Gibraltar Banking License

The Financial Services (Banking) Act 1992 (the “Act”), as amended, and supporting regulations, in accordance with relevant EU directives, provides the legal framework for the supervision of deposit takers who provide banking services in or from within Gibraltar either as a Gibraltar incorporated legal entity or a branch of a deposit taker authorised in either EEA State or a third country.

Criteria for granting of banking licences

In considering the issue of a banking license, the Act imposes a number of guidelines, including the following:

• The applicant must enjoy a “high reputation and standing in a financial community”;

• Every person who is a director, controller or manager of the applicant is required to be a fit and proper person to hold that position;

• The applicant must provide certain minimum levels of service to the public or money markets;

• A minimum capital requirement of €5,000,000, in line with EU requirements, and the supervisory regime follows EU and Basle Committee guidelines, in required. This requirement must also be met on a continual basis throughout the applicant’s authorisation. The applicant may be required to hold higher amounts of capital than the stipulated minimum; and

• The applicant must maintain an adequate solvency ratio.

 

Legal Requirements

Requirements	Description
General
Corporate  vehicle permitted	Gibraltar Domestic Company
License application fee	£10,000
Annual license fee	USD  15,000
Local physical office required	Yes
Corporate tax	10%
Share capital or equivalent
·         Minimum paid up capital	€ 5000,000
Directors
Minimum number	2
Corporate directorship allowed	No
Local director required	Yes
Shareholders
Minimum number	2
Corporate shareholder allowed	Yes
Local shareholder required	No
Service Providers Required
Company secretary	Yes
Auditor	Yes
Legal adviser	Yes

 

Advantages of a Gibraltar Banking Licence

• Gibraltar has no Investment, wealth or inheritance tax.
• No tax is payable on trust settled for non resident beneficiaries.

Why Valsen Fiduciaries

1. We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of legal structures in all major jurisdictions. (Securities, Banking, Insurance, Investment Management,and many more)
2. Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
3. We are very hands on in the post filing period checking with the regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
4. We can provide you with fit and proper directors in case you need. We have a wide network of qualified and experienced lawyers, chartered accountants, chartered financial analysts, wealth managers, FX experts, Investment advisors etc. of international pedigree.
5. We have a full in-house compliance support for all compliance requirements with the regulator and service providers
6. Through our extensive network, we provide sign up services with major service providers including but not limited to; Liquidity providers, technology providers, custodians, prime brokers, legal advisors, auditors, payment gateway providers among others.