A company in Gibraltar and a corporate account with a Lithuanian payment system – from 7,699 EUR

Gibraltar is a reputable offshore jurisdiction. This statement might sound odd but Gibraltar is an independent EU member state and it enjoys several preferences that other European countries do not. Unlike other British colonies, Gibraltar boasts all the advantages of a European jurisdiction and even some extra ones.

Legally, Gibraltar is the Crown’s overseas territory but Great Britain handles only the defense and diplomatic issues for Gibraltar. As far as the local governance is concerned, it has been an independent state since 1969.

In addition to all other things, the local unicameral Parliament that is elected for five years passes the corporate and the taxation regulations in Gibraltar. In accordance with the country’s legislation, a foreign company registered in the Gibraltar is exempt from all local taxes. We invite you to consider the combined service of registering a business company in Gibraltar and setting up a corporate account with a Lithuanian PSP (Payment Service Provider). The price of the service starts at 7,699 EUR.  

Advantages of this business solution

If you establish a company in Gibraltar, you can expect to gain several important benefits. For instance, Gibraltar resident companies do not pay the VAT, nor the gift tax, nor the dividend tax. Apart from that, you can enjoy almost perfect confidentiality of personal financial information in the country. Why “almost”? A non-resident is allowed to use nominee services when registering a company in Gibraltar but the Registrar will have to know the name of the real beneficial company owner anyway. Without disclosing the true owner’s name to the State Registry, company establishment in Gibraltar is impossible. At the same time, the owner’s personal information will not be publicly accessible. It can be disclosed to third parties only on a court decision.

Some additional advantages:

• Absence of currency control in the country;
• Absence of restrictions on trade outside Gibraltar;
• Administrative, financial, and legal support from the country Government;
• No need to keep financial records;
• Company shareholders’ meetings can be held anywhere in the world;
• Advantageous geographical location of Gibraltar.

The Government of the country make every effort to attract more foreign entrepreneurs to Gibraltar. Thus, it is very sympathetic to, and supportive of, foreign investments and it offers most comfortable working conditions to international business people.

Specifics of establishing a non-resident company in Gibraltar: a few points to bear in mind

To be granted the NRC (Non-Resident Corporation) status your company has to have an office in the jurisdiction and a resident Company Secretary. Besides, such company does not have the right to do business in Gibraltar, neither to import or keep capital there.

A few more specifics:

• The minimum number of company directors and shareholders is 1;
• The company registration documents shall be kept on the territory of Gibraltar;
• Foreign-made income shall not be transferred to Gibraltar.

However, you can open a bank account in any other country of the world and keep the company capital there. All shareholders and directors shall be non-residents of Gibraltar. This is a mandatory rule to follow when setting up a business company in this jurisdiction.

How to register a company in Gibraltar

To start with, you have to choose the prospective company directors and shareholders. The laws of Gibraltar permit the use of nominees for these purposes. You will also have to come up with a unique name for your company that does not coincide with any of the existing company names. Besides, the official company name shall not contain words that allude to illegal or licensed types of business activities.

Then you will have to collect the package of application documents that includes the following ones:

• Passport copies for all company beneficiaries, shareholders, and authorized document signers;
• Proofs of addresses for all of them (such as recent utility bills or bank statements);
• A detailed business plan that indicates the expected company turnover and income.  

You will also have to supply documents that confirm the legal origin of the investment capital. We will be happy to help you prepare the set of application documents thus improving your chances of successfully establishing a company in Gibraltar. Government bureaucracy is always a pain in the back especially if you are a foreigner in the country. We have already established numerous companies for our clients in Gibraltar as well as many other countries so we know exactly what should be done. Please apply for our assistance by writing to [email protected].  

A Gibraltar-registered company will make a convenient business instrument for the entrepreneurs engaged in electronic commerce, software and application development, trade in physical goods, real estate business, gambling, and many other spheres of economy.

A corporate account with a Lithuanian payment system

The PSP that we are promoting here is registered in Lithuania but it has Italian capital behind it and it belongs to Italian entrepreneurs.

This payment system will suit small- and medium-size companies very well. The support is provided in multiple languages including English, Italian, Spanish, and Russian.

Companies registered in practically any country can open an account with the Lithuanian PSP (with the exception of sanctioned countries). Even an offshore corporation can obtain financial services from this payment system. In any case, however, the applicant has to go through the due diligence procedures.

The PSP slogan is “Better than your present bank account”. It takes between one and ten days to establish a corporate account with the Lithuanian payment system. The account can be managed entirely via the Internet and the PSP clients note that the system works very efficiently.

You will have an IBAN account with this PSP so the bank account number on your payment documents will look identical to a traditional bank account.

Lithuanian PSP tariffs

The payment system offers a choice of four tariffs. Which one you qualify for will depend on the number of monthly transactions that you are going to make.

Only euro accounts and SEPA transactions are available.

Fees for incoming SWIFT payments:

• From 1 EUR to 2.500 EUR – 12 EUR + 1.5%
• From 2.500 to 12.500 EUR – 20 EUR + 1.5%
• Above 12.500 – EUR 1.5%

Fees for outgoing SWIFT payments        

• For each transfer – 30 EUR + 2%

Debit card from the Lithuanian PSP

Together with the corporate account, you will receive a plastic card that you can use to pay for goods and services and to withdraw cash. The card comes for free (only the card delivery cost of 50 EUR has to be covered).

The daily cash withdrawal limit is 1,000 EUR while the daily payment limit is 5,000 EUR. The commission is 2% + 0.70 EUR. There is no card maintenance or balance check fees. Card replacement costs 50 EUR. 

There is one important limitation that the Lithuanian payment system imposes and you certainly have to take it into account. You can open a corporate account there only if one of the company beneficiaries is an EEA (European Economic Area) resident. This means that whether you have to have a legal residency in EEA yourself or you will have to hire a nominee company director who is an EEA resident. We will gladly assist you in finding such a nominee if there is a need.

Why use our assistance in opening a corporate account with the Lithuanian PSP?

In fact, we could give you the link to the payment system website and you could try setting up an account with them by yourself. However, there are some possible hidden pitfalls in the process: we know some specifics that you might be unaware of.

The matter is that any applicant company as well as its beneficiary owners have to undergo the due diligence checks. These checks are not so severe with PSP’s as they are with traditional banks but payment systems are also careful about what clients to service.

When it comes to establishing a corporate account, having a working business structure or a sufficient amount of capital is not so important as providing the proper set of application documents. The document package has to be complete and all the forms have to be correctly filled out. This is where our experience in dealing with banks and other payment service providers will come in handy.

We have been in direct contact with the Lithuanian PSP for quite a while and we have established accounts there for a large number of clients. We know exactly what application documents have to be submitted. We know exactly what they should look like. We know exactly what information has to be supplied. We also know what kind of information should not be shared with the PSP.

We do not simply collect the documents from you and hand them over to the PSP administration. Our main task is to ensure that you are successful at registering the company in Gibraltar and establishing the account with the Lithuanian payment system. Our calculations are quite simple, as a matter of fact. We believe that if we do a good job and you are satisfied with our services, you will come back again and also recommend us to your friends thus generating more income for our company. We always look to establish long-term cooperation with our clients.

If find attractive the complex business solution described above, please place a request for the combined service of opening a company in Gibraltar and a corporate account in Lithuania by writing to [email protected]. You can also read about various other combinations of the type “foreign company + foreign bank account” on our website. Should you have any questions, please do not hesitate to contact us at the e-mail address given above. We love it when our clients love our services so we will do our best to assist you in the most efficient manner.