The Rock of Gibraltar is well known in Europe for its very unique geographical position between the Mediterranean Sea and the Atlantic Ocean. But the state of Gibraltar, located on the southern cost of Spain is often ignored or forgotten. However, this little country which used to be under British dominance is nowadays part of the European Union even if all laws are not applicable due to its special status.
As an offshore destination, the Rock of Gibraltar offers many benefits either to open there an offshore bank account or to incorporate there an offshore company. Following is a non-exhaustive list of major interests of this offshore jurisdiction:
At FCBA Offshore Ltd, we do recommend our clients to either open an offshore bank account or to incorporate an offshore company only for people not having any business relation with any European companies. Actually, the problem is that, your company will not have any European VAT identification number and this will prevent you from having a normal business relation with big European companies. Also, the administrative and maintenance costs of your offshore company registered in Gibraltar will be much more expensive in comparison with the ones of another offshore jurisdiction. The main reasons are first the obligation to appoint a general secretary living in Gibraltar and secondly to have your accounting books respecting all the financial local standards. Both conditions are costly and time consuming.
Finally, be aware that the initial deposit of your offshore bank account required by local banks can be quite high and therefore you must have it at your disposal before starting any business in there.