BUSINESS STARTUPS ADVISORY
Are you ready to set up your own business?
Starting a business is expensive, let our experts guide you through the tasks of ensuring all the relevant paperwork and documents are collated and correctly submitted to the corresponding government departments. We will avoid unnecessary costs incurred as a result of incorrect or late filings, thus saving you valuable time & money. There are five main stages you will need to go through to successfully open your business.
How will you set up your business?
There are three different ways to structure your business;
Individuals that choose to be self-employed generally are working for oneself as a freelance, using their own name or a business name, rather than for an employer. A self-employed is the most basic and most economical business structure available but has its disadvantages such as personal liability.
A partnership is formed when two or more individuals want to share ownership of a business but do not form a legal entity. They are responsible for both managing the company and for the profit or losses the business generates. There are various types of partnerships such as Ordinary Partnerships, Limited Partnerships and Limited Liability Partnerships
A Company is a general form of business incorporation that limits the amount of liability undertaken by the company’s shareholders. A company may own assets, enter into contracts, borrow and lend money, as well as sue and be sued – it is a legal entity in itself. There are various types of companies such those with limited or unlimited liability, and can be private or public. The majority of companies set up in Gibraltar are private companies limited by shares.
The majority of companies set up in Gibraltar are companies limited by shares, also known as private company limited by shares. This structure is used to serve normal commercial business with the purpose of the shareholders making a profit, whilst providing limited liability protection should the company hit financial difficulties. Company Incorporation applications and relevant corresponding documentation must be completed and filed at Companies House Gibraltar.
The services of a professional expert should also be sought when incorporating a company limited by shares due to the complexity of the application.
COMPANIES ONLY – A Certificate of Incorporation will be issued upon approval of the application.
BUSINESS NAME REGISTRATION
What is your business called?
A Business Name is the name under which the Business operates by; it is also often referred to as a Trading Name – a Business Name is subject to availability from Companies House Gibraltar. The registrar recommends that a Business Name is registered to a Company even when individuals trade under their own name. Business Name application forms and relevant documentation must be submitted to Companies House Gibraltar.
A Business Name Certificate will be issued upon approval of the application.
CERTIFICATE OF BUSINESS LICENSE
Do you require a license to trade in Gibraltar?
As stated in the Gibraltar Fair Trade Act 2015, any business wishing to; trade in Gibraltar, be it wholesale or retail; or to provide a service in Gibraltar, must hold a business licence issued by the Business Licensing Authority (unless
the relevant business is already licensed by separate local legislation).
As part of the process to receive your license, businesses must complete the appropriate application forms, specify what services will be provided, identify whether or not a premises is required and provide the necessary detail and issue notices for the intention to apply for the specified license.
A Business License will be issued upon approval of the application.
CERTIFICATE OF EMPLOYMENT REGISTRATION
Can you start employing people?
The Business Trades and Professions (Registration) Act requires that every person who has a place of business in Gibraltar or who carries out business in Gibraltar must register with the Department of Employment – HM Government of Gibraltar.
A Registration Certificate will be issued upon registration.
INCOME TAX OFFICE REGISTRATION
Where do you pay & file your taxes?
A business which is registered in Gibraltar under the Gibraltar Companies Act 2014, or has assessable income in Gibraltar under the Income Tax Act 2010, is required to register in Gibraltar for tax purposes. Persons must register their business at the Income Tax Office – HM Government of Gibraltar.
A Gibraltar Tax Registration Pack will be issued upon registration.
DEVELOPMENT & PLANNING PERMISSIONS
Are you refurbishing your premises?
A permit from the Development and Planning Commission must be obtained prior to carrying out any developments to premises in Gibraltar. The Town Planning Act defines ‘development’ as the making of any material change in the use of any land, and shall include the carrying out of demolition, building, engineering, mining or other operations in, on, over or under land.
Do you require a business bank account?
We will advise you on the most suited banks in Gibraltar and walk you through the application process. Whether you are looking for an account with a quick and easy online application, one that requires no credit check, or a period of free business banking, we will show you the way.
EMPLOYEE & EMPLOYMENT MANAGEMENT
How do you register your employees?
All businesses are required to register with the Department of Employment – HM Government of Gibraltar any vacancy arising within their establishment before seeking to engage a person as a worker and must notify the engagement of a worker not later than the day on which that engagement commences. Employers are also required to notify the termination of employment within seven days of date of termination. If the employee is a ‘non-entitled’ worker the employer must obtain a work permit from the Employment Service for that worker.
YOU ARE ALL SET TO COMMENCE TRADING!
When do the issued certificates expire?
All the above registrations, certificates and licenses are subject to renewal on a yearly basis, except for the Company Incorporation Certificate.
GOOD LUCK ON YOUR BUSINESS VENTURE!