Financial Services

Banking

Gibraltar offers many well known international names providing the full service expected in modern banking. The industry is well established with total assets at 31 March 2008 in the region of Sterling £11 billion.

As a location Gibraltar has advantages for bankers and clients which include: banking confidentiality, sterling as well as other currencies, no exchange control, English language and European time zone.

The standards of supervision and regulation match those of the UK and are under the Financial Services Commission controlled by a Commissioner of Banking.

Investments

Subject to compliance with the Financial Services Act a range of opportunities exist for Unit Trusts, Experienced Investor Funds, mutual funds and other investment vehicles to be controlled from Gibraltar. Some of the obvious benefits for such controlled operations include, no capital gains tax, no profits tax (in certain conditions), no withholding taxes and minimum stamp duty requirements. Gibraltar has investor protection in the form of a Deposit Guarantee Scheme (in compliance with EU Deposit Guarantee Directive) and an Investor Compensation Scheme (in compliance with EU Directive on Investor Compensation Schemes).

Europort

The Shipping Business

With its strong naval associations over the centuries Gibraltar offers considerable shipping expertise.Over 8,000 ships totalling more than 200 million tonnes make use of Gibraltar ’ s port and harbour facilities every year.

Gibraltar is ideally located to serve the requirements of all merchant and cruise ships, without costly deviation or off-hire, as they pass through the Straits of Gibraltar.

Efficient pilot assistance, facilities for the maintenance and repair of communications and navigational equipment, the provision of bunkering and victualling requirements enables Gibraltar to provide a comprehensive marine service to all types of vessels.

Gibraltar is a highly competitive supply point in this region and supplies over 1 million tonnes of fuel to over 1,800 ships a

year.

Gibraltar registered ships are deemed British and may fly the Red Ensign. The Registry also offers ship owners nationality requirements for Commonwealth countries as well as beneficial ownership in law and the advantage of asset protection through a Gibraltar “ exempt”

company.

Gibraltar has been undertaking major shipping repairs for nearly 100 years. Since 1985 the dockyard has operated commercially, servicing all types of vessels. Facilities include three dry docks able to handle vessels up to 90,000 tons dead weight.

There are three custom built marinas providing complete berthing facilities for yachts. Over 4,500 yachts visit Gibraltar yearly.

There is a wide range of professional specialist firms, some established for well over 100 years, offering stevedore, harbour launch and lighter services.

FINANCE Gibraltar as a Port of Authority

Gibraltar is situated at the entrance to the Mediterranean and is the gateway into Africa and Europe. The facilities provided by its local marinas means that it is ideally placed to service all registration, mooring, and maintenance needs.

Any foreign national, through a Gibraltar company, can own and register a vessel on the British Register of shipping.

The Gibraltar Yacht Registry

The GibraltarYacht Registry is an internationally recognised, high-quality and modern registry. It is an ideal choice for pleasure craft owners wanting confidence in belonging to a British registry and the flying the Red Ensign.

The Gibraltar yacht registry is a fully fledged British category one Red Ensign register with the same status as any other British register.

Advantages as a Port of Registry

There are many advantages to registering a vessel in Gibraltar, particularly from the point of view of security and reliability. Vessels registered in Gibraltar are registered on the British flag. International conventions and agreements regarding shipping and safety, ratified by the United Kingdom, apply to Gibraltar. • The vessel will fly the British

Red Ensign (bearing the armorial coat of arms of

Gibraltar) and enjoy the international recognition, protection and unrivalled prestige that comes with it. • The ability to seek assistance from any of the British embassies and consulates worldwide where the vessel may be situated and the protection of the Royal Navy. • Legal title of vessel ownership on registration of transfer of ownership is a straightforward

process. • All vital details concerning the vessel is contained in the register, and in the certificate of

British registry ("blue book "). • The register provides security as to title because it is a public record, open to inspection by interested parties such as buyers or potential lenders. • The register enables the owner to dispose of the vessel easily in a cost effective and timely manner.

• No vessel will be de-registered without the mortgage first being discharged or the mortgagee ’ s consent.

Fiscal Advantages

Gibraltar has a unique position and registration of a vessel in Gibraltar provides access to benefits such as exemption from Value Added Tax (VAT). As a British overseas territory within Europe. It does not form part of the EU’ s Common Customs Union.This means that Gibraltar is outside the Value Added Tax zone and has noVAT system.When you register a vessel in Gibraltar the favourable tax regime means you pay no: 1.VAT in Gibraltar 2. No import duty (provided the vessel is not permanently based in Gibraltar) 3. No tax on the sale of the vessel. Where vessel is registered in the name of a Gibraltar company, the earnings of that company are not liable to tax (provided they were accrued or derived outside Gibraltar).

Working with Europa Marine Consultants Ltd.

Europa Marine Consultants Ltd is part of the Europa Group. We have been based in Gibraltar since 1987 and have built a reputation as a stable and reputable business.

We provide a comprehensive range of marine and crew services including registration of vessels worldwide, purchase and sale contracts, operating permits, crew licenses and payment set-ups, international structures for your vessel, registration of vessels under the British flag in Gibraltar or virtually any worldwide port of registry, procurement of marine insurance, radio licensing as accounting authority and other associated services.

Taxation

Gibraltar is within close proximity to Africa. It is a low tax jurisdiction and is VAT free. It has no capital gains, estate duty, wealth, inheritance, gift or other capital taxes. There is an international airport; excellent road and sea links into Europe and Africa.

It is a popular financial destination for an eclectic mix of international executives, authors, sportsmen, corporations, individuals, families and many others, who want to achieve their financial and business objectives. They understand the importance of tax and succession planning and protecting their assets from unexpected events.

The jurisdiction has established itself as a prosperous financial centre over the last 40 years. Benefiting from a stable and growing economy and a favourable tax regime, its political stability, robust commercial and professional infrastructure contribute to its attractiveness as a financial jurisdiction.

Gibraltar ’ s client demographic covers all four corners of the globe and their business and investment interests are likewise spread across the globe, managed from Gibraltar. The jurisdiction is able to offer bespoke company and fiduciary services at competitive professional rates. Gibraltar ’ s fiduciary companies can deliver and manage simple or complex corporate and trust structures, on a daily basis, in virtually any jurisdiction. Advantages of a Gibraltar Company • No tax on profits; A Gibraltar company conducting profitmaking activity outside of

Gibraltar will not suffer tax on its profits. • Low tax-rate of 10%. Only profits accrued in or derived from Gibraltar will attract corporate tax. • There is no Value Added Tax (VAT) in Gibraltar; therefore

VAT is not an issue from a

Gibraltar tax perspective. • There is no capital gains tax, wealth tax or estate duty in

Gibraltar. • 0% import and export duties on the sale of all forms of art. • Gibraltar has implemented the

EU directive on administrative cooperation on tax matters with all 28 member states. • The legal system in Gibraltar is based on English Common Law with some local statute law variations. • Stable financial centre. Gibraltar has a stable Government and has in place Banking, Insurance and Companies Acts as well as a

Financial Services Act. • Gibraltar has been listed as a "White" territory by the

OECD since 2009.

• Gibraltar has signed the equivalent of 135 Tax

Information Exchange

Agreements (TIEAs) with over 80 jurisdictions around the world, removing any “tax-

haven ” stigma. • Excellent regulation of company managers. Trust and

Company Managers must be authorised and are regulated by a supportive Financial Services

Commission. • Quick company incorporations.

Companies can be incorporated within a matter of a few days. • Easy company administration.

Documents can be prepared, notarised and legalised within

Gibraltar itself. • Low cost. All business costs are extremely competitive when compared with other

Jurisdictions. • Shareholders may be individuals or corporate entities. Gibraltar companies are flexible to your needs. • Company structures can be private. A Gibraltar company may dispense with the requirement of Annual General

Meetings of shareholders. • Stable currencies. The currency is the Pound Sterling and Euros are widely used. • Company officers need not be resident in Gibraltar. • Secure and reliable communications and travel.

Gibraltar has satellite based digital telecommunications systems, efficient postal service and daily scheduled airline services.

Gibraltar as a conference centre

Gibraltar is rapidly growing in the conference business and offers unique opportunities for incentive and in house arrangements. The facilities available are such that Gibraltar can cope with up to 400 delegates but the more usual numbers after considering flights etc are in the region of 40 to 100.

Apart from the state of the art facilities available Gibraltar can provide spouse and delegate social programmes that cannot be matched in other territories. For example, visits to two continents and three countries in one day, historical tours showing 300 years of British control and a chance to see the dolphins in their own environment, just to mention a few. Contact the Gibraltar Federation of Small Businesses.Tel: (+350) 20047722 Fax: (+350) 20047733.

www.europa.gi