Company formation services
Types of Companies in Gibraltar
Several types of businesses are available in Gibraltar for registration. The most popular are the partnerships (general and limited) and the companies (sole proprietorships, limited by shares, limited by guarantees and public companies).
General and Limited Partnership in Gibraltar
The general partnership is created by partners equally responsible for the business’ responsibilities and duties with their own contributions. The maximum number of partners in a Gibraltar partnership cannot exceed 25 individuals or companies (not available for professional firms). Even though annual accounts must be submitted to the Commissioner of Income Tax, the general partners are not obliged to fill agreements and financial accounts.
The limited partnership is formed by at least one general partner, fully liable for the company’s debts and a silent partner, liable only in the extent of his contributions. The major difference between the two types of partners is that the silent partner may not make managerial decisions. The partners must file a declaration regarding the composition of the partnership and the amount of capital deposited by the limited partners and submits it at the Registrar of Companies.
The limited liability partnership resembles the general one, with the main difference in the liability of the partners which are not responsible for each other mistakes or negligence.
All types of partnerships are regulated by the Partnership Act (as updated). The companies are regulated by the Companies Ordinance, pretty similar with the English Companies Act 1929.
Private and Public
Limited Liability companies
The private limited liability company may be limited by shares or by guarantees.
The companies limited by shares’ capital is made of non-transferable shares and the responsibility for the company’s liabilities depends on the contributions to the share capital. The minimum number of shareholders in such a company is 2 and the maximum is 50. The management is assured by a director and the secretary appointment is not necessary.
The companies limited by guarantee with or without share capital have members which have their liability guaranteed by a deposited sum of money and their members don’t need to register with the Companies Registrar (unlike the previous type of company, where details regarding their names and contribution to the capital were necessary).
The public limited liability companies are founded by an unlimited number of shareholders and, as a particularity, a minimum share capital has to be deposited at incorporation, with the total amount of 20,500 GIP.