Applying for a permission

Company Manager

About

The purpose of this page is to make sure that the application process for Company Managers is fully understood.

This section sets out:

  • What a Company Manager is and what this regulated activity would allow you to do
  • Authorisation process
  • Capital Requirements
  • Additional Information

What is a Company Manager and what would this regulated activity allow you to do?

A Company Manager provides company or corporate administration by way of business. A Company Manager permission allows a firm to carry out a range of activities, which includes, but is not limited to:

  • the formation, management or administration of companies, partnerships or other unincorporated bodies
  • provision of corporate or individual directorship services
  • provision of corporate or individual secretary or in any other capacity as officer of a company, partnership or other unincorporated body other than a director
  • provision of nominee services, including (without limitation) acting as or providing nominee shareholders; and
  • provision of Registered Office facilities.

 

Application Process

Individuals

Individuals applying for permission to provide directorship services in an individual capacity are only required to submit an Application form.  

Individuals seeking authorisation are required to be associated to and provide services to an already regulated Company Manager. 

Firms

Applicants should submit an application pack with all relevant documents. We will not consider an application complete if there are any outstanding documents.

The application pack must consist of: 

  • Application Fee;
  • Application Form;
  • Financial Projections for the next 3 years;
    • Stress Test on Financial Projections;
    • Profit and Loss account;
    • Balance Sheet;
  • Regulated Individual Form (for each Regulated Individual);
  • Controller Form (for each Controller);
  • Business Plan;
  • Risk methodology and/or threat assessment matrix; 
  • Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act); and
  • Any other document the applicant considers the GFSC should take into consideration as part of the application.

Please submit this form via e-mail to authorisations@gfsc.gi with the following information in the subject field: ‘Name of Regulated Firm/Applicant – Application’. Paper copies are not required unless indicated by the Authorisation team.

Please note that we accept signed signature copies sent via e-mail and electronic signatures, which must originate from the Regulated Firm /Applicant’s domain.  

 

Capital requirements

Only one regulated firm within a group must be capitalised at the minimum regulatory requirement.

An applicant shall, unless previously agreed in writing by the GFSC, have a paid-up share capital of substance depending on its business that shall not be less than £10,000.

In addition to the above capital requirement, an applicant is expected to maintain a minimum level of financial resources equivalent to three months’ worth of operating expenses (or as projected at application) and the measure of these financial resources shall be the net asset figure in the applicant’s balance sheet.

Before being authorised to carry out the proposed activity, firms holding multiple authorisations may be required to hold the aggregate of the capital necessary for each authorisation, including on an ongoing basis. In these cases, we will consider the level of capital on a case-by-case basis. Applicants are encouraged to discuss this with the GFSC ahead of their application.

 

Additional Information

The business plan should comprehensively set out:

  • How the firm will comply with the anti-money laundering requirements
  • Target market and how clients will be sourced
  • Risk management function
  • The firms risk appetite
  • Corporate Governance arrangements
  • Compliance arrangements
  • Details of any outsourcing arrangements and how the firm will monitor and oversee these, including the controls implemented by the firm on these arrangements
  • How the firm complies with the mind and management requirements in Gibraltar
  • How the firm complies with the legislative requirements, in particular with the protection of consumers.

The GFSC will be seeking evidence that the firm has considered, documented, and implemented the risk, compliance and operational issues associated with the proposed activities. Applicants should ensure that the business plan is coherent with the firm’s risk appetite and capacity.