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Gibraltar is part of the European Community by virtue of being a European territory of the UK. Non-resident owned and controlled companies incorporated in Gibraltar which do not trade, earn or remit income to Gibraltar are not liable to company taxa- tion. There is no value-added tax and there are no exchange controls.

Gibraltar is not a party to any double taxation treaties and its tax authorities do not exchange or disclose infor- mation with or to any other tax authorities.

Companies

All GibraltaR companies must maintain a registered office in Gibraltar and the Registrar of Companies must be noti- fied of the address.

There must be at least one director, who can be either an individual or a corpora- tion. It is generally normal to appoint a company secretary who may be an individual or a corporation.

There must be a minimum of two shareholders, who may be individuals or corporations of any nationality. The maximum number of shareholders is 50.

The information which relates to the directors and shareholders must be filed at the Registrar and this infor- mation is available to the general public. Confidentiality can be achieved by the use of nominees.

A Gibraltar company may often be of advantage to a parent company outside he European Union which is seeking an e f f i c i e n t investment vehicle into the EC.

Exempt company

The main requirements for exempt status are that no Gibraltan or resident has a beneficial interest in the shares of the company and that the company does not trade or carry on business in Gibraltar.

The company can maintain office premises in Gibraltar for the purposes of transacting business with non-residents or with other exempt or qualifying companies. Exempt companies may issue bearer shares but are required to deposit the war- rants in an approved bank.

A secrecy provision in the Companies Ordinance pre- vents the disclosure of any details concerning the beneficial owners of the company. It is possible to achieve shareholder confidentiality by the use of nominee shareholders rather than bearer warrants.

Qualifying company

A Gibraltar incorporated company or a registered branch of an overseas-incorporated company may apply for registration under the Income Tax (Qualifying Com-panies) Rules 1993.

Qualifying companies pay tax in Gibraltar at a rate negotiated with the Gibraltar authorities of between 0% and 18%. The use of a qualifying company is often more advantageous than an exempt company due to antiavoidance provisions found in other jurisdictions.

Investor protection

There is no investors compensation scheme in the territory at present, but Gibraltar will soon be implementing what will be called the Investors Compensation Directive.

investors can file a complaint directly to the Commissioner of the Financial Services Commission.

The regulatory system of Gibraltar broadly matches that of the UK.