

Before registering a company in Gibraltar, one must submit the name of the company for approval with the Companies Registrar.

Other requirements for company incorporation in Gibraltar imply to have a registered address and to appoint a secretary.

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Company Registration in Gibraltar

The first step when opening a company in Gibraltar is to obtain approval for the chosen name with the Trade Register.

Once the name is approved, the following documents will be submitted: the memorandum and articles of

association; a declaration of compliance; information about the registered office; a statement of the nominal share capital.

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Assistance in Setting Up a Business in Gibraltar

Our company incorporation agents in Gibraltar can help you submit the documents and make any other necessary arrangements to open a company in Gibraltar.

You can also contact us for more information on the 2014 Companies Act.

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Thank you for your attention!

For more information, please contact us at:

(+44) 203-287 0408 (for international clients)

www.companyformationgibraltar.com

[email protected]

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