Expert company setup, accounting,audit & more in Gibraltar

Yes, Freezone companies in Gibraltar are typically required to maintain proper accounting records in accordance with the regulations set forth by the respective free zone authority. These records should accurately reflect the financial transactions and position of the company and should be kept up-to-date. Proper accounting records are essential for ensuring transparency, compliance with regulations, and facilitating financial reporting and decision-making processes. Failure to maintain adequate accounting records may result in penalties or other legal consequences. Therefore, it's important for Freezone companies to adhere to the accounting requirements stipulated by the relevant free zone authority.

To set up a Freezone company in Gibraltar, start by selecting the appropriate Freezone for your business. Submit your application with necessary documents like passport copies and a business plan. Once approved, lease office space within the Freezone and finalize legal documents. Pay the required fees and obtain your trade license. Process any necessary visas and open a corporate bank account. Ensure ongoing compliance and renewals as per Freezone regulations. Consulting with business experts can streamline the process.

To ensure compliance with Anti-Money Laundering (AML) regulations for your Freezone company in Gibraltar, it's crucial to understand and adhere to AML laws. Develop tailored AML policies and procedures, and provide comprehensive training to employees. Conduct thorough due diligence on customers, monitor transactions for suspicious activities, and report any concerns to the authorities promptly. Regularly review and update your compliance program to stay current with regulations and industry best practices.

Freezone companies in Gibraltar typically enjoy exemption from corporate taxes on their profits for a specified period depending on the free zone authority and business activity. This tax exemption is a strategic incentive aimed at attracting foreign investment and fostering economic growth within the free zones. However, it's important to acknowledge that Freezone companies may still be liable for corporate tax and other taxes and fees, such as customs duties, import/export taxes, and value-added tax (VAT), based on their specific business operations and transactions.