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Setting up a business

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Entities

Different types of business entities are defined in the legal systems of various countries. In Gibraltar, these range from sole traders and partnerships to companies and trusts, as well as various other specialised types of structures. A description of the most common types follows.



Financing, Skills and Planning

The success of a business may greatly depend on the quality of financial planning and advice. Capital is usually required to purchase equipment, pay overheads (such as salaries and rents) with enough left over to use as working capital. Capital, in the form of credit, is required to take advantage of opportunities or survive temporary setbacks. It is therefore important to assess the set up cost as well the estimated income and expenditure figures for at least the first three years of operation. Proper financial planning is an integral part of the business planning process for any venture. A business plan will almost certainly fail if it is not well thought out or properly conducted.



Companies House

The aims and statutory duties of Companies House Gibraltar include:

  • To Incorporate and dissolve companies

  • To examine and hold documents delivered to it under the Companies Act

  • To make this information available to the public



Licenses

Most businesses in Gibraltar require a licence(s) to be able to undertake various activities. Prior to entering any form of registration or negotiations, it is of vital importance to identify the types of licences your specific business requires, as this may determine the registration procedure as well as the policies that have to be followed. Should you require any further information regarding the types of licences required, please do not hesitate to contact the Ministry for Enterprise, Training and Employment.