Gibraltar companies often have bank accounts overseas. Financial institutions and investment firms can fail, placing their customer deposits at risk. Legal Floris LLC provides Gibraltar companies with asset and fund recovery services in case of bank failure and investment fraud. Our asset recovery services include unexpected bank account blocks and closure, theft, embezzlement and other illicit acts to depart creditors from their assets.

Business people who set up a company in Gibraltar need to open a bank account to officially start trading. Bank account opening for offshore companies differs from personal account opening in the home country of the beneficiary. Customer due diligence includes the verification of the identity of the beneficiary and the good standing of the company. We assist Gibraltar companies with bank account opening.

Offshore companies formed in Gibraltar have their tax residency in the jurisdiction, provided that proper structuring occurs. This is one of the considerable advantages of incorporation in offshore jurisdictions. Corporate tax residency can be challenged by foreign tax authorities when argued that management and control, or a so-called ‘’permanent establishment’’ are elsewhere. Therefore, international company structures must be established with care and diligence.

Gibraltar companies are used for a variety of activities. Alongside the traditional trading activities, management of subsidiaries or property rights in a Gibraltar holding company can be advantageous as well by separating and protecting these rights from the trading entity. Gibraltar holding companies can qualify for tax exemption for their income. Capital gains then accumulate in a vacuum while resulting in increased profitability in the holding company.

A Gibraltar company separates the company from its shareholders. The incorporation procedures are codified in the Companies Act. The Act describes the incorporation matters, legal requirements and operation of companies incorporated in Gibraltar. Incorporation includes the formulation of the memorandum and articles of association, the appointment of the first director, a secretary and shareholder.

Gibraltar companies have at least one director, secretary and shareholder. The beneficial owner of the company can protect himself from visibility by appointing an external  director and a professional secretary. These appointments also enable the company to emphasize its local presence. Nominee services are provided by a licensed corporate service provider. This same corporate service provider incorporates the Gibraltar company.