Tax and accounting regulations
Gibraltar Non-resident Company will not be liable to Gibraltar taxation, including income tax and estate duty.
- Company should be owned by non-residents
- Company should be controlled by directors who reside and hold board meetings outside Gibraltar
- No trading and business activities in Gibraltar
Filing of accounts
Annual accounts must be drawn up in accordance with the Companies Act 1999 and must give a true and fair view of the Companies assets, liabilities, financial position and profit or loss. The Act prescribes the accounting principles to be observed in preparing the annual accounts, the layout of the balance sheet and profit and loss account and the content of the notes to the accounts.
Filing of accounts ‐ companies are classified as small, medium-sized or large. Documents to be filed at the Companies Registry vary according to their classification:
- Large companies ‐ to file full accounts including the balance sheet, profit and loss account, notes, directors’ report and auditors’ report
- Medium-sized companies ‐ filing as for large companies except that the profit and loss account may be in abridged format
- Small companies – required to file abridged balance sheet only
Companies are classified by size according to the following parameters
|Net Turnover (pro-rated if more than or less than a year)||up to £6.5 million||up to £25.9 mill||over £25.9 mill|
|Balance sheet total||up to £3.26 million||up to £12.9 mill||over £ 12.9 mill (total assets)|
|Average number of persons employed||up to 50||up to 250||over 250|
Basically a company must fall within two out of three parameters in the financial year in question and the preceding year in order to be classified as small or medium‐sized. However, if a company exceeds or ceases to exceed the limits of more than one of the parameters it will continue to qualify for the relevant year unless it occurs in two consecutive years. For a newly incorporated company the conditions need only be met in its first financial year.
Filing due dates
The relevant documents must be filed within 13 months of the financial year end in the case of a private company and 10 month of the financial year in the case of a public company.
If the financial year‐end is the company’s first then the period allowed is the greater of 18 months from the first anniversary of the incorporation of the company or 13 months from the end of that financial year.
If a company chooses the 31st of March 2001 as the beginning of its financial year, its financial year ends on the 30th March 2002 and it then has 13 months to file the accounts. It has till the end of April 2003 to file accounts.
If company fails to file accounts it may be subjected to penalties.
If company doesn’t pay penalties, it may be proceeded against for the offence of failure to comply with a requirements of Company Act.
Cyprus Variable Capital Companies: AIFs
There are two types of Variable Capital Companies in Cyprus; UCITS and AIFS. Read on to find out more about Alternative Investment Funds.
Cyprus Variable Capital Companies: Open-Type UCITS
There are two types of VCCs in Cyprus; UCITS which we will discuss in the following article, and AIFS.
Protection of Nominee Directors from IRD claims for Cyprus client companies
Legislation re Cyprus Tax Residency:
Cyprus Company Law: Responsibility of Directors for the non-payment of taxes
A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.
Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore
In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.
Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever
Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.
Cryptocurrencies: technical and legal overview
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The Belize IBC Amendment Act 2017: 3 notable changes for businesses
Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.