Gibraltar To Redraft Companies Act

[JohnLocke]

The Gibraltar government has commissioned a draft bill to replace the territory's Companies Act, which dates back to the year 1930.


The announcement from the government follows its manifesto commitment and consideration of proposals for reform of the Act made by the Financial Centre Council, on the basis that it would improve the territory's standing as an international financial centre.


Commenting, the Minister with responsibility for Financial Services, Gilbert Licudi, said:


“The government is grateful for the extensive work carried out by the FCC Company Law Reform Committee and for the Committee’s proposals for the reform of the Companies Act.”


“We agree that it is time to replace the existing Act with a new Act which reflects modern practices.”


“The Companies Act is essential for the success of Gibraltar as a finance centre. The immediate steps taken by the government on this front is a reflection of the government’s commitment to the financial services industry.”


Let's see if it gets any better and more attractive towards the client group they try to attract

 

[peepoo]

Any ideas what changes they might make and how this will effect Limited companies already incorporated there?

 

[clemens]

Id does not have any impact on current Girbraltar companies. Most of all such stuff is to please some Government or the OECD.

 

[fionix]

Their is no impact, a Gibraltar company is as useless as always if it comes to real offshore company planning