We invite you to consider the opportunity to register a foreign company in Gibraltar and open a corporate account for it with a reputable bank in Cook Islands. This offer should sound especially attractive to those who plan to make business transactions in US dollars.
Gibraltar is a British Crown colony with its own legislative, executive, and judicial bodies. In accordance with the territory constitution of 1969, the citizens elect a unicameral Parliament of sixteen representatives. The Chief Minister is head of Government in Gibraltar. The territory is not totally dissociated with Great Britain, however. The ‘Big Brother’ provides for defense and internal security in Gibraltar. In addition, it represents the territory on the matters of foreign affairs.
Gibraltar’s legal status is unique in many respects. First, even though it is not a fully independent country, Gibraltar is an independent EU member. Second, Gibraltar is the only territory in Europe that is exempted from the VAT as well as common customs tariffs. The first factor makes Gibraltar highly credible in the international arena. The second one provides for lower taxes in the territory in comparison to other European states. The combination of these factors makes Gibraltar look inviting for setting up a business company there.
An especially attractive characteristic that Gibraltar boasts is its territory-based taxation system. Under the provisions of this system, any income that a Gibraltarian company makes abroad is tax-free. This regulation covers both domestic and non-resident companies in Gibraltar. Effectively, this means that if you register a company in Gibraltar, it will be exempt from the following taxes:
- The capital gains tax;
- The income tax;
- The sales tax;
- The value added tax;
- The wealth tax.
Gibraltar does not position itself as an offshore territory. It follows all the European financial regulations and transparency requirements. It has never been on the FATF black list as it complies with all the international business rules. At the same time, the small size of the territory (less than 7 sq. km.) severely limits its possibilities to raise money for the national budget. The European Community authorities have a full understanding of this fact and thus they allow Gibraltar to use some extravagant instruments to attract foreign investments. The tax breaks and other requirement relaxations available in Gibraltar are not to be found anywhere else in Europe.
Non-resident company formation in Gibraltar
Gibraltar is a nice place to see and it is very popular with tourists. It is famous primarily for its huge Rock and the fact that it is the only point in Europe you can see Africa from. However, if you apply for our services, you will not have to visit Gibraltar in order to set up a company there if this is what you wish. We will gladly help you incorporate in Gibraltar from the comfort of your home.
A non-resident company in Gibraltar means that its founders and directors reside outside the territory. If it is a joint-stock company, its shareholders can hold their annual meetings in any other country of the world. That is to say, you can manage your Gibraltarian company from whatever country you live.
Company owner’s anonymity
The names of all the company beneficiaries including the proprietors, shareholders, directors, etc. have to be disclosed to the Public Registry. However, you can use nominee services that are available in Gibraltar at an additional cost. The Registrar will have to know the name of the true company owner anyway but it will not be available to the general public. Financial reports have to be filed in Gibraltar but again, they will be disclosed to the public only on a court decision.
If you want to remain anonymous in doing business, Gibraltar should be the jurisdiction of your choice. The level of anonymity that you can achieve there is as high as it can be in the modern (civilized) world. At the same time, nominee services are safe to use, as only the true company owner(s) will have signatory powers, nominees having none.
Your Gibraltarian company can obtain the right to issue shares of all sorts: registered shares, redeemable shares, preference shares, shares with or without voting rights, shares with or without par value, and so on.
Company registered capital
You can establish a business company in Gibraltar with the registered capital of one pound. (The Gibraltarian pound is pegged to the British pound at 1:1). However, the usual authorized capital for the companies registered in this territory is between 2,000 and 5,000 pounds.
Company directors and shareholders
A non-resident company in Gibraltar shall have minimum one director and/ or one shareholder. The director and the shareholder can be the same person. You can have a private individual or a corporate entity as the company director. Nominee shareholder services are also available.
Economic substance requirements
You company will have to establish only minimal physical presence in Gibraltar in order to be registered in this territory. In particular, it will have to have a registered office. The office address will be used as your company official address where all the correspondence from state and fiscal agencies will come to.
In addition to renting the office, you will have to hire a Gibraltar resident secretary. As is the case with the company director, a natural person or a qualified legal entity can serve as the company secretary.
Financial reports and audit
The Gibraltarian legislation requires that all companies, including non-resident ones, keep financial records and file tax returns on a regular basis. The first return shall be filed after fifteen months since the date of company incorporation, and every year afterwards.
However, a small company has to submit only an abridged balance sheet without even the need to submit a profit and loss statement. A business company qualifies as a ‘small’ one in Gibraltar on the condition that it meets two of the following three criteria:
- The company annual net turnover does not exceed 10.2 million pounds;
- The total worth of the company (the price of the assets it possesses) does not exceed 5.1 million pounds;
- The total number of company employees does not exceed 50.
A small company in Gibraltar also does not have to file audited accounts. However, larger companies do.
Company maintenance costs
If you choose to set up a small company in Gibraltar, we can also provide company maintenance services to you. Your annual maintenance costs will be comprised of the following items:
- Registered office address;
- Company secretary;
- Company renewal fee (aka compliance fee) of 200 pounds;
- Preparation of an abridged balance sheet;
- Filing of an abridged balance sheet to the Companies House;
- Preparation and filing of the CT1 tax return;
- Preparation and filing of the annual return.
The total price that we charge for these services is 3,800 euros. This is all you will have to pay to maintain a small company in Gibraltar for one year. If yours is a medium-size or a large company, the maintenance costs are going to be higher but they are nothing extravagant anyway.
Time required for company registration in Gibraltar
Normally, it takes five to seven business days to establish a business company in Gibraltar.
A bank account for your Gibraltarian company in Cook Islands
Cook Islands is an independent state consisting of fifteen islands in the southern part of the Pacific Ocean to the southeast of Tahiti. The geographical position of the islands gives them a strategic advantage in cooperation with both Asian and American markets. The bank we are presenting here was founded in 1997 and its mission is to provide private banking services of the highest quality.
The bank has the only office and thus it is located in a single jurisdiction. For this reason, the bank’s clients can rest assured that this financial institution operates under the regulations of a single national state. This provision does not usually hold for multinational banks. Besides, the laws in Cook Islands are simple and clear while the judicial system is highly proficient and competent.
The Cook Islands legislation and the bank policies provide for a balanced level of personal financial information confidentiality.
The fact that the bank seeks to provide for a full range of VIP banking services implies that its clients usually possess the following characteristics:
- They are people of high net worth;
- They look for effective ways to protect their wealth;
- They prefer obtaining high-level private services;
- They are conservative in their investment activities;
- They expect careful processing of their personal financial information.
The bank holds the licenses both for domestic and for international banking operations. Recently, it has launched an Internet banking service that gives full access to the account details via the bank’s Portal.
Apart from that, following the clients’ request, the bank has also introduced a prepaid debit card service that it did not have before. The cards have not been issued thus far, but you can already place a request for an international pay card to this bank and be among the first clients to obtain it.
The bank is actively developing and making every effort to provide for even better protection of its clients’ money. Its Tier 1 capital ratio is over 19%, which is a very strong ratio in comparison to many other banks in the world.
The Cook Islands bank invests the clients’ money only in highly secure bond portfolios or with the banks that are ranked A- or higher by Standard and Poor’s.
A corporate account with the Cook Islands bank
Limited liability companies, trusts, partnerships, and foundations can set up corporate accounts with this bank. The available currencies for opening an account are USD, GBP, and EUR. On a special agreement with the bank administration, accounts can be opened in other world currencies too.
In order to establish a corporate account in Cook Islands you will have to complete, sign, and scan the bank account opening application forms and then send them to us by e-mail. (Of course, we will send you the forms prior to this.) After we check the completed forms carefully, we will send them to the bank to obtain a preapproval from its administration. A bank preapproval will mean that the managers are prepared to consider your application. It will not mean, however, that the application has been approved and your company has been accepted as a client yet.
In addition to the bank forms, every company beneficiary will need to supply the following documents:
- A notarized copy of his or her foreign passport;
- A proof of address (a notarized copy or the original of a utility bill or a bank statement carrying the person’s residential address);
- A brief CV.
The required corporate documents include the following ones:
- A copy of the Certificate of Formation or Registration Certificate;
- A copy of the Memorandum and Articles of Association/ Bylaws/ Operating Agreement;
- A copy of the Certificate of Good Standing (in case the company has been in operation for over one year);
- A copy of the Director’s Decision to open a corporate account in this bank.
In addition to these documents, the bank may also request a description of the company business activities (the information about its turnover, partners, regions of operations, mutual account settlement systems, company organogram, etc.). This document has to be signed by the prospective client.
Please note that all documents shall be written in English or translated into this language otherwise. Please also note that the bank may request some additional documents.
In case the company is registered in one of the countries listed below or in case a company beneficiary is a legal resident of one of these countries, the bank will deny service to the applicant corporation.
Bosnia and Herzegovina
Central African Republic
Democratic Republic of the Congo
Democratic People’s Republic of Korea
Lao People’s Democratic Republic
Republic of Sudan
Trinidad and Tobago
In case the company is registered in one of the countries from the following list or in case a company beneficiary is a legal resident of one of these countries, the bank will conduct especially stringent Due Diligence procedures in order to ascertain that the company owners and directors meet all the compliance requirements.
Papua New Guinea
Republic of the Congo
Sao Tome and Principe
Besides, the bank will deny services to any company engaged in the following types of activities:
- Any illegal activities;
- Unregulated/ unlicensed money services;
- Financial institution that do not hold the necessary licenses;
- Prostitution, pornography, materials with sexual content;
- Narcotics, reaction medications, and online pharmacies;
- Trade in rough diamonds;
- Gambling, lotteries (both online and offline), casinos, betting organizers;
- Defense contractors, manufacturers and suppliers of weapons and ammunition, private security firms;
- Legal entities that are entitled to issue bearer shares or are owned by holders of bearer shares;
- Shell banks;
- Tobacco, cigars, cigarettes including electronic cigarettes and accessories;
- Illegal activities connected with the wild nature;
- Counterfeit goods;
- Dating services;
- Chemical precursors to narcotics.
The bank will also conduct a double careful Due Diligence check of the company that deals in the following areas:
- Companies providing consultation services;
- A company with an intensive use of cash (retail stores, grocery stores, hotels, restaurants, taxi companies, etc.);
- Companies that accept third parties’ money with the purpose of investing the money;
- Precious stones and metals dealers;
- Computer and technical appliance retail sales;
- Debt collection;
- Pharmacies and pharmaceuticals;
- Trading firms or exchange markets dealing in non-fiat or foreign currency exchange;
- Online games;
- Secondhand car dealers and used car spare parts dealers;
- Labor brokers;
- Multilevel marketing;
- Court trial financing.
From the limitations described above, it is plain to see that the Cook Islands bank will not service just anybody. It is a very reputable financial institution where wealthy people from different parts of the world keep their financial assets.
In addition to opening a corporate account with this bank, you can also consider setting up other types of accounts with them such as a merchant, a metal, or an investment account.
As far as the corporate account is concerned, it normally takes approximately twenty days to set it up with this bank.
The procedure of registering a company in Gibraltar and opening a corporate account in the Cook Islands bank
If you are interested in establishing a foreign company in Gibraltar and if you are not taken aback by the numerous bank limitations cited above, please apply for the combined service of ours. In order to do that you have to send us a message to email@example.com and place the service request with us. In case you would like to ask us any questions before requesting the service, you are most welcome to do so by writing to the same address. We are here to help you make your life better!