Anyone using a Gibraltar-based 'VIRTUAL OFFICE' to incorporate an LTD?

Discussion in 'Accounts & Finance' started by Jamie180193, Mar 2, 2018.

  1. Jamie180193

    Jamie180193 UKBF Newcomer Free Member

    2 0
    Hey guys, first time on here, looking for some advice as I've been scrambling the internet for hours.

    The situation;
    I live in Marbella, Spain but I'm still a British Resident, with an LTD set up on the mainland since October 2017. My work (digital marketing) is carried out across Europe, all from my lovely little laptop. I'm basically going market to market (country to country) with my product, my base is Marbella (friends, girlfriend, pets) but I don't have a set place of work/always on the move so I believe the freedom of my business has left me with a great opportunity when it comes to taxes.

    I did very little research when I was going about incorporating, Gibraltar is literally 40 minutes down the road and it's always been in the back of my mind about the great taxes The Rock has, and how can I take advantage of that being British and so close!!! Since the research was not so comprehensive, I discovered I'd need to be a resident or have an address there to be able to incorporate in Gibraltar, not possible at that time so I went ahead and incorporated on the Mainland.

    Now I've discovered 'virtual offices', and that I can get a virtual office in Gibraltar for business purposes. I've sent off a few inquiries asking if I can use these virtual addresses to incorporate a new LTD to the companies that are selling them.
    ------
    I still won't be a resident of Gibraltar, but my registered business would be a hell of a lot closer to where I'm actually living.

    So the questions are- IS THIS POSSIBLE? And where would it put me in terms of taxation for the new LTD and me? Being a British Citizen, non-resident of Gibraltar, but having my LTD incorporated in Gibraltar.

    I just wanted to throw this out there and see if anyone else has gone down this path, any words of advice are greatly appreciated!!! About to close some big deals so i'd like to move forward on this ASAP before the deals are in place. Feel free to throw me a PM if you'd like to discuss in private.
    Thanks
    J
     
    Posted: Mar 2, 2018 By: Jamie180193 Member since: Mar 2, 2018
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    14,046 2,993
    I would think that what is going to happen to Gibraltar post Brexit could make this unattractive.
     
    Posted: Mar 2, 2018 By: Scalloway Member since: Jun 6, 2010
    #2
  3. Jamie180193

    Jamie180193 UKBF Newcomer Free Member

    2 0
    True, could be a turn-off if things go sour. I'm not as informed on the Gibraltar-Brexit situation as I'd like to be, the information is scarce.

    But living overseas and doing business across Europe personally, I'm hoping for a 'soft' Brexit for the UK and Gibraltar- 95%+ voted to remain on the Rock. Only time will tell, as for now, I'm still searching for information as I'd like to pursue. I have faith!

    Thanks for your response, would love to hear your opinion on what you think will happen post-Brexit to Gibraltar.
     
    Posted: Mar 7, 2018 By: Jamie180193 Member since: Mar 2, 2018
    #3
  4. Scalloway

    Scalloway UKBF Legend Free Member

    14,046 2,993
    Two possibilities for Gibraltar post Brexit are getting taken over by Spain or Spain putting up a hard border. But your guess is as good as mine.
     
    Posted: Mar 7, 2018 By: Scalloway Member since: Jun 6, 2010
    #4
  5. Nochexman

    Nochexman UKBF Enthusiast Free Member

    1,669 262
    Worth checking out BBC Radio 4 Breakfast News from earlier today (may be available on Podcast) they were broadcasting from Gibralter and looking at Brexit from a Gib perspective.
     
    Posted: Mar 8, 2018 By: Nochexman Member since: Jun 14, 2011
    #5
  6. TheCyclingProgrammer

    TheCyclingProgrammer UKBF Regular Free Member

    907 189
    I think you should find a good English speaking Spanish accountant to make sure you’re not already liable to pay Spanish income tax and your company any Spanish corporate taxes.

    You may be in for a bit of a shock. Tax is normally based on where you live and where you are tax resident and certainly not based on your citizenship.

    https://www.telegraph.co.uk/finance...ont-get-caught-out-by-new-Spain-tax-laws.html
     
    Posted: Mar 8, 2018 By: TheCyclingProgrammer Member since: Jul 15, 2014
    #6
  7. SteLacca

    SteLacca UKBF Ace Free Member

    1,064 199
    Usually, residence of a company is determined by where management and control is exercised from. If you are sole director and majority shareholder, then as TheCyclingProgrammer suggests, the company's residence will be the same as yours.
     
    Posted: Mar 8, 2018 By: SteLacca Member since: Jun 16, 2016
    #7
  8. GoingOnline

    GoingOnline UKBF Contributor Free Member

    53 18
    There is quite a big legal case now with Shakira being taxed a lot on her company's profits because she was living in Spain while claiming to be living in some paradise island somewhere.
     
    Posted: Mar 9, 2018 By: GoingOnline Member since: Jun 18, 2011
    #8