Opening a company in Gibraltar is easy, as the new Companies Act of 2014 provides for simpler incorporation procedures and requirements. Foreign investors setting up companies here must know that the entity must have at least one shareholder and one director who no longer have to be Gibraltar residents. Even if the Company Law was amended with streamlined registration procedures, at the same time the requirements for managers have been tightened in order to ensure an effective company management.
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Company management componence in Gibraltar
The Corporate Governance Code establishes that a Gibraltar company must be conducted by employees through a representative, officers and managers falling under the supervision of a chief executive officer (CEO). A company must also have a Board of Directors who will be directly responding before the shareholders. The Boards of Directors will make sure the other officers will act in the best interest of the shareholders and the company entirely. The Board must also make sure that the corporate governance regulations are being followed.
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The Board of Directors of a company in Gibraltar must also follow any changes that appear in the legislation and amend the company’s regulation in accordance with the new legal provisions.
Our company formation agents in Gibraltar can provide you with more information about the role of the Board of Directors with respect to company management.
Duties of company directors in Gibraltar
While company management regulations for private companies in Gibraltar depend on the shareholders’ decisions, the company management rules for public companies are strict. The law provides for the following duties of directors in Gibraltar:
- – they must act careful and with consideration;
- – they must use their knowledge for the best interest of the company;
- – they must not abuse their powers;
- – they must attend the Annual General Meeting;
- – they must review all financial documents of the company and make sure that the business’ assets are intact at all times.
Private companies in Gibraltar also have the possibility to appoint non-executive directors in order to create a balance and to hear an unbiased opinion, if any situation should arise.
For complete information about company management in Gibraltar, do not hesitate to contact our local representatives.