Applying for a permission

Professional Trustee & Foundation Councillor


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

This section sets out:

  • What a Professional Trustee and Professional Foundation Councillor are
  • What this regulated activity would allow you to do
  • Authorisation Process
  • Capital Requirements
  • Additional Information

Professional Trustee

Professional Trusteeship is defined as an entity or individual holding out as a professional trustee for profit or reward, or soliciting for such, in or from within Gibraltar.

Professional Foundation Councillor

Professional Foundation Councillor is defined as an entity or individual who is a member of the council of a foundation registered under the Private Foundations Act 2017, and is appointed in order to administer a Foundation, in or from within Gibraltar. 

What would this regulated activity allow you to do?

Companies or individuals authorised as professional trustees and professional foundation councillors can provide company management services without needing separate authorisation.

An applicant who is already authorised as a Professional Trustee and intends to apply to provide Professional Foundation Councillor services, is required to submit a letter together with an application fee to vary the scope of authorisation. This letter should include as a minimum, details on the percentage of business within the firm that would relate to Foundations, an assessment by the firm on skills and resources required to provide this service, Board Minutes when the Board decided to undertake this new service, and confirmation of PII Cover to include the provision of services to Foundations. 

An applicant who is already authorised as a Company Manager and intends to apply to provide Professional Foundation Councillor services is required to submit an application pack and apply for Professional Trusteeship & Professional Foundation Councillor authorisation.


Application Process


Individuals applying for authorisation to provide directorship services in an individual capacity are only required to submit an Application Form.  Applicants should note that when requesting authorisation, they are required to be associated to and provide services to an already regulated Company Manager. 

• Application Fee

Application Form


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);
  • Non-Executive Director Form (for each non-executive director);
  • Controller Form (for each Controller);
  • Business Plan;
  • Risk methodology and framework
  • Supporting Policies and Procedures
  • Details of Source of Wealth/Source of Funds (including final ownership structure, details of capital within the group, how the funding will be provided, access to further funds and 3-year financial statements for companies providing the funding. If an individual will provide more than 10% of the funding, we will require an independently verified statement of wealth); 
  • Busines Continuity Plan; and
  • Any other document the applicant considers the GFSC should take into consideration as part of the application.

Please request cloud access from the Authorisation team in order to submit the application pack. Requests should be sent via E-mail to 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’s/Applicant’s domain.  

Capital requirements

Only one regulated firm within a group of holders should 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 £50,000.

In addition to the above capital requirement, an applicant is expected to maintain a minimum level of financial resources equivalent to 3 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.

Regulated Firms holding multiple permissions may be required to hold the aggregate of the capital required for each authorisation. We will therefore consider the level of capital on a case-by-case basis. We advise applicants to discuss this with the GFSC ahead of applying.


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 firms complies with the mind and management requirements in Gibraltar;
  • How the firms complies with the legislative requirements, in particular with the protection of consumers; and
  • If you wish to serve pension schemes, e.g. QROPS, then this needs to be fully documented in the business plan. It is necessary that you set out the expertise in respect of the operation of pension schemes in order to assess their appropriateness.

We 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.