Gibraltar economy has been catering for local and international investors under the special terms of its EU membership. Gibraltar economy is based on a low tax system which provides modern infrastructure for investors. Regulations for professional practice and services in Gibraltar are up to European standards, and result in attracting several international companies to help expand Gibraltar economy.
The main sectors of Gibraltar economy include financial services, trade, tourism, telecommunications and shipping. Many times Gibraltar economy is said to be functioning on all cylinders because of its vibrant business environment.
To do business in Gibraltar, various types of legal entities can be created. Trade and commerce within the economy of Gibraltar is undertaken with sole proprietors (traders) which are one of the simplest ways of starting up a business in Gibraltar, partnerships, limited liability partnerships, protected cell companies and companies. Trusts and not for profit organizations such as societies, associations, clubs and charities are also entities which operate in Gibraltar economy. Three types of companies can be used to operate in Gibraltar economy, to include companies limited by shares, companies limited by guarantee with or without a share capital, and unlimited companies with or without share capital.
An important feature in Gibraltar economic development is the attempt by the government to implement an advanced framework for e-business. The aim is to further strengthen Gibraltar economy as a center for international e-business. Information communications technology is important to Gibraltar economy in being a competitive location through online business. Developing this area of Gibraltar economy calls for the necessary legislation to be put in place to liberalize and regulate electronic trading activities. Part of this advancement in Gibraltar economy includes adopting EU measures in Gibraltar to complement local legislation for electronic commerce.
With regard to international business, Gibraltar economy has made great strides in areas Gibraltar economic areas like banking, accounting, tourism, e-gaming and maritime activities. The Finance Center is critical to the economy of Gibraltar as one of the main locations for trustee services, insurance and reinsurance business, legal consultancies and banking. With regard to the maritime sector in Gibraltar economy, vessel bunkering in particular has been an important activity.
The Finance Center Department plays a vital role in Gibraltar. It consults with the Minister on policy issued concerning financial services, as well as the private sector, which is important to Gibraltar economy. The Department also regulates financial services of the Gibraltar economy and coordinates with regional institutions such as the OECD and the IMF. Promoting Gibraltar to attract more investors into the Gibraltar economy also falls under the supervision of the Department.