We invite you to consider the opportunity to set up an untaxable non-resident company in Gibraltar and open a multicurrency corporate bank account in the Commonwealth of Dominica. You will be able to work with both fiat and cryptocurrencies. All the procedures can be performed remotely.
What is a non-resident Gibraltar company?
Gibraltar is a microstate in the south of the Iberian Peninsula. The total area of the country is only 6.5 square kilometers (2.5 square miles).
Officially, Gibraltar is an overseas territory of the British Crown but it is a separate EU member state and it handles the tax issues on its own. This fact makes Gibraltar a special place to register a business company.
In particular, a non-resident Gibraltar company does not have to pay any local taxes just the way it is (or rather, it was) with classical offshore jurisdictions.
What exactly is a non-resident Gibraltar company?
There are three requirements that a business company has to meet in order to qualify for the ‘non-resident’ status:
- The company owner shall be non-resident in Gibraltar;
- All the company business operations shall be performed outside Gibraltar;
- Company directors and CEO’s shall be whether non-residents of the country or professional licensed nominee directors/ shareholders.
If these conditions are satisfied, the fiscal authorities of Gibraltar do not deem the company taxable. That means that no corporate tax, nor the VAT, nor the capital gains tax, nor the inheritance tax need to be paid by the company.
A non-resident company shall have at least one director and one shareholder (proprietor). Both of these positions can be held by physical persons or by corporate entities.
In addition to that, a non-resident Gibraltar company shall have a legal address, a set of corporate documents, a secretary, and a company seal. The company shall keep financial records that are to be signed by the director. Auditing the records is not obligatory.
It is important to bear in mind that the Gibraltar Company Register will have the information about the company owners and directors.
For the sake of the company UBO’s (Ultimate Beneficiary Owner’s) confidentiality, nominee directors can be hired. However, the UBO’s personality shall be revealed to the Registrar. Unless it is, registering the company and acquiring banking services is going to be impossible.
The cost of the nominee service is already included in the price of the overall service package quoted in the title of the text. You can reject the offer of the nominee service but the price will remain the same.
The company can be registered in Gibraltar within five business days.
Documents required for the registration of a non-resident company in Gibraltar
In order to succeed in setting up a business company in Gibraltar you have to collect and submit the following documents:
- Company registration application form (we will supply the form to you and you will have to fill it out);
- Origin of capital form (we will supply it to you as well);
- Legalized passport copies for company directors, shareholders, and other beneficiaries;
- Proofs of residential addresses for all persons indicated above (such as utility bills less than three months old, for example);
- A letter of reference from a professional such is a lawyer or an accountant for each company beneficiary – signed less than three months ago;
- In case a legal entity is going to act as the company director or shareholder, the following documents need to be submitted:
- A legalized copy of the Memorandum and Articles of Association;
- A legalized copy of the Certificate of Incorporation;
- The Certificate of Incumbency with the names of the company directors and shareholders.
Important: you will have to supply a detailed description of the legal entity’s business activities including the turnover, the income, the confirmation of the legality of its sources, the business plan, the company structure chart, and so on.
The costs of company registration and maintenance in Gibraltar
Non-resident company registration in Gibraltar costs from 3,800 EUR. The price includes the following:
- Payment of the company registration fee for one year;
- Rent of legal address;
- Annual report compilation;
- Secretary services;
- Nominee services for one year;
Company maintenance in Gibraltar will cost 3,800 EUR. The price includes the following:
- Company registered legal address;
- Secretary services;
- Obligatory compliance fee;
- Submission of a single simplified balance sheet.
Opening a corporate bank account in Dominica
The Dominican bank that we are bringing for your consideration is part of an international consortium. Its partner divisions are located in Switzerland, Luxemburg, and Estonia and they work closely together. However, the Dominican division functions under the local legislation.
The bank offers a wide range of services to its clients. In particular, it allows managing cryptocurrency accounts and it will service high-risk businesses after a diligent security check. Its Compliance Department is located in Europe, which accelerates the due diligence procedures.
The due diligence procedures are meticulous as the bank managers will want to be certain about the legality of the capital sources and the potential client’s reputation. Our vast experience in these matters will come in handy when you start the process of setting up a corporate bank account in Dominica remotely.
The account can be opened without a personal visit to the bank office.
You can open a bi-currency account in euros and US dollars. After the account is opened, you can order Visa и MasterCard pay cards. SWIFT and SEPA are used for money transfers in the bank.
The bank boasts a long list of correspondent accounts in Canada, Portugal, Lithuania, and other countries.
The bank offers wide Internet and mobile banking opportunities. Online and mobile applications allow managing your accounts from any place in the world. You can also gain privileged access to an Internet platform that allows trading in cryptocurrencies.
You will have to supply scanned copies of the following documents in order to set up a corporate account with the Dominican bank:
- Legalized foreign passport copies for company directors, shareholders, and other beneficiaries;
- Legalized copies of the Company Charter and Share Certificates;
- Company registration Certificate and extract from the Registry;
- List of company directors;
- Proofs of their residential addresses less than three months old;
- A letter of recommendation addressed to the bank – a scanned copy of the original;
- A legalized copy of the Certificate of Good Standing.
Please bear in mind that the bank may request additional documents if the Compliance Department deems it necessary.
The cost of setting up a corporate bank account in Dominica is 3,999 EUR.
The procedure of opening a non-resident company in Gibraltar with a bank account in Dominica
- Apply for this combined service by writing to firstname.lastname@example.org;
- Brief the consultant on your goals and business type so that he or she can determine if the provision of the services is possible in your personal case;
- Cover the cost of the services – from 7,799 EUR;
- Send us the required documents;
- After that, we will launch the procedure of company formation and bank account opening. When the process is over, you will receive the corporate documents from us.
Should you have any questions, please address them to email@example.com. You can also reach us via Whatsapp or our live chat.
How can I buy an offshore in Gibraltar?
A more precise formulation of this question would go as follows: How can I buy an offshore company in Gibraltar? First of all, you have to prepare all the necessary application documents to establish a non-resident Gibraltar company. In addition, you have to be ready to meet the following key requirements to keep the company non-taxable:
— Company beneficiaries must be non-residents of Gibraltar;
— Company directors and managers must also be non-residents of the country or otherwise they have to be professional corporate directors;
— All company business activities must be performed abroad, that is, outside of the territory of Gibraltar.
How can I open an offshore corporate bank account?
After the company is registered, you have to choose the most suitable bank. You have to ascertain that the jurisdiction where your company is registered is not on the black list in the country where the bank is located. When you are settled with the choice, you have to collect all the application documents, have them legalized and translated if necessary, and submit them to the bank. Please be prepared for careful due diligence checks.
What is an offshore in simple terms?
The word ‘offshore’ can be used in two different meanings. First, it can mean ‘a tax haven’ or a ‘zero-tax jurisdiction’. Second, it can mean ‘a foreign country’. If you reside in Poland, for example, your foreign company can be referred to as an offshore company whether it is registered in the British Virgin Islands or in Switzerland when the word ‘offshore’ is used in the second sense. The same goes for the bank account that can be referred to as ‘a foreign bank account’ or, alternatively, ‘an offshore bank account’.