Gibraltar PLC has this year experienced a significant change in terms of the legislative framework of a number of key financial services offerings, central to the success of the jurisdiction as a specialist onshore finance centre, within Europe and with an ‘offshore’ capability, in terms of, e.g., its low standard rate of corporate tax payable by all companies across the board.
One of the most significant changes has come to pass on 1 November 2014 in the shape of the implementation of a recently overhauled Companies Act, governing Gibraltar company formation and administration. This change represents one of the most significant advances this jurisdiction had made in bringing Gibraltar closer to the British companies legislation than it has ever probably been.
Along with the new Companies regime, a new Insolvency Act now means that Gibraltar offers very similar solutions and mechanics of enforcement as those found in England & Wales, bringing added familiarity to UK based practitioners dealing with the jurisdiction. In addition to this, the fact that Gibraltar’s new Insolvency regime closely mirrors the UK model means that, whilst it is a new body of legislation, it is one that is tried and tested in terms of jurisprudence.
As a guide to the key features of a new Gibraltar Company post the 1 November changes, Jonathan Garcia, a Senior Associate and Funds practitioner with ISOLAS, has drafted a new Gibraltar Private Limited Company handbook which is available by clicking the link below.
For any further information on this, please do not hesitate to contact Jonathan Garcia