Gibraltar Accountancy Services

Gibraltar Company Incorporation

Lodging Company Accounts for the Gibraltar company

Preparation of dormant annual accounts £160

Preparation of annual return £180

Previously, a company was only required to file a tax return and accounts if it had income assessable to tax in Gibraltar.  The Act now extends the annual filing requirements to every company that is registered in Gibraltar.  This includes the filing of accounts, even where the company has no income and the accounts will be dormant.

There are several advantages to filing tax returns. ALL companies now have to be issued with a Tax Identification Number (TIN), which is particularly useful for trading companies when opening a bank account, making an investment or demonstrating to trading partners or the authorities that the company is registered for tax purposes.

Fees for new Tax submission services:

Application of TIN (CT3) One-time fee; £180

Submission of unaudited accounts (Compilation Report) and required CT1:

Preparation of dormant accounts/nil return and CT1: £150 Per submission

From your accounting records, we can compile your annual accounts.

These are compiled in accordance with Gibraltar Companies Accounts Ordinance of 1999 as modified, and in accordance with international generally accepted accounting practice with

  • balance sheet
  • profit and loss for the period
  • report of the directors
  • notes to the accounts

Corporation Tax Compliance in Gibraltar

On 1 January 2016, Gibraltar's corporate income tax laws changed and the Income Tax (Amendment) Act 2015 was enacted. These changes now affect all companies, whether or not they are trading in or are managed from Gibraltar.

This legislation amends the Income Tax Act 2010 in a number of areas, most notably the tax filing requirement for companies, which now includes the need for every Gibraltar company to have a Tax Identification Number (TIN).

Previously, a company was only required to file a tax return and accounts if it had income assessable to tax in Gibraltar. The Act now extends the annual filing requirements to every company that is registered in Gibraltar. This includes the filing of accounts, even in cases where the company has no income or assets

The filing of these accounts to the Tax Office must be done within nine months of the company's financial year-end. It is imperative that the tax return and accounts are filed timeously; financial penalties are imposed for late submission and the company will lose its status of good standing.

Our comprehensive accountancy service combines tax compliance with the production of the company’s accounts.

Corporation Tax Registration in Gibraltar

Income earned in or derived from Gibraltar will attract 10% corporation tax. Income from elsewhere will not suffer corporation tax and the tax return will state that no income is taxable.

The CT3 form that needs to be filled in to register for Corporation Tax requires:: 

  • Statutory information about the company
  • Trading address
  • Details about the activity
  • Details about the date to which the company will prepare the accounts

Details of shareholders' and directors' names and addresses will also need to be given, as we have to disclose information which shows that parties are not resident in Gibraltar.

The company will then be issued with a Tax Identification Number (TIN), and subsequent correspondence with the Income Tax Office will be referenced to this number.

The TIN is particularly useful for trading companies when opening a bank account, making an investment or demonstrating to trading partners that the company is registered for tax purposes.

Tax Representative for a Gibraltar company

As part of the initial work, a company is expected to appoint a professional tax representative.

Accounting and Tax

A company incorporated in Gibraltar needs to register for Corporation Tax and submit tax returns, and file company accounts in the format used in the United Kingdom. While no tax is payable in Gibraltar, if the business is elsewhere, 

  • We advise you on what is needed; and ensure that you keep the correct records for your company from the start of your business
  • We obtain the obligatory tax identification number for you
  • We keep your company in good standing; by compiling and filing the statutory accounts in the format required and on time
  • We ensure that tax returns are lodged on time, and recorded by the tax authorities

Gibraltar Corporation Tax Return

After the lodging of the accounts, we need lodge the Corporation Tax Return (CT1).

In most cases, we simply have to lodge accounts and prove that the company does not trade in Gibraltar.

This means we need to:

  • Obtain proofs of the company trading address
  • Obtain proofs of the nature of business undertaken
  • Lodge accounts for the period of account chosen on the original CT3

Note that when the tax return is filed, typically we will already have ensured the:

  • Appointment of tax representative for the company
  • Due diligence related to the appointment

The CT3 form asks for the name and profession of representative. In our case it is a Chartered Accountant in the Institute for England and Wales.

Then lodging a copy of accounts in accordance with Gibraltar Companies Accounts Ordinance of 1999 as modified, and in accordance with international generally accepted accounting practice with:

  • Balance Sheet
  • Profit and Loss for the period
  • Report of the Directors
  • Notes to the Accounts

Compliance with OECD rules and International Financial Reporting Standards

Gibraltar is compliant with the OECD requirement who have produced a white list of countries that comply with these rules,Gibraltar has complied with these rules.