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| To | Petro International Group |  |
| Jurisdiction | Gibraltar |  |
| Gibraltar IBC | Only US$299 | |
It may surprise you to learn that the number one reason for people moving money offshore is not because of tax benefits but asset protection. Today's predaceous and litigious society unfortunately makes successful people vulnerable to lawsuits of every kind.
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An Extremely Attractive Offshore Jurisdiction
Gibraltar is a British Crown Colony and has been so since 1704. The Constitution gives legislative powers to the Governor, who is the Queen's representative, and the House of Assembly. It is a dependent territory, responsibility for which lies with the British Government. It enjoys considerable self-government, although the formal assent of the Governor is required for all legislation. The British Foreign Office is directly responsible for Gibraltar's foreign affairs, defense and security matters, whilst the Ministers, who are answerable to the House of Assembly, deal with domestic matters.
Gibraltar Population is 29,245.
A Low Cost Business Environment
At the end of 1994, some 55,000 companies were registered in Gibraltar,that is, a greater number than the individual residents in Gibraltar. Many of these companies are off-shore companies, but the policy of the Gibraltar Government both encourages the registration of offshore companies and also provides valuable tax concessions to foreign investors wishing to establish a physical presence on the Rock.
The law regulating the incorporation, constitution and dissolution of corporate bodies is set out in the Companies Ordinance. The provisions of the Companies Ordinance were originally based on the English Companies Act 1929 but the Ordinance has been much amended to bring it up to date. Under the terms of the Ordinance it is possible to incorporate an unlimited company, a company limited by guarantee, with or without share capital, or a company limited by shares, either public or private.
THE GIBRALTAR TAX EXEMPT COMPANY.
A company incorporated in Gibraltar which is owned by non-residents of Gibraltar and does not transact business with other Gibraltar resident companies or individuals is eligible to apply for tax exempt status in Gibraltar. Upon successful application issued with a certificate which guarantees exemption from Gibraltar taxation for a period of 25 years provided that the company complies with the conditions of tax exempt status and pays an annual duty to the Gibraltar Government of £225 p.a. At the end of every year the exempt company must file a statement attesting to the fact that the company has complied with the conditions applicable to its exempt certificate. An exempt company is convenient to administer due to the fact that it may have locally appointed directors and may maintain Bank accounts within Gibraltar. Thus the whole of the administration may be located within Gibraltar which helps to prevent the assumption that the company may be tax resident anywhere else.
NON-RESIDENT GIBRALTAR COMPANIES.
A company which is incorporated in Gibraltar, owned by non-residents of Gibraltar and managed and controlled by directors who reside and hold their board meetings outside of Gibraltar will be considered as non-resident. A non-resident company is not subject to Gibraltar corporation tax except on that part of the profit which is remitted to Gibraltar. In practice this means that a non-resident company may be totally exempt from Gibraltar corporate taxation provided that it does not maintain Bank accounts within Gibraltar.
TAX RESIDENT OR EXEMPT?
The non-resident company is cheaper as it is not subject to the fixed rate annual duty and other fees which are payable by the exempt company but it is generally less convenient to manage due to the requirement to appoint non-resident directors and maintain Bank accounts outside of Gibraltar only. This may have tax implications in the home country of the directors .
The shares of a non-resident company would be subject to Gibraltar estate duty whereas the shares of an exempt company would not. In a world of ever changing fiscal legislation the 25 year guarantee enjoyed by the exempt company may prove particularly useful in the future. In addition to the above types of non tax paying companies Gibraltar offers two further types of company structure which may be extremely useful in a tax planning exercise:-
THE GIBRALTAR QUALIFYING COMPANY.
This type of company is similar to the exempt company but, instead of being non tax paying, the company elects its own rate of tax as long as that rate is 2% or above. This type of company can be useful where it is necessary to show that a certain minimum level of taxation has been paid in order to gain relief from taxation in another country. For example, the taxation systems of certain countries provide that if taxation above a certain minimum level has already been paid on income remitted to the home country then no further taxation will be charged on those profits by the home country. The qualifying company can therefore elect to pay the required minimum level which would allow that income to be remitted to the home country without further taxation being suffered on arrival. A Qualifying Company must lodge an amount of £1,000 with the Gibraltar Government as a guarantee against payment of future taxation
THE GIBRALTAR 1992 HOLDING COMPANY.
This company was specifically created to take advantage of European Union Directive 90/435. In simple terms, this Directive states that dividends may be paid by a subsidiary company located in one EU state to a parent company located in another EU state without the imposition of withholding tax as long as the recipient parent company is not capable of being exempt from tax. The prohibition against tax exemption would mean that the exempt and non-resident Gibraltar companies are not suitable to receive dividends from a subsidiary in another EU state so the 1992 Holding Company was created. The 1992 Holding Company pays 35% tax on all profits except on dividend income received. Dividends paid out of the 1992 Holding Company are subject to a 1% withholding tax. This type of company can be particularly advantageous for non EU countries who are investing within the EU and are expecting to receive dividend income. As can be seen the effective rate of tax on that dividend income will be 1% when remitted out of Gibraltar or zero tax when held within Gibraltar. The fee schedule below does not quote fees for 1992 Holding Companies as the procedures involved are somewhat complicated and can only be quoted on a case by case basis. Gibraltar companies have the following characteristics:
MAILING, FAX, TELEPHONE AND OFFICE FACILITIES
As part of the domiciliary service fee we provide clients with a registered office address in the country of incorporation but clients may find it convenient to arrange for mail forwarding, fax and telephone facilities through our Switzerland, The Bahamas Islands, London or other Petro International offices.
This service may be especially useful where, for example, the company is opening bank accounts. Normally the bank would address statements and other correspondence to the company at the address of the client but this results in a loss of confidentiality in that the connection between the company name and the client will be automatically made. To safeguard against this mail can be directed to our offices and we can re-mail those letters in a plain envelope addressed to the client or otherwise as the client directs.
An additional advantage of using our re-mailing services is that the provision of a re-mailing address through one of our prestigiously located offices in the onshore jurisdictions may allow the offshore company to appear to be domiciled on-shore and thereby give that company an added degree if respectability.For example, your offshore company could quote Petro International London office address on its letterhead and thereby appear to be domiciled in the UK. This procedure is particularly attractive if the Hong Kong address is used as a Hong Kong company is not required to quote its registered office address on its letterhead. Thus if an offshore company were to quote a Hong Kong address it would be indistinguishable from the letterhead, from a normal Hong Kong trading company.The charge for this service is only $275 per annum.
TRUST SERVICES:
Using a trust to own the shares of an offshore company can result in very substantial tax and non-tax related advantages which will accrue both on death and during the lifetime of the trust settlor. These advantages may include:
SAVING OF INHERITANCE TAX:
On death, the Inheritance tax which would normally be assessed on the value of shares would generally be eradicated.
ASSET PROTECTION:
Assets placed into trust are generally beyond the reach of creditors who might arise as a result of financial difficulties, divorce proceedings, litigation, etc.
AVOIDANCE OF PROBATE:
A trust provides a means whereby assets can be smoothly passed on to the next generation without the disruption, delays substantial costs, loss of confidentiality associated with the probate procedure which necessarily follows when assets are bequeathed by will.
CONTINUITY:
Trusts provide a means whereby assets can continue to be administered in accordance with the wishes of the settlor after his death so the weak can be protected from others and the spend-thrift can be protected from himself.
LIFETIME TAX SAVINGS:
During lifetime, substantial income and capital gains tax advantages may result from setting up the trust. Using the service of one of our licensed trust companies, we are pleased to act as trustee for a suitably drafted discretionary trust and the cost of this service would be from US$500 for setting up the trust deed and from US$500 per annum for the provision of trustee services.
OTHER SERVICES:
Petro International provides a wide range of administrative and documentary services including, but not limited to legalization and notarizing of documents, credit cards, yacht and ship registration, invoicing, documentary trade services, trade finance applications, accounting, consulting and immigration services.
VIP PACKAGE:
Petro International Can provide the following:
Petro International offer a complete range of company formation and management services, including provision of registered office, directors and secretary, maintenance of statutory books and the holding of meetings and filing of returns, Companies can be formed in 24 hours, but our "off the shelf" companies can be immediately available.
We trust that we have clarified the intriguing world of Gibraltar IBCs. We will be happy to answer any questions you may have, relating to this opportunity and provide you with additional details regarding any of our devoted services.
The majority of people are frequently confused by the complexity of International Business Company or international tax planning and discouraged by the substantial costs involved in registering a company or trust in a tax haven. The registration costs and ongoing yearly administration expenses frequently exceed what an average person could save in taxes.
Petro International has a new program to answer those concerns. We provide the simple, secure, private and low cost answer for the person who is just starting out or the veteran who now understands that simplicity is the essence of genius. Our survey has shown that this solution answers all of the needs for 100% of the persons seeking to form an International Business Company.
The program includes bearer shares so that complete anonymity is guaranteed, documentation and support services so that you can open a financial account under your complete control, where and when you wish, and flexibility so that you can change your financial affairs to reflect your future needs.
If you would like to obtain further details of the legislation
surrounding the formation of an International Business Company (IBC) in Gibraltar or wish to discuss any matter in complete confidence, please
click here
to contact:
Mr. John Cooper
Petro International
Offshore Services
Please click here to explain us the full particulars of your situation and what you wish to accomplish. We will review your situation very carefully and offer to you a custom fitted solution. 95% of the time the solution will be simple to understand and 100% of the time it will be the least expensive alternative.
| Thank you for your interest and feel free to contact Petro International Group Offshore Services if you believe the formation of an international business company in Gibraltar may be appropriate in your particular situation. Any communication with us is considered PRIVILEGED and CONFIDENTIAL. |
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Petro International is in a position to assist new and established clients in opening personal and corporate offshore bank or trust accounts, denominated in almost every currency, in over 125 of offshore jurisdictions world-wide, including:
New Zealand, Australia, Chile, The Dominican Republic, Ireland, Argentina, Belize, Brazil, Spain, Italy, Costa Rica, Venezuela, Uruguay, Prague, Bodrum, The Spanish-Moroccan Tax Havens, The Madeira Tax Haven of Portugal, The Jamaican Free Trade Zones, The Dominican Republic Free Trade Zones, Campione D'Italia, Andorra, Poland, The Eastern Turkish Border and Tbilisi, Mozambique, Guatemala, The Virgin Islands, The Philippine Islands, and Anguilla are just some of the countries and places featured.
Petro International 
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 | There is only one Petro International. Our scope, financial strength, balance, depth of talent and integrity have made us our clients' trusted global advisor. |  |
Petro International
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