two main Gibraltar telecommunications companies,
GibTel and Nynex, have been offering a range
of Internet services for some time, and there
are a number of smaller companies offering various
types of support service for site development.
achievements in e-commerce so far have been
in the betting and financial derivatives sectors,
where a number of British companies have re-located
to take advantage of high-quality telecommunications
and Internet support from the local operators.
Commissioner of Banking regulates banking
in Gibraltar under The Banking Ordinance 1992.
A substantial amount of subsequent legislation
has kept Gibraltar up with current EU regulatory
standards. See www.lowtax.net
for further details of the regulatory regime
and of the offshore taxation regimes for banks.
EU 'common passport' legislation any branch
of an authorised EU bank may establish itself
in Gibraltar subject only to notification
procedures. Likewise a Gibraltar-licensed
bank may set up branches elsewhere in Europe.
Most of the thirty banks established in Gibraltar
are branches of major UK, European or US banks.
Gibraltar-registered banks have three branches
elsewhere in Europe.
banks in Gibraltar provide a full range of
commercial services and are well connected
internationally, making this probably one
of the better jurisdictions in which to operate
e-commerce operations from a financial services
point of view, and of course transactions,
balances and remittances will not be taxed
as long as the appropriate corporate set-up
has been structured.
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