Bank On The Rock

Bank On The Rock

1024 683 Octopus International Business Services Ltd

Bank On The Rock

businessmen

Monkeys… that’s the usual thing that springs to mind when you mention The Rock of Gibraltar to most people in the UK… and the amusing antics of the 300 Macques are certainly a tourist attraction, but the Macques are not what brings business to Gibraltar – it’s the 10% Corporation tax rate introduced in January 2011 for companies that have a physical presence here.

There are a number of jurisdictions in Europe that have the 10% rate, but none that also have the added advantage of not being in the VAT zone. This has encouraged many companies to re-locate their service type businesses to Gibraltar – add a dash of sunshine, a dip in the Mediterranean Sea and Gibraltar is hard to beat. Couple that with a highly educated, multinational staff base attracted here initially by the explosion of international gaming companies, and Gibraltar ticks all the boxes.

Many software development companies, web design and maintenance operations, marketing specialists, logistic planners and online marketers take advantage of the low corporation tax. Gaming, gambling, Insurance and financial companies have also relocated to Gibraltar over the last few years – all require licencing by the Financial Services Commission, but the climate is encouraging for experienced and professional management teams.

The increase in companies setting up in Gibraltar has also had a knock on effect on the local economy, boosting the property market for both commercial and residential property, and finding a sensibly priced office or apartment can be a challenge, but weigh that against the low tax and no vat regime and Gibraltar continues to thrive.

Many high net worth individuals (HNWIs) have also been attracted to take residency in Gibraltar due to the enticing CAT2 resident option. HNWIs who can demonstrate a wealth, including property, in excess of two million pounds can apply for the CAT 2 residency status. Qualifying includes the purchase or rental of approved property in Gibraltar, a personal reference from a bank, accountant or lawyer, along with a few standard documents and once approved, CAT2’s can cap their personal income tax to as little as £30,000 per annum. With property still booming many HNWIs have taken the decision to buy rather than rent, and luxury property developments have sprung up all over the rock.

Another residency option is the High Executive Possessing Specialist Skills (HEPPS) – if approved a HEPPS professional only pays personal income tax on his first £120,000 per annum, which equates to approximately £32,000 per year. Like the CAT2, a HEPPS has to buy or rent approved value property in Gibraltar. But the largest number of companies incorporated in Gibraltar every year are still the non-operating, not physically present companies – still referred to locally as “non-resident” companies. These companies pay no corporation tax in Gibraltar as they do not derive or accrue their income here, neither do they normally need to charge VAT on their invoices, although that may depend on where they do operate from, but this option is still a very popular choice for many tax planners, where they usually incorporate a holding element.

It has to be said that as an experienced corporate service provider, licenced in Gibraltar, one aspect of operating in Gibraltar that has grown more and more difficult over the years has been the change in attitudes of the banks here. Many of the main high street banks have closed their doors to commercial business and have turned their attentions to investment banking only, leaving a massive detrimental hole in the framework of Gibraltar – however in April 2015 the new Gibraltar International Bank opened its doors for business. Owned by the Government of Gibraltar, and opened with the intention of filling that hole, offering local people and businesses an opportunity to bank commercially again. As a corporate service provider looking to assist business people, we are hopeful that the GIBank will allow more clients to be able to “Bank on Gibraltar” for a variety of reasons.

Octopus International Business Services Ltd
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Octopus International Business Services Ltd

Welcome to Octopus International Business Services Ltd – based in Gibraltar. We are a dedicated corporate service provider, providing incorporations of international business companies (IBC’s) primarily in Gibraltar where we have our head office, but also in many other tax efficient jurisdictions around the world, such as Delaware, Seychelles, BVI, Nevis, Panama and Belize to name just a few. Whether you are an experienced Intermediary/Introducer, wishing to incorporate a tax efficient offshore company for a client, or a person in business looking to set up offshore and integrate an offshore company with your present business plans - we can help. Octopus International - For Business People Gibraltar Company Agent to agent - Octopus International As a person in business, you may have thought about going offshore before, but were never quite sure if it was “right for you”… or cost effective for you… after all “offshore is only for the rich!!” So who uses offshore companies as part of their business models? – truth-fully just about anyone from any industry sector who is self-employed or investing, or has a second income – and not just the Bankers and Traders to receive their commissions anonymously and tax efficiently. We have thousands of clients around the world – property developers, and landlords, care home owners, IT Consultants, oil and gas engineers, importers and exporters, security consultants, writers and musicians, software developers, sales and marketing consultants, and people who own their own businesses looking to protect their shareholdings or trade overseas…. Just about anyone in business or with an asset to protect. At Octopus International Business Services Limited, we have many years of experience helping clients with their incorporations, business planning and onward company management and secretarial services. We can discuss with you the correct jurisdiction for your needs – it may be Gibraltar, or Delaware or Seychelles, or any of the many hundreds of offshore centres around the world. We will introduce you to the world of offshore banking, via our associates – and help you apply for an international company account with internet, telephone and fax banking facilities, along with VISA and Mastercard options. We will explain why 99% of our thousands of clients prefer to use Nominees and how those Nominees can help you in your daily business affairs, and assist with your confidentiality. Octopus International Business Services Ltd Incorporated Registration No. 87177 Licensed by the Financial Services Commission under number FSC00827B

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