Starting your own business can feel like a massive step into unchartered waters. Whether it’s your first time branching out by yourself or you’re a serial entrepreneur, setting up a new project can often feel terrifying. After all, statistics on start up’s success rates are less than optimistic. But for those willing to take a chance, the level of reward that your own business can bring you is unrivalled. You are your own boss, getting to live out your dream job whilst contributing to the community. So, if you are choosing to go into it alone – welcome to the club!
Having said that, oftentimes knowing that you wantto start your own business doesn’t always mean you know howto make that dream a reality. The bright side is if you know how to get yourself established, Gibraltar is a fantastic place to do business – with no VAT, no sales tax and only 10% corporation tax, it’s an entrepreneur’s paradise! So, we’ve made it our mission to break down everything you need to know in order to launch a successful business in Gibraltar – the rest is up to you!
Step 1: You’ll Need A Registered Business Address
All businesses in Gibraltar are required to have proof (rental/tenancy agreement) of a registered business address from where they operate. This cannot be a residential premises (e.g. your apartment) unless you obtain a premises waiver, which is only given out in special circumstances.
Need a registered business address? The WorkLab, Gibraltar’s premier co-working space can help. The Start Up Offer is designed with you in mind – for just £75 per month you can use the WorkLab as a registered business address and we’ll have the contract ready in 48 hours.
Step 2: Stop by Companies House
Any individual, partnership or company doing business in Gibraltar must register as a business name if they are trading with a name other than their own. You will need to fill in an Application for Registration, again providing proof of your registered business address in order to do so.
Step 3: Time To Submit A Notice
Registered and ready to apply for a business license? Individuals intending to apply for a new licence must give a notice of intention which must be published in the Gazette (this can be arranged directly at the OFT) and in a Gibraltar newspaper, at least 7 days before the application is made.
Step 4: Apply For Your Business License
You’re now ready to submit an application for a business license. This must be made by a director and requires the following:
- Proof of premises, including a copy of the rental agreement and site plan (Step 1)
- Copy of Certificate of Registration of Business Name (Step 2)
- Copies of submitted notices (Step 3)
- And if you’re applying as a company: Profile of company from Companies House. Where the company is incorporated outside of Gibraltar, the application should also contain a copy of their Part XII or XIV Certificate of Registration.
Subject to all the correct information being submitted and there being no objections to the application, the BLA tends to grant the license within 3 business days of receiving all the documentation, with the license being valid for 1 year.
Step 5: Connect, Create, Collaborate
So, you’re licensed and ready to go… what happens now? Remember having the right work environment can have a massive impact on the business success, and the start up journey is far more fun when you have someone to share it with.
This is where The WorkLab, Gibraltar’s ultimate co-working space, comes in. Not only does it offer your business the chance to look and function professionally for a fraction of a cost of a regular office, it also allows you to become part of a community of entrepreneurs, promoting creativity, inspiration and collaboration between members. Ideally located on Europort Road in the centre of the business district, the WorkLab offers hot desks, monthly desks and private offices, coupled with 24/7 access, free WiFi, front desk service, a bespoke fully fitted kitchen, an outdoor terrace and and state of the art meetings rooms. Find out more at www.eurotowers.gi/worklab