The main law providing for the establishment of special purpose vehicles (SPVs) in Gibraltar is the Insurance Companies Regulations which was first enabled in 2009. The law is also known as the Special Purpose Vehicles Regulations. As its name states, this type of structure can be employed by insurance companies in Gibraltar. Also, at the end of 2015, the Government enabled a new type of SPV: the protected cell company.
Our Gibraltar company formation agents can offer more information on the legislation related to the Special Purpose Vehicles Regulations.
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How to set up a special purpose vehicle in Gibraltar
The first step to open a SPV in Gibraltar is to select the type of structure best suited for the activities such company can undertake and register it with the Companies House. The company formation process for a SPV in Gibraltar is the same as for any other type of business, however, the SPV must file for approval with the Financial Services Commission (FSC) in the Rock. In order to open a special purpose vehicle in Gibraltar, one must comply with the following laws apart from the Special Purpose Vehicle Regulations:
- – the Protected Cell Company Law;
- – the Financial Services Law;
- – the Companies Act of 2014.
The SPV must have a registered address in Gibraltar and its objects of activity must be limited at those of such companies.
You can also watch our video on how to open a SPV in Gibraltar:
Documents required to approve a SPV in Gibraltar
In order to set up a SPV in Gibraltar, the company must first be registered with the Companies House, a process that can be handled by our company incorporation consultants, then the following documents must be filed with the FSC for approval:
- – the license application form;
- – the business plan;
- – the license fee;
- – information about the capital of the company;
- – the objectives of the company;
- – the operating scheme.
The FSC will carefully verify the structure of the SPV, the risk management and the corporate governance documentation provided by the owners. Also, the founders must have a first meeting with the FSC prior to the application.
For complete information on how to open a SPV in Gibraltar, please feel free to contact us. Our Gibraltar company formation representatives can also inform you about the taxation of SPVs.