The present economic environment in Gibraltar offers good premises for foreign investors seeking for company formation in this country. According to the 2015 International Monetary Fund World Economic Outlook Database, Gibraltar is ranked as the 3rd world economy in terms of Gross Domestic Product (GDP).
The study has also revealed a growth in the level of employment, with a 6.6% increase compared to 2014. As such, the workforce market has reached a new level of development, favorable for entrepreneurs who are planning to set up a company in Gibraltar.
Table of Contents
Employment Grants in Gibraltar
If you are interested in opening a company in Gibraltar and you will need personnel, the Gibraltarian government offers incentives for hiring residents from Gibraltar. The employer can receive financial incentives from the Employment and Training Board for the probationary period – which is legally determined to last three months. This rule applies only if the employer will hire the employee, after the probationary period, under a long- term contract.
Incentives are also available for the employers who offer qualifying training to their staff, by applying a deduction from the corporate tax. For this purpose, we can provide you with accounting services in Gibraltar.
You can find out from the video below what the main characteristics of the Gibraltar workforce are:
Large companies in Gibraltar
If you open a company in Gibraltar with more than 50 employees and you decide to change the terms of the employment stated in the contract, under the Information and Consultation of Employee regulations, you will have to discuss these changes with the personnel and take into account the opinion expressed by them.
The minimum wage level in Gibraltar is 6.25 pounds/hour, applied from 1st of September 2015, and the legal working time should not exceed 48 hours/week. Gibraltarian work legislation states that maternity leave lasts 14 weeks and, if in that time the position occupied by the employee is no longer needed, the employer must offer to the employee an alternative job in the company, if available.